Discussion:Education IRA/Tuition & Fees
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> Education IRA/Tuition & Fees
| 13 September 2006 | |
| Need verification: Educational IRAs are not tax deductible. Also, the tuition & fees deduction/credit can only be taken for expenses related to post-secondary schooling. My client wants a deduction for her child's private kindergarten.
Thanks for the help. | |
| 13 September 2006 | |
| No deduction is allowed unless the contribution is made by the taxpayer's employer, in which case the employer will claim a compensation deduction.
Under the new rules effective after 2001, most types of K-12 expenses are allowed. See Sec. 530(b)(4) for a list of such expenses. | |
| 13 September 2006 | |
| The short answer to your question is that kindergarten tuition, books, uniforms, room and board, and computer hardware and software are allowable expenses. | |
| 13 September 2006 | |
| Coverdell Education Savings Account
Don't understand your client wanting a deduction if it is a Coverdell. A qualified distribution is tax free (assuming requirements met), but not a deduction. No Hope or Lifetime Learning - Think Tuition and Fees expired - but you are right they are post secondary. | |
| 13 September 2006 | |
| Correction to my previous post. For a list of qualifying kindergarten expenses, see Sec. 530(b)(3). | |
| 13 September 2006 | |
| JR - Kindergarten doesn't qualify for dependent care - after school expenses would. | |
| September 13, 2006 | |
| Sorry, mis-spoke. I always have to look that up. The cut off is PRE K, not K...thanks, Sol. | |
To join in on this discussion, you must first
log in.
