Hello. I probably spent almost $3000 for filing applications, traveling to different states for interviews, buying mcat books. How do I take all this into account when filing taxes? I don't think I can claim them on the Tuition and Fees Deduction. Can anyone shed some light into this? Thanks!
I spent a lot of money on applications. How do I file taxes?
- Thread starter howdysang
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You need above your standard deduction (single, filing alone is $6,200) before you can itemize anyways.
http://www.irs.gov/uac/How-Much-is-My-Standard-Deduction?
Also, remember that a deduction reduces your taxable income. So it's not like you deduct $3,000 and the IRS sends you a check for $3,000.
http://www.irs.gov/uac/How-Much-is-My-Standard-Deduction?
Also, remember that a deduction reduces your taxable income. So it's not like you deduct $3,000 and the IRS sends you a check for $3,000.
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FYI, there is a finance/investment forum if you're interested: http://forums.studentdoctor.net/forums/finance-and-investment.176/
This has also been addressed before in context of residency apps: http://forums.studentdoctor.net/threads/residency-application-expenses-taxes.1122136/#post-16210614, http://forums.studentdoctor.net/threads/4th-year-tax-write-offs.1123904/#post-16249921 and the answer there is nope. It sounds like you're talking about applying to medical school, though; still think the answer is no. I'd bet the standard deduction would be best, not itemized. Also agree that it doesn't fall under the Tuition and Fees Deduction (http://www.irs.gov/publications/p970/ch06.html#en_US_2014_publink100025401)
This has also been addressed before in context of residency apps: http://forums.studentdoctor.net/threads/residency-application-expenses-taxes.1122136/#post-16210614, http://forums.studentdoctor.net/threads/4th-year-tax-write-offs.1123904/#post-16249921 and the answer there is nope. It sounds like you're talking about applying to medical school, though; still think the answer is no. I'd bet the standard deduction would be best, not itemized. Also agree that it doesn't fall under the Tuition and Fees Deduction (http://www.irs.gov/publications/p970/ch06.html#en_US_2014_publink100025401)
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I looked into this a bit to and it looks like we are unfortunately SOL with this, it is not deductible as being a student is not a "job". Like the above poster you also cannot deduct for residency interview costs either (though from what I gather you can for moving expenses). First time you will be able to deduct for interview costs is for fellowships 🙁.
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And lets not forget the most important point of a any deduction: you must actually have earned income from which to deduct. No job = no earned income = you paid no income tax = nothing to deduct from = no refund. The standard deduction advice above is great too and the other reason you probably won't itemize even if you do have a job.
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I think the IRS will laugh in your face and then demand increased payment with a penalty if you attempt to claim interviewing expenses as a deduction.
I did earn over $2000. Nonetheless, I am claimed as a dependent. Does this matter?
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Being claimed as a dependent won't really make a difference in your case. Your income in not even close to the standard deduction, so you will not owe any federal income taxes anyhow.
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Yeah, with that income you wouldn't owe fed taxes. As an aside, though, tuition and fees deduction can't apply if you're claimed as a dependent.
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you're not even going to pay taxes on that amount...
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