Taxes: Itemizing intern year expenses?

[Pooh & Annie]

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Is anyone doing this? I kept my travel receipts, including hotels and gas, and moving stuff. Is it worth it? Does anyone know the basic rules? Appreciate any info...

 

[MOHS_01]

Depends on whether you rent / own generally -- as an intern I doubt that you will have many sizable deductions with the exception of mortgage interest. TaxCut will determine your tax burden both ways and let you know which way is the most beneficial.

Taxes are simple when you have no investment income, usually. You just take your lumps.

 

[beancounter]

You do not itemize moving expenses, you deduct them from income on the face of the 1040 to arrive at AGI (adjusted gross income). If you look at your 1040, it is line 26 from a 2005 return. So, you can deduct them regardless of whether you itemize.

You cannot deduct meals as a moving expense - you can deduct hotel, gas, and rental of moving van, or use of third party mover.

If you receive any moving bonus from your employer, you obviously cannot deduct those expenses that are covered by the bonus.

Hope that helps.

 

[Pooh & Annie]

Thanks a lot! Very helpful...