[TraumaNurse]

Since I am preparing to do my taxes for 2003, I was thinking that for the next couple of tax years I will not be working for $$$ while in CRNA school. For those current students who are living on loans, how do you do your taxes? My wife and I have always filed jointly, I wonder how I should do it if only one of us has an income? Just wondering.

[icurn96]

A friend who is an accountant recently told me to be sure and check with my financial services dept at school and request the 1098T form to show that I am currently paying tuition. She said when you are in school as a FTstudent, you automatically qualify for a $1000 credit which can only help!! Also, I'm not sure if you are a homeowner who itemizes, but if you are paying interest and drop down to only one income, wouldn't that work in your favor? At least these are my hopes for this year (my first tax season in school) I'm praying for a HUGE refund Maybe others can add their experience!

[mommyof2grls]

School is good to you as far as Taxes. While Kevin was in school we were able to deduct all interest paid on student loans, as well as get the above tax credit. Anopther thing that helps, Charity! I am big on This anyway, but those little donations of clothing here and there really add up. Talk to a good financial advisor, It was worth it to us, as I usually did ours, then took it to him and he found several areas we qualified for deductionis that I had no idea were avail. We got almost 100% back both years, and changed our deductions to help in the interim.
It is different when you get out of school and are making >100K, take advantage of write off's now, as you will not be able to deduct Student loan interest etc later, depending on what you make.

[icurn96]

Good advice, mommyof2girls! We have usually done TurboTax before and plan on doing it this year, too. I hope it's comprehensive enough to find all the extra little deductions you're talking about...and charities and donations are very beneficial. Maybe my prayers for a bountiful refund will be answered!!