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SVP
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Joined: 01 Nov 2006
Posts: 1855
Schools: The Duke MBA, Class of 2009
Followers: 16

Kudos [?]: 180 [0], given: 2

 [#permalink] New post 04 Jan 2007, 05:15
Who needs accountants when you've got a Free Tax Preparation guru on the board?

No, all those preparation costs aren't worth a damned thing on your tax return. (OK, MAYBE we could swing some part of it on the schedule A if your employer required you to get the MBA, or maybe if you're self-employed, but it would be a stretch. Pigs get fat, hogs get slaughtered.)

If your spouse moves with you and can claim that the move is related to work (getting a new job), and you move a decent distance, you can claim the moving expense deduction.

You can claim your tuition and some fees paid on the Lifetime Learning Credit (form 8863), as long as you follow three rules:

1. The cost is necessary AND paid to the school (shows up on your tuition statement).

2. Expense is paid by cash or loans. Scholarship/grant/fellowship money won't count, obviously.

3. For those of you who are young enough: whoever claims your personal exemption gets to claim these credits. If your parents claim you, they get the credit, no matter who paid the expenses. If Grandma throws out $100k to pay for you, but you claim yourself on your return, then you get the credit. Sucks to be Grandma. But AWESOME to be you.

Need help with this? PM me after Jan 10.
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GMAT Club Legend
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Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5925
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
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 [#permalink] New post 04 Jan 2007, 05:47
After 2002, the credit amount is equal to 20 percent of the taxpayer's first $10,000 of out-of-pocket qualified tuition and related expenses. Thus, the maximum credit a taxpayer may claim for a taxable year is $1,000 through 2002 and $2,000 thereafter. These amounts are not indexed for inflation.

In other words, I can claim up to $2,000 but no more? That sound mad lame.

Moreover: Income limits increased. The amount of your lifetime learning credit for 2005 is gradually reduced (phased out) if your modified adjusted gross income (MAGI) is between $43,000 and $53,000 ($87,000 and $107,000 if you file a joint return). You cannot claim a credit if your MAGI is $53,000 or more ($107,000 or more if you file a joint return). This is an increase from the 2004 limits of $42,000 and $52,000 ($85,000 and $105,000 if filing a joint return). See Effect of the Amount of Your Income on the Amount of Your Credit, later, for more information.

So in short, if I make more than 50K I cant claim a thing? Lame
Senior Manager
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 [#permalink] New post 04 Jan 2007, 07:10
my 5 application fees (well, one of them was waved), GMATS, 1 flight to NC, and a couple of used GMAT-prep books from Amazon = ~ $1,200
(not counting opportunity cost of time)

LESS THAN RHYME'S SUIT

....I feel cheap
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Schools: The Duke MBA, Class of 2009
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 [#permalink] New post 04 Jan 2007, 09:48
Rhyme -

I haven't double-checked the exact figures, but you've got the idea.

But don't worry your pretty little head. The Schedule A - and many other aspects of our regressive tax code - will take care of you high rollers.
GMAT Club Legend
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Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5925
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
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 [#permalink] New post 04 Jan 2007, 10:23
EconGirl wrote:
my 5 application fees (well, one of them was waved), GMATS, 1 flight to NC, and a couple of used GMAT-prep books from Amazon = ~ $1,200
(not counting opportunity cost of time)

LESS THAN RHYME'S SUIT

....I feel cheap


Whats with the suit thing? Where do you people shop for suits? It's not that much!
GMAT Club Legend
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Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5925
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
Followers: 256

Kudos [?]: 1579 [0], given: 7

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 [#permalink] New post 04 Jan 2007, 10:24
aaudetat wrote:
Rhyme -

I haven't double-checked the exact figures, but you've got the idea.

But don't worry your pretty little head. The Schedule A - and many other aspects of our regressive tax code - will take care of you high rollers.



Schedule A baby!!!
Senior Manager
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 [#permalink] New post 04 Jan 2007, 10:42
you may be able to write it off as a busienss expense (your suit I mean)
GMAT Club Legend
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 [#permalink] New post 04 Jan 2007, 11:01
EconGirl wrote:
you may be able to write it off as a busienss expense (your suit I mean)


nope, you can't.
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 [#permalink] New post 06 Jan 2007, 13:23
hmm..wonder how I missed this thread.

Let's see..

