Private K-12 Tuition Tax Deduction
Tax Day is coming up on April 18, 2017. Don’t forget to claim your private school tuition tax deduction!
There is a silver lining to this dreaded deadline for private school parents. Thanks to advocacy by WCRIS, state law allows Wisconsin parents to deduct private school tuition on their taxes.
This is the third year the private school tuition tax deduction has been available, so don’t forget to remind parents and tax professionals of this enormous opportunity. Please help spread the word to your families so that they can take advantage of this financial benefit.
In total, the deduction has the potential to provide up to $30 million in tax relief for taxpayers with children in private schools. In 2014 alone, the first year of the deduction, parents saved $11.2 million, according to DOR reports analyzed by the Wisconsin Tax Payers Alliance (WisTax).
Regardless of income, parents and legal guardians are eligible for a maximum deduction of $4,000 per child in grades K-8 and $10,000 per child in grades 9-12. Students transitioning from eighth to ninth grade are eligible for both deductions.
WCRIS suggests sending the Schedule PS home with your students. You can give parents a head start by filling in your school’s name in the first column, and school/church Federal Employer Identification Number (FEIN) in the third column.
WCRIS has many resources that will help you and your parents navigate the Private K-12 Tuition Tax Deduction. These include a Frequently Asked Questions section, Sample Scenarios, and a WCRIS brief.
More detailed information about the deduction can be found here, or contact WCRIS at wcris.staff@wcris.org or by phone at (608) 287-1224.
You can also contact the Wisconsin Department of Revenue, Customer Service Bureau by email at income@revenue.wi.gov or by phone at (608) 266-2486.
If you have questions about a specific circumstance, WCRIS recommends contacting a certified tax accountant for additional assistance.
