Today TaxMama hears from Gene in Georgia who wants to know, “The Education related Credit is for Post-Secondary school, right?
So can we do anything about tuition paid for private high school or elementary school?
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[See the Resource Box below for the live links]
You mean, besides finding a good school?
What can you do to get tax breaks for pre-college education that is often expensive in the private sector?
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There is something that let’s you pay for elementary and high-school costs.
What is it?
Education Credits are only for post-secondary education.
So are IRA draws
Same with 529 Plans
Aha! Here it is! You can draw money from a Coverdell IRA for elementary or secondary education (kindergarten through grade 12),
The only problem is – you can put so little money into those accounts, it’s hard to earn enough to be worthwhile to use the accounts for elementary and high-school education.
There’s a terrific investment calculator at CCH’s finance site to help you determine the value of your investment into any account, based on a projected rate of return and inflation.
And remember, you can find answers to all kinds of questions about education benefits and other tax issues, free. Where? Where else? At TaxMama.com[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the subscribe link and join us.]
- Ask TaxMama :: Where taxes are fun and answers are free
- www.TaxQuips.com :: The number ONE free tax podcast online
- IRS Topic #605 :: Education Credits
- IRS Publication 970 – Chapter 9 :: Tax Benefits for Education – IRA Draws
- IRS Publication 970 – Chapter 8 :: Tax Benefits for Education – 529 Plan Draws
- IRS Publication 970 – Chapter 7 :: Tax Benefits for Education – Coverdell IRA Draws
- Commerce Clearing House :: Financial Calculator – with interest, inflation, and tax rates