If your school offers child care services such as daycare before and after school for the convenience of working parents, you may be able to deduct some of the cost of that care via the Child and Dependent Care Credit.
A few states allow deductions for K-12 education and/or home schooling expenses.
- The cost of private school (K-12) doesn’t qualify for any education deductions or credits on your federal return.
2. If your child attends a daycare program before or after school, whether at a public or private school, you may qualify for a child care credit.
3. Some private school tuition for special needs students may be eligible for a medical deduction.
4. The Tax Cuts and Jobs Act now allows distributions from a 529 plan to be used for elementary or secondary (K-12) public, private, or religious school expenses.
For more information, Visit our office and talk to our Generational Wealth Specialist to know more about Frequently Asked Questions on 529 plans.
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