Is preschool tax deductible?

Discussion in 'Budget Board' started by cnj, Jan 20, 2008.

  1. cnj

    cnj Mouseketeer

    Joined:
    Jul 27, 2005
    Messages:
    465
    I know, I know, I should get my files done by a professional, but I am cheap and I am doing Turbo Tax. No reprimands, please. I just would like to know if preschool, not childcare is deductible? I am a state at home mom and was not sure if we could deduct it or not. Thank you!
     
  2. Avatar

    Google AdSense Guest Advertisement


    to hide this advert.
  3. lastminutemom

    lastminutemom DIS Veteran

    Joined:
    Mar 28, 2006
    Messages:
    658
  4. cnj

    cnj Mouseketeer

    Joined:
    Jul 27, 2005
    Messages:
    465
    darn, that's what I thought. Thanks.
     
  5. madge

    madge ... is soaking in it

    Joined:
    Aug 18, 1999
    Messages:
    9,121
    no. it isn't tax deductible. I wish it was, though!
     
  6. LizinSTL

    LizinSTL DIS Veteran

    Joined:
    Feb 28, 2006
    Messages:
    1,104
    It depends. Preschool might be deductible depending on your situation. Did you have any income that you are claiming in 2007? Were you a FT student for 5 months or more? Grab a copy of publication 503 from the library (or read it online) and see if you meet the tests.

    Childcare is NOT deductible unless both spouses (if married filing jointly) work for pay, are looking for work or in school FT. But preschool is considered childcare under the IRS code, assuming you have a tax ID number for the preschool. My dd's mother's day out program provided one.

    I'm not a tax professional and I don't play one on TV, if you have a question about this, seek professional advice.
     
  7. Melissa_E

    Melissa_E Friends don't let friends try the beverly!

    Joined:
    Nov 11, 2007
    Messages:
    637
    I was a FT student for all of 2007, does that mean I can claim preschool? I didn't work though.
     
  8. LizinSTL

    LizinSTL DIS Veteran

    Joined:
    Feb 28, 2006
    Messages:
    1,104

    Read up on the child care deduction. Take the "test" that's in the publication. If you meet the qualifications, you can take the deduction. Preschool can be claimed as a child care deduction if you meet the qualification to take the deduction. There are specific things that are required. It takes a few minutes to grab the publication or review it at irs.gov.
     
  9. gomomgo

    gomomgo Mouseketeer

    Joined:
    Mar 4, 2006
    Messages:
    216
    I second LizinSTL's advice. It is definitely worth taking the extra step to see if it you can deduct it in your situation. Also, your preschool should be able to provide a tax ID number which you will need as well. Good luck!
     
  10. lovingmy2boys

    lovingmy2boys Mouseketeer

    Joined:
    Feb 13, 2004
    Messages:
    240
    For my boys I can claim Pre-K on my taxes. It is a private school. They give me thier tx ID number.
     
  11. EthansMom

    EthansMom <font color=red>spare yourself from asking me to d

    Joined:
    Jul 13, 2003
    Messages:
    7,453
    You're only supposed to claim it if both spouses work and/or go to school.

    In the case of the OP, she goes to school so she may be able to deduct the expenses. If you are a SAHM who is neither working, nor attending school, you are not permitted to claim the deduction for daycare or pre-school expenses.
     
  12. rparmfamily

    rparmfamily In paradise

    Joined:
    Aug 9, 2005
    Messages:
    5,533
    I claimed my children's preschool because I worked PT while they were at school. It was a childcare expense.
     
  13. pbharris4

    pbharris4 DIS Veteran

    Joined:
    Jan 14, 2005
    Messages:
    3,091
    We don't claim it, but DH does have the money taken out of his paycheck before they take taxes off. Just like they do for medical expenses etc. So ..no it's not tax deductible, but it can be taken off that way if your employer offers that.
     
  14. NotUrsula

    NotUrsula DIS Veteran

    Joined:
    Apr 19, 2002
    Messages:
    15,406
    Childcare FSA's have the same rules for eligibility as the deduction does: you have to need your child to be somewhere other than in your care during the day because you are either a student, employed, or seeking employment.
     
