Are Student Loans a Job-Related Expense for Firms?

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
Anonymous User
Posts: 273200
Joined: Tue Aug 11, 2009 9:32 am

Are Student Loans a Job-Related Expense for Firms?

Postby Anonymous User » Tue Feb 10, 2015 6:53 pm

Just curious what others put or are putting for this on their taxes, not legal advice. I'm not sure if it is/isn't, because obviously we all do each separately. It would impact my return by a thousand bucks.

Anonymous User
Posts: 273200
Joined: Tue Aug 11, 2009 9:32 am

Re: Are Student Loans a Job-Related Expense for Firms?

Postby Anonymous User » Tue Feb 10, 2015 6:59 pm

Anonymous User wrote:Just curious what others put or are putting for this on their taxes, not legal advice. I'm not sure if it is/isn't, because obviously we all do each separately. It would impact my return by a thousand bucks.



Dude, the question isn't what other people are putting down. The question is "Is this tax fraud?" The answer is yes.

Having a spot for your interest payment on student loans didn't give you an idea that this may be double dipping?

Anonymous User
Posts: 273200
Joined: Tue Aug 11, 2009 9:32 am

Re: Are Student Loans a Job-Related Expense for Firms?

Postby Anonymous User » Tue Feb 10, 2015 7:02 pm

Anonymous User wrote:
Anonymous User wrote:Just curious what others put or are putting for this on their taxes, not legal advice. I'm not sure if it is/isn't, because obviously we all do each separately. It would impact my return by a thousand bucks.



Dude, the question isn't what other people are putting down. The question is "Is this tax fraud?" The answer is yes.

Having a spot for your interest payment on student loans didn't give you an idea that this may be double dipping?

I don't understand the double dipping? I mean 2L tuition you paid the year you had your SA. I'm asking what others are doing so as to solicit personal experience/understanding of what that Turbo Tax refers to and not legal advice.

Anonymous User
Posts: 273200
Joined: Tue Aug 11, 2009 9:32 am

Re: Are Student Loans a Job-Related Expense for Firms?

Postby Anonymous User » Tue Feb 10, 2015 7:15 pm

ok forget the double dipping. Lets go another route. Your student loans are not a work related expense. Taking a client out to dinner on behalf of the firm and paying out of pocket would be a job related expense. Driving to a meeting with a client and the mileage to get there would be a job related expense.

Main point: you would have your student loan regardless if you worked there or not. This is not a job related expense.

User avatar
JohannDeMann
Posts: 13831
Joined: Wed Mar 12, 2014 4:25 pm

Re: Are Student Loans a Job-Related Expense for Firms?

Postby JohannDeMann » Tue Feb 10, 2015 7:18 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Just curious what others put or are putting for this on their taxes, not legal advice. I'm not sure if it is/isn't, because obviously we all do each separately. It would impact my return by a thousand bucks.



Dude, the question isn't what other people are putting down. The question is "Is this tax fraud?" The answer is yes.

Having a spot for your interest payment on student loans didn't give you an idea that this may be double dipping?

I don't understand the double dipping? I mean 2L tuition you paid the year you had your SA. I'm asking what others are doing so as to solicit personal experience/understanding of what that Turbo Tax refers to and not legal advice.


Not a job related expense because youre pursuing a new trade or business. You only get to deduct job related expenses like continuing education - not initial education.

Anonymous User
Posts: 273200
Joined: Tue Aug 11, 2009 9:32 am

Re: Are Student Loans a Job-Related Expense for Firms?

Postby Anonymous User » Tue Feb 10, 2015 7:21 pm

JohannDeMann wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Just curious what others put or are putting for this on their taxes, not legal advice. I'm not sure if it is/isn't, because obviously we all do each separately. It would impact my return by a thousand bucks.



Dude, the question isn't what other people are putting down. The question is "Is this tax fraud?" The answer is yes.

Having a spot for your interest payment on student loans didn't give you an idea that this may be double dipping?

I don't understand the double dipping? I mean 2L tuition you paid the year you had your SA. I'm asking what others are doing so as to solicit personal experience/understanding of what that Turbo Tax refers to and not legal advice.


Not a job related expense because youre pursuing a new trade or business. You only get to deduct job related expenses like continuing education - not initial education.

Got it - so the education expense would be something like if your firm required you take a night class in "client development" at the local business school?

badaboom61
Posts: 404
Joined: Mon Jun 11, 2012 5:36 pm

Re: Are Student Loans a Job-Related Expense for Firms?

Postby badaboom61 » Tue Feb 10, 2015 7:23 pm

IRS wrote:You can deduct expenses you have for education, even if the education may lead to a degree, if the education meets at least one of the following two tests.

It maintains or improves skills required in your present work.

It is required by your employer or the law to keep your salary, status, or job, and the requirement serves a business purpose of your employer.

You cannot deduct expenses you have for education, even though one or both of the preceding tests are met, if the education:

Is needed to meet the minimum educational requirements to qualify you in your trade or business, or

Is part of a program of study that will lead to qualifying you in a new trade or business.


http://www.irs.gov/publications/p463/index.html

User avatar
Tanicius
Posts: 2957
Joined: Sat Feb 07, 2009 12:54 am

Re: Are Student Loans a Job-Related Expense for Firms?

Postby Tanicius » Tue Feb 10, 2015 7:36 pm

Anonymous User wrote:Just curious what others put or are putting for this on their taxes, not legal advice. I'm not sure if it is/isn't, because obviously we all do each separately. It would impact my return by a thousand bucks.


Holy shit you are an idiot if you do this.

Anonymous User
Posts: 273200
Joined: Tue Aug 11, 2009 9:32 am

Re: Are Student Loans a Job-Related Expense for Firms?

Postby Anonymous User » Tue Feb 10, 2015 8:44 pm

ok thank you everybody. i brought it up because it seemed too good to be true so assumed it probably was not.




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.