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Old 02-05-2008, 11:09 PM
neo_ny_77 neo_ny_77 is offline
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Join Date: Feb 2008
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Default Tuition (Student Loan) Query

Hello -

I have a query regarding any tax amendments I can avail from previous years in terms of student loan that I took out to pay for my MBA program. The tuition and my US income were as follows:

2004: Tuition - $17,500; Income - $0 (Didn't work in the US) - No tax papers filed

2005: Tuition - $35,000; Income - $1500 (summer internship) - 1040EZ (no refund)

2006: I claimed deductions so I am okay with 2006 filing.

Note: Loan repayments started only in Nov'06

My question is since my entire MBA education was the sole reason for me to be able to change careers and have the job I have right now aka "education that is required for me to successfully do my job" - is it possible for me to go back and somehow obtain credits for the fact that I paid hefty tuition in '04 and '05 but did not have income to offset it then but rather use those deductions now when I file my '07 returns?

Would appreciate your expert inputs on the same.

Thanks,
Neo
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