  15. IDoDis

    IDoDis Knows the password to get into the Moose Lodge

    Joined:
    Jan 14, 2006
    Messages:
    5,398
    DH and I both work full time so when our kids were in preschool and daycare, we deducted both. They were in preschool three afternoons a week and in full-time daycare. A friend would pick up DD (or DS when he was in pre-k) take him/her to pre-k and then drop him/her back off at the sitter's afterwards. Since we were working full time, we were able to claim it as childcare and got the tax ID # from the school.
     
  16. Melissa_E

    Melissa_E Friends don't let friends try the beverly!

    Joined:
    Nov 11, 2007
    Messages:
    637
    It looks like my DD4's preschool will be covered! :cool1: The only beef I have, it should have been covered last year and I didn't know about this. I'm not about to file an amended tax return because of it though. :headache:
     
  17. LizinSTL

    LizinSTL DIS Veteran

    Joined:
    Feb 28, 2006
    Messages:
    1,104
    Ack! Why not??? 1040x are sooooo easy to file! And this is a credit, right? So it's at least 20% of up to $3k per child ? I'm just ball parking it because I've only glanced at the publication since we don't qualify for this credit.. If you have a tax program from last year on your computer, you can easily file the 1040x to include this credit. I swear I'm going to go into business filing them for people and just get paid a percent. :lmao: I filed 3 years of amended returns for my MIL last year because she couldn't be bothered with it- she got back an additional $800. I filed an amended return for my dh's cousin too. They got an additional $175. My sister got $80 back on her amended return. It took about 15 minutes per return plus the postage stamp to mail it.
     
  18. cbrfan

    cbrfan DIS Veteran

    Joined:
    Feb 10, 2001
    Messages:
    2,188
    You should absolutely file an amended return!! It's very easy to do and takes hardly any time at all. Why give the government any more money to waste than they already get?? Get that pencil out and get busy!!:teacher:
     
  19. MTW

    MTW Mouseketeer

    Joined:
    May 23, 2005
    Messages:
    309
    I know you don't want to be reprimanded....but this is the problem with the "box."
    I see problems like this all the time with people who are doing their own returns. 75% of the time I prepare the return the taxpayer gets back more than they would have with TurboTax or TaxCut. How much are you really saving? I'm not talking about taking your return to Block or Jackson Hewitt but a real tax professional. Off my soapbox.

    You really should file an amended return. Depending on how much it is, you could even pay to have it done. The gov't doesn't need any more of our $$ to waste!
     
  20. LizinSTL

    LizinSTL DIS Veteran

    Joined:
    Feb 28, 2006
    Messages:
    1,104
    I think it depends on how much time you take to look at the form, how much you know about your tax situation and if you are willing to ask for help when needed. I have a fairly simple situation. If it got complicated, I'd go to a professional, no question but it drives me crazy when people pay someone $100+ to do a 1040ez form for them.
     
  21. MTW

    MTW Mouseketeer

    Joined:
    May 23, 2005
    Messages:
    309

    Completely agree. I don't take my car to the garage to get the oil changed. My husband does it - or I have done it on occasion. However, the problem arises when people don't know their tax situation. Case in point - a friend who thought he had a straightforward return - 4 kids, they itemize, they both are W-2 employees - he uses TurboTax. I saved him $1000+ (over 2 years) in a 5 minute coversation. Most people don't know enough to know that they should use a tax professional.

    Also - about asking for help (and I'm not referring to this question or this website because this person has no idea who is giving the advice or if it is even correct)...it's probably no secret that I am a tax professional and it drives me CRAZY that people who do their own return on Turbo Tax ask me tax questions and expect me to help them with their prep. I spent 4 years in school and a lot of time and money in the upkeep of my education. Taxes are extremely complicated. You wouldn't expect your lawyer or doctor friends for free services would you?

    *This is in no means a personal attack on anyone...just a mini rant on the subject from a poor SAHM who gets hit up all the time!*
     

Share This Page