1. GMAT - 250$
2. All the books - around 250$ but I recover almost all of it via eBay ;) so actual spend is about 50-60$
3. Application - only INSEAD - ~300$
4. Interview was 10 minutes from home, and the 2nd interviewer bought the lunch :)
5. Some cheap-ass blazer (I've never worn suits in my life) 120$

That sums it up - 720$.

If INSEAD dings me - I'll spend some on IMD, and a remote chance for LBS Sloan Fellowship MSc.. not sure on that.[/img]
_________________

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My 7 GMAT Quant Strategies/Trap
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Posts: 950
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 [#permalink] New post 06 Jan 2007, 15:13
hey necromonger, can we get another cartoon from you? you can pick the topic...just need a break from waiting to hear, or should I say pants-pooping :)

Gmat exam $500
Gmat Books $300
Visiting schools $600
Application Fees ~ $1000
Time missed at work ~ $3000

Total $5400
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 [#permalink] New post 10 Jan 2007, 20:11
sounds like a mastercard commercial
Manager
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 [#permalink] New post 11 Jan 2007, 07:43
I think I have one of the cheapest costs also:

GMAT Books: Free (borrowed outdated books from other friends)
GMAT $250
Apps to 4 schools: ~$700
Transcripts & scores: ~$100
New suite: $199

Total for now: $1249
VP
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 [#permalink] New post 12 Jan 2007, 03:32
rhyme wrote:

Where do you people shop for suits?



Huh? Benetton! :lol: :lol: :lol:
VP
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 [#permalink] New post 12 Jan 2007, 03:34
sujith wrote:
sounds like a mastercard commercial


:lol:

"Getting acceptance phone call - priceless"
Manager
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 [#permalink] New post 12 Jan 2007, 11:55
GMAT: 500
Toefl: 600 (hic, I had problems with it)
Books: 200
trips: 3000 (I visited 10 schools. Such a deal)
App fee: 1000
Sickness medicine when study for GMAT and writing essays: 400
Sickness medicine when interviewed: 300

Total: 6000
Director
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 [#permalink] New post 15 Jan 2007, 19:26
alright, gmat,

here you go - as we wait for results.

Image


gmatmba wrote:
hey necromonger, can we get another cartoon from you? you can pick the topic...just need a break from waiting to hear, or should I say pants-pooping :)

Gmat exam $500
Gmat Books $300
Visiting schools $600
Application Fees ~ $1000
Time missed at work ~ $3000

Total $5400

_________________

http://onwardtomba.blogspot.com - MBA, GMAT, INSEAD - the journey.
My 7 GMAT Quant Strategies/Trap
My GMAT Debrief

GMAT Club Legend
GMAT Club Legend
avatar
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5925
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
Followers: 256

Kudos [?]: 1579 [0], given: 7

Premium Member
 [#permalink] New post 15 Jan 2007, 19:36
bhahhaahah....
Director
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Posts: 950
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 [#permalink] New post 16 Jan 2007, 05:16
woohoo!!! we gotta make a gallery out of your brilliant cartoons!
_________________

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VP
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Joined: 11 Dec 2006
Posts: 1430
Location: New York, NY
Schools: NYU Stern 2009
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Kudos [?]: 219 [0], given: 6

 [#permalink] New post 16 Jan 2007, 08:04
fluffydot wrote:
I think I have one of the cheapest costs also:

GMAT Books: Free (borrowed outdated books from other friends)
GMAT $250
Apps to 4 schools: ~$700
Transcripts & scores: ~$100
New suite: $199

Total for now: $1249


And if you take out the sofa it is nearly a round grand.

I reckon I will be about $1000 at the end of it, probably nearer $700 (1 GMAT, 3 Apps, some books)

I am going to be screwed when it comes down to interviews if they are on-campus though.
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 [#permalink] New post 16 Jan 2007, 08:38
:) :) :) :) :) :) :)

necromonger wrote:
alright, gmat,

here you go - as we wait for results.

gmatmba wrote:
hey necromonger, can we get another cartoon from you? you can pick the topic...just need a break from waiting to hear, or should I say pants-pooping :)

Gmat exam $500
Gmat Books $300
Visiting schools $600
Application Fees ~ $1000
Time missed at work ~ $3000

Total $5400
  [#permalink] 16 Jan 2007, 08:38
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