Two things are certain: Death and TAXES

Discussion in 'Physician Scientists' started by CancerKiller007, Jan 1, 2009.

  1. CancerKiller007

    CancerKiller007 mudphud wannabe
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    as 2008 winds down....it is that time of the year again when you have to fork a few hundred dollars to the uncle Sam.

    I had a question regarding taxes: any one care to comment if I can write off my almost 8K worth of MD/PhD application costs? Let me know. Thanks!

    BTW, not that it matters, but still not forget to fill out FAFSA.
     
  2. mercaptovizadeh

    mercaptovizadeh ἀλώπηξ
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    Definitely not.
     
  3. StIGMA

    StIGMA Doctor Professor
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    Not to derail the thread, because I am interested as well, but what are you including in 8k worth of application costs? Travel, MCAT prep, et cetera?

    4 out of 5 of my MSTP interviews are paying for travel and lodging. One non-MSTP interview is local and offers free lodging. It will cost me ~$300-350 to travel to NY for the one interview that is not paying for travel. I spent ~$700-800 on AMCAS and ~$1300-1500 on secondary fees. I will be getting paid ~$500 for driving to two of the MSTP interviews. Second visits will be covered expenses. Miscellaneous expenses at a few hundred dollars (MCAT, whatever else I forgot), and it is still barely breaking $2500.

    I spent approximately $4500 if including MCAT prep. Pay for a few more interviews... I still dont see how you could spend $8000. Are most interviews not paid for? Or was I just lucky in the schools that interviewed/ rejected me?

    On topic: Maybe you could write everything off as medical expenses :D

    From http://en.wikipedia.org/wiki/Tax_deduction: educational expenses can be written off "but only if it does not prepare one for a new career." I suppose that means they cannot be written off?
     
  4. CancerKiller007

    CancerKiller007 mudphud wannabe
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    Well I applied to 24 schools, so I spend 1k on primary, 2.3k on secondary, $140 on interfolio, $200 on MCAT, 2.2k on Kaplan, $600 for suit, shirt, tie and shoes, 1100 on travels...I kept meticulous record, so I have every thing itemized in my excel spreadsheet.

    So MCW was all paid for. NYU, Neb, UMDNJ, and PSU paid for lodging. UTH and Jefferson did not pay for anything. I had to spend 300 bucks for lodging in Houston b/c my host flaked at the last moment.

    Suxs that I can not write this off....:(
     
  5. QofQuimica

    QofQuimica Seriously, dude, I think you're overreacting....
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    Folks, don't mess with the IRS. If you're not 100% sure whether you can take a deduction for interview expenses, then fork over the $100 to get someone from H & R Block or some other company where the people know what they're doing to help you. That money pays for your peace of mind, and it's well worth every cent. Don't think for a minute that the IRS won't audit you just because you're a grad student with minimal income. It might take them a few years to catch up with you, but they *will* catch up with you. I had an issue with the IRS a few months ago where they questioned my tax returns from 2006 (my last year in grad school). Fortunately, I had H & R Block help me file that return, and they were able to tell me what to do and save me from having to pay $4000 in back taxes. The IRS is relentless. They do have the power (and the high-power lawyers) to hurt you, and they will hurt you if you don't follow every rule to the letter and you are unlucky enough to win the audit lottery. You won't even know that it's happening until you get the letter from them telling you how much you owe them.
     
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  6. DogFaceMedic

    DogFaceMedic Member
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    Yes, you can declare employment search as a tax deduction. Costs for appyling to grad school/residency are considered job search costs. I did it and received a refund. I was also audited because I sold a house. Grad school is work, and has business expenses.
     
  7. cyclin M

    cyclin M megaman
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    Where is that Tax Evader guy when we need him?? :hungover:
     
  8. gbwillner

    gbwillner Pastafarian
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    :eek::eek::eek::eek::eek:

    Well you are one lucky SOB or the smartest dude on the planet... not sure which.

    What you say here is totally contrary to everything I have heard for the past 10 years.

    As far as I understand it- you can deduct job search costs for your SECOND job- residency does not count...
     
  9. GWD

    GWD
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    I heard that talented managers of Subway sandwich shops can make upwards of 40k per year +incentives
     
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  10. GWD

    GWD
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    [youtube]http://www.youtube.com/watch?v=JYJI8MnNarM&feature=related[/youtube]
     
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    #10 GWD, Jan 9, 2009
    Last edited: Jan 9, 2009
  11. GWD

    GWD
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    [YOUTUBE]http://www.youtube.com/watch?v=fGqpVq5XL3M[/YOUTUBE]
     
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