How to Pay for Homeschooling
Kiplinger's Personal Finance|November 2020
You may be able to save money with tax-advantaged savings accounts or tax breaks from your state.
ANDREA BROWNE TAYLOR
How to Pay for Homeschooling

AS THE NATION CONTINUES TO GRAPPLE with the COVID-19 pandemic, many public school districts have continued to offer distance-learning programs, either full- or part-time. As a result, many parents are exploring options to gain more control and to best educate their children—from homeschooling their kids themselves to forming small co-ops with other quarantined families and hiring a private tutor.

But these options come at a cost. On average, homeschooling ranges from $700 to $1,800 per child per school year, according to Time4Learning.com, an online resource for homeschool families. That includes the cost of the curriculum, school supplies, field trips and extracurricular activities. There are, however, steps you can take to lower your costs.

Taxes. Although there are no federal tax deductions or credits for homeschooling expenses, some states offer tax breaks for homeschool households:

ILLINOIS parents (or legal guardians) of a full-time homeschooled student younger than 21 may qualify for the Education Expense Credit for homeschool expenses totaling $250 or more.

• In INDIANA, the parents of a homeschooled elementary or high school age child may qualify for a $1,000 state tax deduction.

• Parents who homeschool in LOUISIANA may qualify for a tax deduction of up to 50% of qualifying educational expenses, not to exceed $5,000 per dependent.

Denne historien er fra November 2020-utgaven av Kiplinger's Personal Finance.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra November 2020-utgaven av Kiplinger's Personal Finance.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA KIPLINGER'S PERSONAL FINANCESe alt
MAKING A DIFFERENCE IN THE LIVES OF DISABLED VETERANS
Kiplinger's Personal Finance

MAKING A DIFFERENCE IN THE LIVES OF DISABLED VETERANS

He suffered grave injuries in the line of duty. Now he helps other veterans who have disabilities.

time-read
2 mins  |
November 2024
DO YOU NEED UMBRELLA INSURANCE?
Kiplinger's Personal Finance

DO YOU NEED UMBRELLA INSURANCE?

A policy can protect you from financially devastating events.

time-read
2 mins  |
November 2024
Navigating Finances as a Blended Family
Kiplinger's Personal Finance

Navigating Finances as a Blended Family

Money matters can get complicated when two families unite. Planning is key.

time-read
4 mins  |
November 2024
BREAKING UP WITH YOUR BROKER
Kiplinger's Personal Finance

BREAKING UP WITH YOUR BROKER

Be aware of these challenges when you move your money to a new home.

time-read
5 mins  |
November 2024
CHOOSE A MEDICARE PLAN THAT'S RIGHT FOR YOU
Kiplinger's Personal Finance

CHOOSE A MEDICARE PLAN THAT'S RIGHT FOR YOU

Consider your health care needs over the long term as you weigh costs and coverage.

time-read
9 mins  |
November 2024
Keep Faith in These Stocks
Kiplinger's Personal Finance

Keep Faith in These Stocks

IN 1997, I coined the phrase “faith-based investing.” It has nothing to do with religion or with picking stocks at random.

time-read
5 mins  |
November 2024
OUR ESG PICKS ARE THRIVING
Kiplinger's Personal Finance

OUR ESG PICKS ARE THRIVING

Despite an ongoing backlash, our favorite stocks and funds focused on environmental, social and corporate governance issues had a good year overall.

time-read
9 mins  |
November 2024
MONEY MANNERS FOR THE MODERN AGE
Kiplinger's Personal Finance

MONEY MANNERS FOR THE MODERN AGE

The customs for splitting a restaurant check, purchasing a wedding gift, tipping and more have evolved. These guidelines can help.

time-read
8 mins  |
November 2024
ELECTION 2024: POLITICS AND YOUR PORTFOLIO
Kiplinger's Personal Finance

ELECTION 2024: POLITICS AND YOUR PORTFOLIO

Who wins the White House matters—but only at the margins when it comes to your investments.

time-read
2 mins  |
November 2024
YOUR GUIDE TO OPEN ENROLLMENT
Kiplinger's Personal Finance

YOUR GUIDE TO OPEN ENROLLMENT

With health care costs on the rise, it’s critical to select a plan that fits your needs at the right price.

time-read
7 mins  |
November 2024