Missed deductions

I hope you did not pay for that advice! The loans were NOT income to you. If you declared them as income, you need to file amended returns.

Did you take the appropriate educational credits?

There's a deduction for paying interest on student loans, but no deduction for receiving them. There are tax benefits which arise from expenses paid from student loans. Step one is to get a copy of IRS Publication 970 and see what education tax benefits were available to you. Then you can amend 2003 and later. Anything earlier is lost, and the deadline for amending 2003 is 4/17/2007. To amend you'll need Form 1040-X, its instructions, and possible Form 8863 for Education Tax Credits. Make sure you get the 8863 for the correct year. The rules have changed.

-- Phil Marti Clarksburg, MD

wrote

You can't deduct student loans received. You can however, take some educational credits or deductions for qualified tuition and fees ~paid~ during the year.

You would have to file Form 1040X to amend your returns, attaching any corrected or new forms or schedules to support the changes.

-- Paul Thomas, CPA snipped-for-privacy@bellsouth.net

You can amend your returns for tax years 2003 through 2005. The deadline for amending 2003 and getting a refund of over paid taxes is April 17, 2007. Use form 1040X available at

You can amend returns until 3 years past the deadline for filing the return. Currently, tax returns for years

I thought you could always amend, you just can't get a refund for older years. Seth

That's right, even back to 1913, IF you still have the forms. Actually I don't think there were any such things as