Tax filling & Cost of applying to medical schools

[Drako]

I work hard (lab rat), pay federal and state taxes, and devote 3/4 of my net income into this year medical school application process. Still, I have credit card debt for the first time in my life, from all the interviews, for which I am grateful.

It's tax season and I need to file in order to complete my FAFSA in a timely manner. Does anyone know if you could claim the cost of applying to medical school and get some money back from the state and federal governments? Any thought, suggestion, or tips?

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[Scooby Doo]

I think there was a thread about this a while back and it seemed to be that you couldn't do jack

Sorry dude. I am in a very similar boat. Lots of money spent. And now my loan repayments are starting up! grrr....

 

[eagle26]

I don't think so. Even if you could, you'd probably be better claiming the standard deduction. They're mutually exclusive; you can't itemize your deductions and take the standard. But that's just my understanding...maybe someone who is more familiar with accounting and tax laws could be helpful.

Joe

 

[Fermi]

•••quote:•••Originally posted by Joseph Reses:
•I don't think so. Even if you could, you'd probably be better claiming the standard deduction. They're mutually exclusive; you can't itemize your deductions and take the standard. But that's just my understanding...maybe someone who is more familiar with accounting and tax laws could be helpful.
•••••I think you've got it exactly right. Even if you could deduct them (which I seriously doubt), it wouldn't be worth it because you have to give up the standard deduction. Later on, for residency application, I believe you can deduct the costs of buying suits, traveling, etc. as work or job-search related expenses. Again, I think that is an itemized deduction and you would have to own a home or have a lot of other potential deductions (> than the standard deduction) to make it worth anything.

 

[Future_Doc]

Sorry - no can deduct. The tax code doesn't allow these types of deductions. It's a shame too because you can spend literally thousands in airfare and lodging going to interviews. Instead of using credit cards, if you own your own home (not sure if you live with your parents or not), get a home equity loan and at least the interest is tax deductible. If not, I guess you're just out of luck.