- Oct 30, 2000
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Originally posted by: UNCjigga
Okay, so for 2007 my income went marginally above $70k so I can no longer deduct student loan interest. This hurts me, since I have no other deductions. Not married, no kids, don't own a home. My biggest expenses for '07 were rent, student loan payments, car payment, and gas. I also paid $2200 to repair some property damage, and had $600 in moving expenses (not relo, so not deductible). None of that's deductible. My employer allows me to work 1 day per week from home, and I maintain a home office to that end, but as I read the rules, I cannot deduct any of that because I still have an office at work. Is there anything I might be missing?
So far I owe $912 in Federal, $739 to State of Maryland, but DC is giving me a $426 credit. I will get the $600 refund, but I'm hoping there's some other deduction I may have overlooked?
Unless you have a living GF/SO that you are supporting, some offspring that you just found out about, you are out of luck.
Having been out of school in all of 2007, there is nothing else that will be useful.
You should also monitor your Federal tax situation very closely - you are almost at the line where a penalty will be accessed when you owe more than $1000 in taxes. If you keep everything as is, consider paying a seperate check to Uncle before the end of '08 for a few hundred to avoid a penalty.