Tuition (Student Loan) Query

[neo_ny_77]

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

[Atlanta Tax Guru]

Sorry, Neo, you CANNOT go back and claim the tuition against current year income.

[neo_ny_77]

Thanks for your prompt response! So there is no way to amend previous years returns to create some kind of credit that can be applied to subsequent years tax returns? Is my understanding correct?

[Visa Taxes Expert]

Originally Posted by neo_ny_77

Thanks for your prompt response! So there is no way to amend previous years returns to create some kind of credit that can be applied to subsequent years tax returns? Is my understanding correct?

2004 deductions can be claimed only in 2004. And you did not have any income from which you could make the deductions.

This is not a business loss that you can carry forward.