Graduate school fee

[jawckey]

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

- 

[Bsch4477]

Assuming that you are not a dependent you are eligible for both the Lifetime Learning Credit and student interest loan adjustment deduction. You should have a 1098-T. You don’t have to itemize for those deductions. 

[xmasbaby0 · Accepted solution]

WHERE DO I ENTER STUDENT LOAN INTEREST

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/enter-student-loa...

LIFETIME LEARNING CREDIT

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/expenses-qualify-...

https://ttlc.intuit.com/community/credits-and-deductions/help/what-expenses-qualify-for-the-lifetime...

https://ttlc.intuit.com/questions/3262984-who-is-eligible-for-the-lifetime-learning-credit