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Yes, there is a Home School Deduction for Indiana residents. It's not a credit but is a reduction in taxable income for Indiana residents. This reduction in taxable income is at the rate of $1,000 per qualified student. With a state tax rate presently at 3.4%, that equates to $34.00 less in state tax per qualified student. Local tax reductions may apply, and will vary by locality.
EDUCATION EXPENSES
Education expenses for grades K-12 are not deductible on your Federal return, whether for private, public, or home schooling, nor are the expenses for tutoring, after school lessons or after school activities, such as dance lessons, sports, etc. Some states allow deductions/credits for K-12 education and/or home schooling expenses; if your state has these deductions available, you will be prompted to enter them when you prepare your state return. (As far as I know, the states that offer any sort of K-12 deductions/credits are Arizona, Illinois, Indiana, Iowa,Louisiana, Minnesota, and Wisconsin)
Yes, there is a Home School Deduction for Indiana residents. It's not a credit but is a reduction in taxable income for Indiana residents. This reduction in taxable income is at the rate of $1,000 per qualified student. With a state tax rate presently at 3.4%, that equates to $34.00 less in state tax per qualified student. Local tax reductions may apply, and will vary by locality.
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