2007-03-17 10:25:33 · 5 answers · asked by Speed R 1 in Business & Finance ➔ Taxes ➔ United States
No
2007-03-17 10:53:41 · answer #1 · answered by Jo Blo 6 · 1⤊ 0⤋
Tuition for K-12 schools are general not deductible. The exception of this is if you paid for a before or after school program because of work requirements.
What may help you is that you can invest up to $2,000 (subject to income limits) a year into a Coverdell Educational Savings Account (ESA). The contributions to the ESA will not be a deductible, but the earnings will grow tax free and the money can be used to pay K-12 tuition as well as college tuition.
Do not confuse the ESA with a Qualified Tuition Plan (also known as a QTP or 529 plan) A 529 plan can only be used to pay for college. 529 plans are also my favorite type of savings vehicle for school. The money in the plan does not count against scholarships and there are very few restrictions.
I suggest reading IRS Publication 970 for more details on the ESA and 529 plans. College is coming in a few more years.
2007-03-17 17:52:08 · answer #2 · answered by jks_mi 3 · 0⤊ 1⤋
No, that's not a deductible expense. Preschool expenses can sometimes result in a child care credit, if the child goes to preschool to allow the parents to both work, and there are various education credits for post-secondary education, but not for K-12.
2007-03-17 17:31:13 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
Only post-secondary education tuition provides a credit.
2007-03-17 17:36:45 · answer #4 · answered by ? 6 · 1⤊ 0⤋
If you are in Illinois, there is a tax credit for elementary and secondary education.
2007-03-17 18:26:55 · answer #5 · answered by CarVolunteer 6 · 0⤊ 0⤋