Are there any tax benefits for having your child attend a private school?

Forum|Forum|3 years ago
July 31, 2022
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TurboTax Deluxe Online

Best answer by NCPERSON1

@jessica-urbina13 there are benefits if you have a 529 plan; you can withdraw up to $10,000 per year to pay for private school and the related interest that has accumulated is tax free.

DoninGA

Employee

On a federal tax return you cannot claim education expenses for grades K thru 12. Some states may have education deductions for those grades and the TurboTax state program will prompt you if available.

NCPERSON1Answer

@jessica-urbina13 there are benefits if you have a 529 plan; you can withdraw up to $10,000 per year to pay for private school and the related interest that has accumulated is tax free.

xmasbaby0

Employee

EDUCATION EXPENSES

Education expenses for grades K-12 are not deductible on your Federal return, whether for private, public, or home schooling, nor are the expenses for tutoring, after school lessons or after school activities, such as dance lessons, sports, etc. Some states allow deductions/credits for K-12 education and/or home schooling expenses; if your state has these deductions available, you will be prompted to enter them when you prepare your state return. (As far as I know, the states that offer any sort of K-12 deductions/credits are Arizona, Illinois, Indiana, Iowa,Louisiana, Minnesota, and Wisconsin)

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Opus 17

Employee

One other item.

Tuition is not eligible for the child and dependent care credit (the daycare credit). However, for a child under age 13, if you pay extra to the school so that your child is watched before and/or after school so you (and your spouse if married) can work, and if that extra payment is itemized separately on your bill, you can use that cost toward the child and dependent care credit.

For example, school hours are 8-3. You pay an extra fee so your 11 year old child can remain at school under adult supervision until you get home from work at 5:30. If the main reason for the payment is supervision so you can work, and if the extra payment is itemized on your tuition bill, you can apply the extra payment toward the dependent care credit. However, if the main reason for the additional payment is academic (such as additional tutoring hours), then it is not considered eligible child care.