The only way to get the LLTC is to actually pay tax right?

[H0mersimps0n]

My wife and I are 3rd and 4th year (married) medical students. Previously our parents had claimed us as dependents so I'm new to this filing, turbotax, etc thing.

I was hoping that each of us could get our Lifetime Learning Tax Credit (LLTC) but I'm discovering the only way to get a TAX CREDIT is to actually have paid taxes (which obviously neither of us work or have W2/incomes).

SO, this means unless we have our parents claim us as dependents no one can take advantage of the LLTC right?

thanks!

Please don't send me links from the IRS's website, I read through them all and they're useless.

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[etf]

My wife and I are 3rd and 4th year (married) medical students. Previously our parents had claimed us as dependents so I'm new to this filing, turbotax, etc thing.

I was hoping that each of us could get our Lifetime Learning Tax Credit (LLTC) but I'm discovering the only way to get a TAX CREDIT is to actually have paid taxes (which obviously neither of us work or have W2/incomes).

SO, this means unless we have our parents claim us as dependents no one can take advantage of the LLTC right?

thanks!

Please don't send me links from the IRS's website, I read through them all and they're useless.

i don't know the answer to your question, but i'm an aspiring neurosurgeon (if you can call it that) and have to say that I didn't like vertosick's book that much.

 

[TMP-SMX]

My wife and I are 3rd and 4th year (married) medical students. Previously our parents had claimed us as dependents so I'm new to this filing, turbotax, etc thing.

I was hoping that each of us could get our Lifetime Learning Tax Credit (LLTC) but I'm discovering the only way to get a TAX CREDIT is to actually have paid taxes (which obviously neither of us work or have W2/incomes).

SO, this means unless we have our parents claim us as dependents no one can take advantage of the LLTC right?

thanks!

Please don't send me links from the IRS's website, I read through them all and they're useless.

It's a tax credit. Of course you have to pay taxes to take advantage of it. Have your parents claim the credit unless they can use some of the exemptions for tuition depending on their income. So pick whichever is the best whether it's the hope, lltc, or some of the others. I'm not understanding what the question is.

 

[ncalcate]

It's a tax credit. Of course you have to pay taxes to take advantage of it.

TMP is 100% correct with this. But to state it another way, you need to have income and owe tax in order to take advantage of the LLC. So if you had $20,000 in income and owed $1000 in taxes, then you could take advantage of the credit. But if you don't owe anything in taxes, then you can't use the credit, because you don't owe the IRS anything for that tax year anyhow.

I'm not sure what your financial situation is, but if you or your spouse has a traditional IRA or 401(k), you could convert it to a Roth IRA. That would give you taxable income and then you could actually use the LLC. I've done this the past two years in order to fully use the LLC.

Hope that helps. Good luck.