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Old 02-03-2019, 02:06 PM
 
Location: Cleveland, OH
103 posts, read 97,293 times
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Does anyone know if this could still be approved for 2018? I'm a grad student who works part-time and even invests quite a bit into tuition. I was definitely not expecting that I wouldn't be able to deduct some of this on my taxes. Hello, much smaller refund than I anticipated!
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Old 02-03-2019, 02:20 PM
 
Location: Aurora Denveralis
5,400 posts, read 1,794,442 times
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My concerns are with a couple of expensive undergrads, but from what I can see grad students can still deduct up to $4k with a MAGI under $65k.

You should be able to get pretty specific answers with searches that lead to IRS docs and information.
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Old 02-04-2019, 10:48 AM
 
1,588 posts, read 640,614 times
Reputation: 1381
Quote:
Originally Posted by BuscoCasa View Post
Does anyone know if this could still be approved for 2018? I'm a grad student who works part-time and even invests quite a bit into tuition. I was definitely not expecting that I wouldn't be able to deduct some of this on my taxes. Hello, much smaller refund than I anticipated!
Yes.

You can also still deduct Student Loan Interest. This item just no longer shows up as a line on your 1040. You would instead have to file a Schedule 1 form in addition.

I did the exact same thing and the IRS approved my return, no issues.

Last edited by citidata18; 02-04-2019 at 10:58 AM..
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Old 02-04-2019, 11:18 AM
 
Location: Duluth, MN
653 posts, read 306,446 times
Reputation: 1092
Quote:
Originally Posted by BuscoCasa View Post
Does anyone know if this could still be approved for 2018? I'm a grad student who works part-time and even invests quite a bit into tuition. I was definitely not expecting that I wouldn't be able to deduct some of this on my taxes. Hello, much smaller refund than I anticipated!
IRS allows up to $2500 in student loan interest deduction for qualified filers.

https://www.irs.gov/taxtopics/tc456

Your student loan servicer should release a 1098-E form that reports the total amount of interest paid.

https://www.irs.gov/forms-pubs/about-form-1098-e

The IRS does not allow for actual student loan payment deduction. Only some states (e.g. Minnesota) allow such deduction.
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Old 02-08-2019, 11:22 PM
 
5,677 posts, read 2,575,431 times
Reputation: 5470
Quote:
Originally Posted by citidata18 View Post
Yes.

You can also still deduct Student Loan Interest. This item just no longer shows up as a line on your 1040. You would instead have to file a Schedule 1 form in addition.

I did the exact same thing and the IRS approved my return, no issues.
Just an FYI, but the IRS doesn’t “approve” returns.
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Old 02-09-2019, 01:58 PM
 
1,588 posts, read 640,614 times
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Quote:
Originally Posted by TaxPhd View Post
Just an FYI, but the IRS doesn’t “approve” returns.
Fine. "Accepted and processed."
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Old 02-09-2019, 04:54 PM
 
5,677 posts, read 2,575,431 times
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Quote:
Originally Posted by citidata18 View Post
Fine. "Accepted and processed."
Roll your eyes, but the distinction is very important. The IRS can accept and process your return, and then two years later, perform an audit and assess significant taxes, penalties, and interest on that return.

Filing a return and not receiving a notification of audit means nothing. It certainly doesn’t mean that the return has been “approved” or that you won’t face an audit in the future. In fact, NO conclusion can be drawn about whether or not you will face a future audit, or whether the return is “correct.”
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Old 02-10-2019, 05:49 AM
 
1,588 posts, read 640,614 times
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Quote:
Originally Posted by TaxPhd View Post
Roll your eyes...
It's an informal online forum where an average joe simply asked a question and was given an answer where the point being made was clear (even by you).

It's unfortunate that you like to get stuck on technicalities (username definitely checks out). But have fun at it, because I'm not going down that rabbit hole with you.
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Old 02-10-2019, 09:21 AM
 
7,653 posts, read 8,495,558 times
Reputation: 5851
Quote:
Originally Posted by citidata18 View Post
It's an informal online forum where an average joe simply asked a question and was given an answer where the point being made was clear (even by you).

It's unfortunate that you like to get stuck on technicalities (username definitely checks out). But have fun at it, because I'm not going down that rabbit hole with you.
It wasn't a technicality. You claimed the other guy was good to go vis a vis tax law because your return was approved and it wasn't.
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Old 02-10-2019, 12:17 PM
 
1,588 posts, read 640,614 times
Reputation: 1381
Quote:
Originally Posted by EDS_ View Post
It wasn't a technicality.
Yes, it was.
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