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Private School Tuition


Christian

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A client called today stating he and his wife have taken their child out of the local public school system and are going to be paying some $6,000 per year for home schooling. He wanted to know if this  is a deductible expnse. In so far as I know it is not a deductible expense on the federal or Virginia return. I plan on looking a bit closer but I do not think I will find any law change which permits it's deuction. He asks if it may qualify for the child care credit but had I to nix that idea as well. If any of you know that this reading of the law is incorrect please advise.

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I find no federal deduction. As best I can determine they can contribute to a Virginia 529 plan. Each parent would need to establish an individual plan into which the max contribution is $2,000. This money plus accrued interest could then be withdrawn tax free to fund the child's private school tuition. How soon after setting up the plan the funds can be withdrawn I do not know and the parents will need to carefully review the plans with their fiduciary to iinsure no slippage in the rules.

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There are also online *schools* now.  While there is no federal credit for online or private schools, for all I know there may be state provisions.  So make sure it's home-school, not online private school.  Homeschooling curricula don't cost anywhere near $6,000 (unless they've all seriously jacked up their prices all of a sudden).  Demme Learning's math program is a couple hundred bucks for a full-year program.  Analytical grammar is less than $150 for a year.  Calvert's all-in-one plan is $400/year for 1 kid or $700 for three kids.  So I wonder what they're spending $6K for.

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