New life events

Forum|Forum|2 years ago
November 15, 2023
1 reply
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Hello,

I have heard that if you have major expenses due to moving within the last tax year you can write off those expenses. Is that true, and if so, how?

Also, I have gone back to school, full time. So, not working currently but have student loans. How would I go about entering all of that into my tax return as well?

Thank you for any help you can give,

Megan H

Ask the Experts - Crypto - Nov 2023

LoriLeighEA

Level 5

Thanks for joining us today, Megan H. - and you are very welcome!

Most taxpayers cannot deduct moving expenses for tax years 2018 through 2025. An active duty military member who must move because of a military order and permanent change of station qualifies as a deductible moving expense. See this link for more details:

https://turbotax.intuit.com/tax-tips/jobs-and-career/guide-to-irs-form-3903-moving-expenses/L6CwmGm3K

When you use student loan funds to finance your education, if you are eligible, the IRS allows you to claim qualifying expenses that you pay with those funds towards educational tax credits. A tax deduction is also available for the interest payments you make when you start repaying your qualified education loans.

Here is a link with more detailed information:

https://turbotax.intuit.com/tax-tips/college-and-education/about-student-loan-tax-credits/L0mIiywan

TurboTax Online or TurboTax Desktop will both guide you through entering all of your information when you are ready to do your taxes. We also offer Live Help via phone call or chat to further assist you.