jplkl

10+ Year Member
Dec 23, 2010
16
10
Status (Visible)
  1. Non-Student
Most medical students don't work during the year, as a result, they don't often qualify for the Lifetime Learning Credit (LLC) tax credit. However, once they graduate in June and begin their Residencies in July, they have income (usually 6 months of Residency pay) that makes qualification for the LLC tax credit quite probable. Do these things:

1) Make your last semester payment to medical school in the year that you will start Residency.
2) Make sure your school issues you a 1098-T that shows what you paid for tuition
3) Apply for the LLC tax credit when you file your income taxes for the year in which you graduated Med School and began your Residency.

If you didn't do it but would have otherwise qualified, think about filing an amended return to get the money owed to you.

Here's a link to the IRS Website that describe the credit.....

LLC | Internal Revenue Service
 
  • Like
Reactions: 6 users

atomi

Member
Removed
10+ Year Member
Feb 6, 2005
2,366
2,983
Minnesota
Status (Visible)
  1. Resident [Any Field]
No go for those of us with a ballar side gig in med school. $80k income limit. You’ll make at least $30k first 6 months of internship.

Punished for working harder. Lose the “need based” tuition discount you would have otherwise received and have to pay more taxes. Thanks liberal America and your higher education system you created with outrageous tuition supported by govt backed loans with tuition rates curiously adjusted to match available loans. What a coincidence! Wanna work harder to try to avoid your loan racket? Fine, but the price goes up for you.
 
Last edited:
  • Like
Reactions: 3 users
About the Ads

alprazoslam

Membership Revoked
Removed
Aug 5, 2018
709
1,701
Hopefully back to the great plains
No go for those of us with a ballar side gig in med school. $80k income limit. You’ll make at least $30k first 6 months of internship.

Punished for working harder. Lose the “need based” tuition discount you would have otherwise received and have to pay more taxes. Thanks liberal America and your higher education system you created with outrageous tuition supported by govt backed loans with tuition rates curiously adjusted to match available loans. What a coincidence! Wanna work harder to try to avoid your loan racket? Fine, but the price goes up for you.



Wait the government doesn’t have our best in mind?

Mindblown
 
  • Like
Reactions: 1 user

Disciple of Sattar

2+ Year Member
Aug 29, 2016
233
1,058
No go for those of us with a ballar side gig in med school. $80k income limit. You’ll make at least $30k first 6 months of internship.

Punished for working harder. Lose the “need based” tuition discount you would have otherwise received and have to pay more taxes. Thanks liberal America and your higher education system you created with outrageous tuition supported by govt backed loans with tuition rates curiously adjusted to match available loans. What a coincidence! Wanna work harder to try to avoid your loan racket? Fine, but the price goes up for you.

What kind of gig brings in that much money during med school? Legit question, not a response to your point.
 
  • Like
Reactions: 1 users

RNthenDoc

2+ Year Member
Nov 7, 2017
1,036
1,973
Status (Visible)
  1. Medical Student
Conversely, sling bed pans and zofran for years and years and years and save money to pay for Med school.

That’s an option.

A bad option.
 
  • Like
Reactions: 1 user
Aug 9, 2018
95
99
No go for those of us with a ballar side gig in med school. $80k income limit. You’ll make at least $30k first 6 months of internship.

Punished for working harder. Lose the “need based” tuition discount you would have otherwise received and have to pay more taxes. Thanks liberal America and your higher education system you created with outrageous tuition supported by govt backed loans with tuition rates curiously adjusted to match available loans. What a coincidence! Wanna work harder to try to avoid your loan racket? Fine, but the price goes up for you.

dude no one cares about your humblebrag. yeah, definitely find a way to make those on the higher end of the income spectrum the victim here. The majority of students are just trying to get through school and training without killing themselves
 
Last edited:
  • Like
Reactions: 1 user

atomi

Member
Removed
10+ Year Member
Feb 6, 2005
2,366
2,983
Minnesota
Status (Visible)
  1. Resident [Any Field]
dude no one cares about your humblebrag. yeah, definitely find a way to make those on the higher end of the income spectrum the victim here. The majority of students are just trying to get through school and training without killing themselves

And you felt compelled to respond because you didn’t care?

I was simply pointing out that there is an income limit for the deduction and an observation of the ideological inconsistency of the “the harder you work the more we take” system.
 
Last edited:

apr27

10+ Year Member
Nov 10, 2010
345
126
Status (Visible)
  1. Resident [Any Field]
what is the best service in your opinion? HRB? Turbotax, etc... Rather not spend any cash or as little as possible.
 

dpmd

Relaxing
10+ Year Member
Sep 14, 2006
22,701
39,255
Lazytown
Status (Visible)
  1. Attending Physician
Many schools screw you by having the last quarter or semester bill due in December and the 1098-t reflects that even if you pay it late.
 
  • Like
Reactions: 1 user

jplkl

10+ Year Member
Dec 23, 2010
16
10
Status (Visible)
  1. Non-Student
what is the best service in your opinion? HRB? Turbotax, etc... Rather not spend any cash or as little as possible.

I've used TurboTax for years and like it very much. TurboTax is free to file fed and state if you're doing a "simple" return. You can see their website for details. Once you go beyond a simple return, they have various prices depending upon complexity. Their website gives a pretty good comparisson of the various options. You may also want to check out TaxAct. I've heard good things about them, but have never used it. Good Luck.
 
About the Ads
This thread is more than 2 years old.

Your message may be considered spam for the following reasons:

  1. Your new thread title is very short, and likely is unhelpful.
  2. Your reply is very short and likely does not add anything to the thread.
  3. Your reply is very long and likely does not add anything to the thread.
  4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
  5. Your message is mostly quotes or spoilers.
  6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
  7. This thread is locked.