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Old 07-21-2008, 12:49 AM
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Deductions for students

If I am a full time student putting myself through grad school by loans and only receiving a part time income, are there deductions I can claim to reduce the amount i pay?



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Old 07-25-2008, 11:51 AM
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You should not have to pay much in taxable income especially after you take into consideration the standard deduction and personal exemptions available to you in the tax year 2008.

Unless of course your part time income exceeds these exemptions and standard deductions, but even then you have the option of investing in an IRA, that can shelter upto $4,000 in taxable income.

Thereafter, assuming you have any residual income, your taxable income may still be very minimal and your tax liability would be negligible to say the least.

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