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Thread: IRS & taxes

  1. #1
    link626 is offline Senior Member 510 points
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    IRS & taxes

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    are there any deductions we can make on our tax forms for 2004? This will be the first time I've filed taxes while in school.

    Like most people, I took out the full loan, but don't know whether I can derive any tax benefits, if any, from it.

    Also, I was self employed for a while before enrolling at ross. Do you think I will be flagged for an audit if I suddenly declare that I have no income and that I'm in medical school? The only tax forms I will be receiving this year are 1099's for savings account interest, which amounts to a tad over $700.

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    toss_ross is offline Newbie
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    Re: IRS & taxes

    Quote Originally Posted by link626
    are there any deductions we can make on our tax forms for 2004? This will be the first time I've filed taxes while in school.

    Like most people, I took out the full loan, but don't know whether I can derive any tax benefits, if any, from it.

    Also, I was self employed for a while before enrolling at ross. Do you think I will be flagged for an audit if I suddenly declare that I have no income and that I'm in medical school? The only tax forms I will be receiving this year are 1099's for savings account interest, which amounts to a tad over $700.
    Either you got 70k in the bank (and shouldn't complain) or have interest on $700 (which you don't have to claim). Man, you got more than what I got!

  3. #3
    shoshanna is offline Junior Member
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    interest

    I received interest statements around tax time on the non-government loans I got during undergrad and grad. This interest can be factored into your deduction. You might also be able to claim the education tax credit, depending on your situtation and whether or not the laws have changed. I use Turbo Tax, have been using it for several years. I highly recommend this program.

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