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Submitted By: Barbara
Answered: June 15, 2015 8:25 am
Answered: June 15, 2015 8:25 am
I contributed $2,100 for my grandson’s preschool fees. Is this tax deductible?
You cannot deduct the cost of early education. However, the grandchild’s parent may be eligible for a dependent care credit (assuming you gave the funds to the parent who then paid the tuition). Pre-school tuition is a qualified expense for purposes of this tax credit.
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Tax Glossary
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
