Stupid Tax Question

[jekajekalynn]

Ok.. this is a STUPID question, but I have to ask. Can I claim expenses for my ds4's preschool 'tuition' (I don't know what else to call it lol) ? Just asking before we file later this month. TIA!

 

[1Prince2Princesses]

Yes. The school will give you a form that you can use to file for a Child Care Tax Credit. Go to the IRS website to find the appropriate form to file.

BTW - no tax question is a stupid one.

 

[HappyDznyCamper]

IRS form 2441, be sure to get Tax ID number from your provider.

 

[CanBeGrumpy]

I think you can only claim this if you needed to put him in preschool so that you could work. I don't think you can claim the expenses if there is a stay-at-home parent. If I'm wrong, I better get out some 1040X forms!

 

[GJM]

My daycare never gave me a form, you need their Fed. Tax ID number to include on the tax form.

 

[sk8ingmom]

I think you can only claim this if you needed to put him in preschool so that you could work. I don't think you can claim the expenses if there is a stay-at-home parent. If I'm wrong, I better get out some 1040X forms!

or go to school. I claimed my kids tuition when I was in grad school.

 

[Cindy's Mom]

Ok.. this is a STUPID question, but I have to ask. Can I claim expenses for my ds4's preschool 'tuition' (I don't know what else to call it lol) ? Just asking before we file later this month. TIA!

Not a stupid question at all. However all of it is not allowed as a deduction. I don't know the limit - but your tax preparer should. For some reason $3600 is sticking in my head. All I know is that I paid way over the threashold, but hey, I'll take a deduction any way I can get it.

 

[HappyDznyCamper]

As long as one parent(assuming filing jointly) is working you can use this CREDIT. Most preschool will not automaticly give you the info, you will have to ask, you will need their Tax ID number and the amount you paid for 2006. The form itself is an IRS form and the school won't have it you get it were you get the rest of your forms. Please rember that this is a credit not a deduction, so the amount comes off your tax bill not your taxable income.

 

[amyup]

Do you get the credit even if its a "traditional preschool"? My son goes to school 3 days a week for 3 hours, its not daycare just a preschool. Its run out of a home but is licensed (I don't know if this matters).


Amy

 

[Cheshire Figment]

To claim the credit there is the requirement that either there is a single parent who is working full time or a student full time or if a married couple both are employed and/or full time students. This means that the child care is necessary for employment of full time eduction.

The credit is based on the lower of $3,000 or the amount paid for care per child, for not more than two children per family. The credit can be anywhere from 35% of the amount down to 20% of the amount (reach at an AGI of $43,000) depending on the AGI.

 

[HappyDznyCamper]

Here is a link to the IRS page with the info on the Child Care Tax Credit. Both (if filing jointly) must be employed or looking for work to claim this credit.
http://www.irs.gov/pub/irs-pdf/i2441.pdf

 

[amyup]

Thank you so much for the info!