jarthur31 Posted February 20, 2005 Share Posted February 20, 2005 Would like to hear if any of you guys went to college, worked, and claimed yourselves when filing your tax returns. What deductions did you take? I know of three buddies who went to MMI (training school accredited by Harley-Davidson among others) and want me to file their tax returns for them. They all had to procure loans but haven't started paying for them except for some of the tuition. They all work full time and share the rent on a house and groceries. I would greatly appreciate any advice you have to give. Thanks. Link to comment Share on other sites More sharing options...
Tux of Borg Posted February 20, 2005 Share Posted February 20, 2005 When I did my taxes, they told me I would get a tax deduction if I paid interest on school loans. However, since I go to school off of the GI Bill, I didn't qualify for that. Link to comment Share on other sites More sharing options...
Kevbeau Posted February 20, 2005 Share Posted February 20, 2005 Depending on their adjusted gross income there are a number of avenues to pursue. Deduction for loan interest. Hope credit Lifetime learning credit Deduction of tuition In certain situations you can also deduct books, mileage to & from school, etc...depending on whether the schooling is required to keep your job, qualifies you for another job...(there's a whole myriad of siuations, very grey area). You can find this info pretty easily online and most online filing software will do it automatically for you. I'd post more in depth, but had a some dinner with my wine tonight Link to comment Share on other sites More sharing options...
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