Hi,
I'll soon start homeschooling my children. We live in Montana.
Is there any tax advantages/benefits, credits or anything else I need to be aware of?
Anything I need to report on my tax return?
What age does it start? My children are currently 2 and 3 years old.
Thank you,
Nini
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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)
The federal government does not offer any tax benefits for homeschooling families. The following states offer tax credits or deductions for homeschooling:
All the best,
Marc T.
TurboTax Live Tax Expert
27 Years of Experience Helping Clients
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