Tax ? -- Summer Internship Earnings

Paying for College
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<p>This may not be the correct forum ...but wondering if anyone has a child who had a summer internship away from home and away from school. When filling out the 1040, were you able to successfully deduct the student's living expenses on their 1040EZ?</p>

<p>I'm thinking- this is "travel away from home"...hence it should include student's temporary living expenses - room, board, travel while on the summer internship.<br>
Technically - this is a temporary employment situation away from home.</p>

<p>Anyone know if the IRS rules allow this...as this would lower the student's taxable income and hence the EFC calculated by FAFSA for the coming school year.</p>

<p>Also-- does the marginal 47% rate apply to the student's earnings in calculating the EFC as it does for the parental income? Student savings are at 33%-- but what about student's earnigns...</p>

<p>Concerned b/c 2009 summer earnings are long gone (spent on tuition this year) and would hate to see that add to the 2010 EFC...</p>

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<p>Students earnings over protected income and allowances for taxes are 50% to the EFC. Student savings are 20% (they have not been 35% for several years).</p>

<p>There is no line on 1040ez for temporary living expenses. Are you talking about him itemizing deductions? If it is possible (which I don’t know off hand) the expenses would have to be above the Standard deduction of $5700 for it to be worthwhile. It would not help for FAFSA though as it is not the taxable income that is reported on FAFSA. It is the AGI.</p>