Get $2000 back on your taxes.....

[jplkl]

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

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[DrRedstone]

Or get married and file jointly while in medical school.

 

[atomi]

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.

 

[alprazoslam]

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

 

[Disciple of Sattar]

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.

 

[Black Coffee 24/7]

Or get a Sugar Daddy or Sugar Momma to pay for all your tuition cost plus play expenses.

 

[atomi]

What kind of gig brings in that much money during med school? Legit question, not a response to your point.

Without getting into specifics it involved the repair of very expensive machines done from home on my own schedule.

 

[RNthenDoc]

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.

 

[SawyerMoccassin]

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

 

[atomi]

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.

 

[apr27]

what is the best service in your opinion? HRB? Turbotax, etc... Rather not spend any cash or as little as possible.

 

[dpmd]

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.

 

[jplkl]

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.

 

[Goro]

Without getting into specifics it involved the repair of very expensive machines done from home on my own schedule.

Ahhh. Fords, right?

 

[Black Coffee 24/7]

Ahhh. Fords, right?

Fixing sex robots is very lucrative.

 

[Goro]

Fixing sex robots is very lucrative.

OK, what did you do to get back on probation???