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Educational Tax Credits: While not specifically for private school tuition, there are educational tax credits available, such as the American Opportunity Tax Credit and the Lifetime Learning ...
Private school tuition is not tax-deductible, but you may be able to leverage some tax benefits if you’re saving in a tax-advantaged account or claiming tax breaks at the state level.
These can include private school tuition, textbooks, school supplies and equipment, tutoring, and transportation. [37] Some other jurisdictions reduce the income tax for parents, so educational expenses can be more economical, which include private school tuition, supplies, computers, books, tutors, and transportation. [38]
Mueller v. Allen, 463 U.S. 388 (1983), was a United States Supreme Court case examining the constitutionality of a state tax deduction granted to taxpaying parents for school-related expenses, including expenses incurred from private secular and religious schools.
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In the past, you could deduct college expenses using the Tuition and Fees Deduction. But this deduction was phased out in 2020, and instead there are several college credits that have expanded.
The main critique of school vouchers and education tax credits is that they put public education in competition with private education, threatening to reduce and reallocate public school funding to private schools. Opponents question the belief that private schools are more efficient.
Student loans reform: Thanks to the TCJA, 529 plans can fund up to $10,000 per year in K-12 private school tuition expenses. Increased estate tax exemption: The estate tax exemption increased to ...