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1) Can you write off private school tuition on your taxes 2)

 

Customer Question

1) Can you write off private school tuition on your taxes?

2) Is there ever a point at which someone can make too much money to have a tax exemption for a child matter?

Detailed responses to the above questions would be greatly appreciated. Thanks.

Submitted: 1476 days and 6 hours ago.
Category: Tax
Value: $15
Status: CLOSED

Accepted Answer

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Expert:  Merlo replied1476 days and 6 hours ago.

HelloCustomer

1. You can never directly write off tuition expenses for any type of school. There are some education credits and deductions that are available, but only for college tuition and fees. This would include community colleges, universities, trade or vocational schools, and other accredited education programs following high school, including private schools. There are various tax breaks for education expenses, such as the tuition and fees deduction and the Lifetime Learning and Hope tax credits. But these tax breaks are not available for elementary and high school tuition.

2. There is never a point where someone can make too much money to have a tax exemption for a child matter. When someone claims a child as a dependent, in most cases they are allowed a full deduction of $3,500 for claiming that child as a dependent. (That was the allowance in 2008). There is a point where that exemption amount can be lowered if the taxpayer's income is too high, but the credit is never eliminated entirely.

You lose part of the benefit of your exemptions if your adjusted gross income is above a certain amount. For 2008, the phaseout begins at $119,975 for married persons filing separately; $159,950 for single individuals; $199,950 for heads of household; and $239,950 for married persons filing jointly or qualifying widow(ers). However, in 2008, you can lose no more than 33% of the amount of your exemptions. In other words, each exemption cannot be reduced to less than $2,333.   So no matter how much income someone earns, they would still be allowed a minimum deduction of $2,333 for each child they claimed.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank youCustomer





Expert TypeAccountant
Category: Tax
Pos. Feedback: 99.8 %
Accepts: 9646
Answered: 6/3/2009

Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad

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Customer replied1476 days and 6 hours ago.

You are awesome. Thanks.

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Expert:  Merlo replied1476 days and 6 hours ago.

Thank youCustomer

 
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