2007-02-04 05:52:48 · 6 answers · asked by jojaker22 1 in Business & Finance ➔ Taxes ➔ United States
There is no deduction for Elementary or HighSchool Education Tuition Fees. The Tuition and Fees deduction is for post secondary Eduction, Colleges, Universities.
Publication 970
http://www.irs.gov/publications/p970/index.html
2007-02-04 06:01:55 · answer #1 · answered by Anonymous · 2⤊ 0⤋
If your grandchildren are your dependents you can claim them as such and take an exemption for each of them. If they are the dependents of their parents, you cannot claim them as dependents.
There is no deduction for Elementary and Secondary education (K-12).
Please ignore the poster that said you can claim a deduction for gifts -- she's clueless. There is no such deduction. Gifts are in fact taxable to the giver. If the value of the tuition payments you made exceeds your annual gift tax exclusion you must file a Gift Tax return and pay any Gift Tax due.
2007-02-04 14:23:51 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Not unless they live with you at least half of the year, or if they don't live with either parent and you pay more than half of their total support for the year.
And there's no deduction for high school tuition even if you can claim them as dependents.
2007-02-04 20:31:56 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
You cannot claim them, but there may still be a way you can benifit. Talk to your accountant about what benefit it is to consider the tuition a gift. There is a tax deduction for that. Good luck.
2007-02-04 14:06:39 · answer #4 · answered by Anna Hennings 5 · 0⤊ 2⤋
Bostonian is almost correct. Payments to a qualified educational organization do not constitute taxable gifts. See IRC 2503(e).
2007-02-04 14:38:07 · answer #5 · answered by smh60437 3 · 0⤊ 1⤋
Not unless they're living with you.....but call the IRS and ask.
2007-02-04 14:00:33 · answer #6 · answered by Dreamcatcher 4 · 0⤊ 1⤋