Tax credit for Child's Preschool?

Elden Dedon: Is Preschool Tax Deductible

Jene Licausi: The child care credit is to enable you to work. You aren't.Once you go back to school, you can claim $250 of fake income per month and use that to claim the credit.As for bigger refund, well, if he filed as MFJ with you he has better tax brackets and the education credit. If he files MFS, he doesn't....Show more

Kris Bozelle: Child Care provision is both parents must be working.

Sammie Bocanegra: True - the only deduction for the preschool is a dependent care deduction and that's only available to a single parent who works, or to married parents who both work or one works and the other is in school, and the preschool care is to allow them to work (and/or go to school).When you're in school assuming you otherwise qualify, $250 of the tuition will be eligible expenses toward a child care credit. The % of that you actually save in taxes depends on your total income.Whoever said you'd get more back if! the spouse doesn't work is dreaming....Show more

Raul Tllo: A taxpayer never gets money back on their federal income tax return for daycare, which includes preschool (pre-kindergarten) tuition. The credit only reduces tax that is owed and amounts to between 20 and 35% of up to $3,000 of child care expenses.During the months that you attend school, you can count yourself as earning $250 per month. So, if you attend four months, you may qualify for a credit on $1,000 of expenses. This may reduce your tax owed between $200 and $350 on your joint tax return.If you are not working, then your joint income is lower and you will owe less tax on your tax return....Show more

Spencer Heidtbrink: This Site Might Help You.RE:Tax credit for Child's Preschool?I was told a while back that if one parent is not working or going to school they can't ask for any money back for preschool tuition. Is this true? My daughter's preschool tution is 570 a month and I wont be attendin! g college for about a month. On the other hand, someone else t! old me that......Show more