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Iowa Tuition and Textbook Credit

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Question
Who can claim the Iowa tuition and textbook credit?

Answer

Taxpayers who have one or more dependents attending Kindergarten through 12th grade in an accredited Iowa school may take a credit for each dependent for amounts paid for tuition and textbooks. Dependents must have attended a school in Iowa that is accredited under section 256.11, not operated for a profit, and adheres to the provisions of the U.S. Civil Rights Act of 1964.

Calculating the Credit

Calculate the proper amount of expenses per dependent and multiply the amount – not to exceed $1,000 – by 25% (.25).

Keep records of your calculation, showing the name of each dependent, school(s) attended, and an itemized list of qualifying expenses.

Enter the total allowable credit on line 44.

Example-Students Patty and Mark have qualifying expenses of $1,400 and $700 respectively. Their parents can take a credit of $250 (25% of $1,000 maximum) for Patty and $175 (25% of $700) for Mark, for a total credit of $425. 

Divorced or separated parents-Only the spouse claiming the dependent can claim the amounts paid by that spouse for tuition and textbooks for that dependent.

Home schooling-Expenses for textbooks or other items for home schooling, tutoring, or schooling outside an accredited school do not qualify for the credit.

 


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Article Details
Views: 688 Created on: Jun 15, 2013
Date updated: Dec 17, 2018
Posted in: States, Iowa

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