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Old 02-27-2008, 01:24 PM   #1
Default Preschool Credit - Tax Refund
wildpookey
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If you had to pay for a child to attend preschool during 2007, make sure you ask your tax consultant if you are eligible for the Child and Dependent Care Expense Credit.
You could get more money back in your refund!
I got alittle over $100 back in my refund because of this credit.

The information below is directly from the IRS website.

Education.
Expenses for a child in nursery school, pre-school, or similar programs for children below the level of kindergarten are expenses for care. ter while you work. Expenses to attend kindergarten or a higher grade are not expenses for care. Do not use these expenses to figure your credit. Summer school and tutoring programs are not for care.

Example 1.
You take your 3-year-old child to a nursery school that provides lunch and a few educational activities as part of its preschool childcare service. The lunch and educational activities are incident to the childcare, and their cost cannot be separated from the cost of care. You can count the total cost when you figure the credit.

For further explanation, see http://www.irs.gov/pub/irs-pdf/p503.pdf
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Old 02-27-2008, 07:31 PM   #2
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meme
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I am so glad that you mentioned this! I work part time from home and our accountant told us about this deduction. I'm not an accountant, but I believe that both parents have to have reportable income to be able to claim the deduction.

Also, if you or your spouse has a child care pretax account through an employer you can put money in the account for preschool expenses if you are working, even part time.

If you prepare your own taxes, it is TOTALLY worth checking out the IRS link in the above post. In some cases, even costs for summer camps and programs may be deductible.
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