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I am trying to plan my budget as a first year associate (2nd semester 3L) and was wondering what everyone's stub year tax refund looks like. Specifically, are you eligible for the Lifetime Learning Credit your stub year? It looks like tuition for 2nd semester 3L was actually billed at the end of 2015, but the loans did not disburse for payment until the end of January 2016. Will I qualify for that credit? Also, how much have people been getting back for stub year refunds?

Bump. Anyone? Someone had to have just dealt with this.

Tuition should count as 2016. It is hard to say how much refund you're going to get back because that depends on how many exemptions you are claiming.

I'm a year ahead of you -- I was unable to take any education-related credit. All tuition was treated as if billed and received in 2014, and my law school did not make available a Form 1098 for 2015. Perhaps this is unique to my school, but my sense is that it isn't, unfortunately.

nope. you can only claim expenses billed in that tax year.

Anonymous User wrote:I'm a year ahead of you -- I was unable to take any education-related credit. All tuition was treated as if billed and received in 2014, and my law school did not make available a Form 1098 for 2015. Perhaps this is unique to my school, but my sense is that it isn't, unfortunately.

I had the same experience.

OP - as one data point (which completely depends on each filer's situation), I received about $5500 in the tax return I just filed. Started at 160k NYC biglaw in mid September. Single, no kids. Got the full $2500 student loan interest deduction due to refinancing.

My federal return in NY is like $8500.

Factors:
Standard withholdings
Itemized deductions
$2500 loan payment
Tuition billed in 2015
Insurance payments through work start date
7ish grand in taxable benefits that the firm withheld based on (bar prep, flight, hotel, brokers fee)

NY state return is $1800 or something.