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Itemized Deductions Schedule-A


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Old 02-06-2008, 07:23 PM
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Question Itemized Deductions...

Hello,
I was wondering if we can itemized afterschool programs for our children. Also, what about school supplies and uniforms for our children, are those acceptable deductions. One last thing, I have a friend who is a foster parent, and they were curious if they needed to report the stipends that are paid to them every month as income and if they can claim that foster child as their dependent.

Thanks in advance.



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Old 03-14-2008, 10:30 AM
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Can afterschool care expenses be claimed as a deductible item on Schedule A?

Unfortunately, the Tax code does not currently allow a deduction for any of the afterschool programs for your children as an itemized deduction.

However, there is a Tax Credit available called the Dependent Care Tax Credit. This credit is available under certain conditions and if you incur qualified expenses (only a maximum, of $3,000 per child can be considered) and meet all the requirements you may qualify for a tax credit.

The amount of credit will depend on your Adjusted Gross Income and the amount of the qualifying dependent care expenses. The amount of this credit can be as high as $1,050 if your AGI is <$15,000 and as low as $600 if your AGI is >$43,000.

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