H0mersimps0n

HMO CRUSHER
10+ Year Member
15+ Year Member
Jun 18, 2002
757
2
NY
Status (Visible)
My wife and I are 3rd and 4th year (married) medical students. Previously our parents had claimed us as dependents so I'm new to this filing, turbotax, etc thing.

I was hoping that each of us could get our Lifetime Learning Tax Credit (LLTC) but I'm discovering the only way to get a TAX CREDIT is to actually have paid taxes (which obviously neither of us work or have W2/incomes).

SO, this means unless we have our parents claim us as dependents no one can take advantage of the LLTC right?

thanks!

Please don't send me links from the IRS's website, I read through them all and they're useless.
 

etf

Full Member
Moderator Emeritus
15+ Year Member
Apr 27, 2005
3,059
13
Status (Visible)
My wife and I are 3rd and 4th year (married) medical students. Previously our parents had claimed us as dependents so I'm new to this filing, turbotax, etc thing.

I was hoping that each of us could get our Lifetime Learning Tax Credit (LLTC) but I'm discovering the only way to get a TAX CREDIT is to actually have paid taxes (which obviously neither of us work or have W2/incomes).

SO, this means unless we have our parents claim us as dependents no one can take advantage of the LLTC right?

thanks!

Please don't send me links from the IRS's website, I read through them all and they're useless.

i don't know the answer to your question, but i'm an aspiring neurosurgeon (if you can call it that) and have to say that I didn't like vertosick's book that much.
 

TMP-SMX

Senior Member
Moderator Emeritus
15+ Year Member
Jun 12, 2006
3,839
183
Status (Visible)
  1. Attending Physician
My wife and I are 3rd and 4th year (married) medical students. Previously our parents had claimed us as dependents so I'm new to this filing, turbotax, etc thing.

I was hoping that each of us could get our Lifetime Learning Tax Credit (LLTC) but I'm discovering the only way to get a TAX CREDIT is to actually have paid taxes (which obviously neither of us work or have W2/incomes).

SO, this means unless we have our parents claim us as dependents no one can take advantage of the LLTC right?

thanks!

Please don't send me links from the IRS's website, I read through them all and they're useless.

It's a tax credit. Of course you have to pay taxes to take advantage of it. Have your parents claim the credit unless they can use some of the exemptions for tuition depending on their income. So pick whichever is the best whether it's the hope, lltc, or some of the others. I'm not understanding what the question is.
 

ncalcate

Senior Member
10+ Year Member
15+ Year Member
Jun 3, 2003
280
1
48
Hartford, CT
Status (Visible)
  1. Resident [Any Field]
It's a tax credit. Of course you have to pay taxes to take advantage of it.

TMP is 100% correct with this. But to state it another way, you need to have income and owe tax in order to take advantage of the LLC. So if you had $20,000 in income and owed $1000 in taxes, then you could take advantage of the credit. But if you don't owe anything in taxes, then you can't use the credit, because you don't owe the IRS anything for that tax year anyhow.

I'm not sure what your financial situation is, but if you or your spouse has a traditional IRA or 401(k), you could convert it to a Roth IRA. That would give you taxable income and then you could actually use the LLC. I've done this the past two years in order to fully use the LLC.

Hope that helps. Good luck.
 
About the Ads
This thread is more than 14 years old.

Your message may be considered spam for the following reasons:

  1. Your new thread title is very short, and likely is unhelpful.
  2. Your reply is very short and likely does not add anything to the thread.
  3. Your reply is very long and likely does not add anything to the thread.
  4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
  5. Your message is mostly quotes or spoilers.
  6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
  7. This thread is locked.