tax credits for medical students?

[eldarion3141]

what is the deal with the Lifetime Learning Credit?
How do I or my parents get the tax credits?

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[edkNARF]

If you paid for qualifying educational expenses, you can claim the credit. I believe HOPE only applies to your first two years in undergraduate study. You can file LL any year that you bay expenses, but it is not as big a credit as HOPE. You need to give your accountant a 1098-E, which you get from your school. I would talk to an accountant about this stuff, the US tax system are painfully complicated

 

[edkNARF]

Oh, this applies to any qualified educational expense, not just med students.

 

[edmadison]

If you paid for qualifying educational expenses, you can claim the credit. I believe HOPE only applies to your first two years in undergraduate study. You can file LL any year that you bay expenses, but it is not as big a credit as HOPE. You need to give your accountant a 1098-E, which you get from your school. I would talk to an accountant about this stuff, the US tax system are painfully complicated

There really is no reason to use an accountant, just use turbo tax. It will cost you $20.

Ed

 

[BigPimpin]

I recently spoke with an H&R Block person about this and she told me that those credits are non-refundable. Upon further explanation, she told me that, yes, paying your tuition with loans DOES qualify you, but you have to be paying money TO the government already to apply these credits to your owed amount. In other words, she told me that people like me -- meaning you're a med (or whatever) student, you have no job and therefore no income, and you wouldn't be filing otherwise -- can't claim the credit and get any money back from the government.

Definitely ask your people about this, by all means...and if you get differing information, post it here. I'd definitely love a free $2000.

BP

 

[edmadison]

I recently spoke with an H&R Block person about this and she told me that those credits are non-refundable. Upon further explanation, she told me that, yes, paying your tuition with loans DOES qualify you, but you have to be paying money TO the government already to apply these credits to your owed amount. In other words, she told me that people like me -- meaning you're a med (or whatever) student, you have no job and therefore no income, and you wouldn't be filing otherwise -- can't claim the credit and get any money back from the government.

Definitely ask your people about this, by all means...and if you get differing information, post it here. I'd definitely love a free $2000.

BP

Yeah, this is true. The "credits" are not really tax credits. There are above the line deductions.

Ed