Tuition Statements for Taxes Now Available

Posted on: January 21st, 2020 by Dana Freymark | No Comments

Your school tuition and consumables fees may be tax deductible.  

Need a statement of your 2019 tuition and consumables payments for taxes? Please email Pat (powellp@trinitycr.org). Statements are generated on request; you’ll get a PDF statement by email. Statements show preschool payments separated from K-8 payments, because they are handled differently.

Here’s what we know about what might be deductible. Be sure to ask your tax advisor, because every situation is different.

 Iowa Taxes – K-12 Tuition and Textbook Tax Credit

“Taxpayers who have one or more dependents attending Kindergarten through 12th grade in an accredited Iowa school may take a credit for each dependent for amounts paid for tuition and textbooks. Dependents must have attended a school in Iowa that is accredited under section 256.11, not operated for a profit, and adheres to the provisions of the U.S. Civil Rights Act of 1964.”

     The credit amount is 25% of the first $1,000 paid for each dependent.

Source:  https://tax.iowa.gov/expanded-instructions/tuition-and-textbook-credit-k-12-only-2018

Federal Taxes – Preschool Expenses

If you are able to deduct expenses on your federal taxes (2019 Schedule 3) for child and dependent care, the IRS will allow you to include expenses for “a child in preschool or similar programs for children below the level of kindergarten.” Eligible expenses include preschool and AK tuition, registration and application fees.

Source: Instructions for Form 2441 (2019), Child and Dependent Care Expenses.