Currently, there are no IRS tax breaks for homeschooling. However, some states will offer tax credits for homeschool expenses. These credits will be entered in the deductions and credits portion of your state tax return, if available. Here is a breakdown of a few of the states that offer credits for homeschooling:
- Arizona - tax credit of up to $400.00 for homeschooling cost such as textbook, materials, curriculum, etc..
- Illinois - tax credit for homeschooling expenses in excess of $250 up to $750 per year.
- Indiana - $1000 per qualifying child
- Iowa - credit of up to 25% of qualifying expenses up to $2,000
- Louisiana - 50% of the actual qualified expenses for the tax year
- Minnesota - Grades k-6th up to $1,625, Grades 7-12th up to $2,500
- North Carolina - up to $1,000 per child
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