Hi,
Please help me with the following.
- I am studying medicine and currently doing 1st year of residency.
- My residency started in July 2024 and earned about 25K as an employee of the hospital.
- However for the period Jan to June 2024, I was a full time student and have no income while completing the final year of the medicine.
- I am studying medicine almost fully with Federal loan and some minor amounts of schlorships.
- For the period of Jan to June 2024, I paid about 30K towards school fee and received 1099-T.
Here are my questions, kindly pl. clarify.
1) School fee is sure more than what I earned in the later half of the year through residency. I could pay school fee only because of loan though my income is nother sufficient, and nor did it start till July 2024 anyway. Can I claim the school fee ipertaining to Jan to Jun 2024 mentioned in 1099-T for any kind of deduction?
2) I started paying little bit of my residency income to start paying off student loan. My payments have both loan and interest components. Can I claim that interest in my return? Of course I will see if turbo tax premium recommends standard deduction. But pl. let me know.
Due to heavy work, I put off my taxes till now, and I am on a short leash. Pl. help asap.
regards
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