Home schooling can be fun and rewarding for both parents and children, but with it comes the possibility of tax deductions. Indiana offers tax deductions for those who have chosen to pursue home schooling as an option for their children’s education.
This article will discuss how much Indiana home school tax deductions are available for 2015 and the criteria to qualify for them.
What is Indiana Home School Tax Deduction?
Indiana home school tax deduction is a deduction offered by the Indiana Department of Revenue (IDR) for individuals enrolled in home schooling programs. It allows taxpayers to deduct up to $500 per student enrolled in an eligible program from their taxable income each year.
This deduction also includes any expenses incurred in setting up a home school, such as tuition, books, materials, and even utility bills.
Who Is Eligible for the Deduction?
To be eligible for the Indiana home school tax deduction, individuals must meet certain criteria. First, the student must be legally enrolled in the home school program and must be in compliance with all state regulations regarding the program.
Additionally, the student must have been enrolled in the home school program for at least half of the school year. Those responsible for the home school, such as parents or guardians, must also be in compliance with all state regulations and have a valid Indiana tax return for the taxable year in which the deduction is being claimed.
How Much Is the Deduction?
The Indiana home school tax deduction is up to $500 per student enrolled in an eligible program. This deduction includes any expenses, such as tuition and books, that were incurred in setting up the home school. Furthermore, any costs associated with the operation of the program, such as utility bills, are deductible as well.
Are There Any Limitations on the Deduction?
Yes, there are some limitations on the Indiana home school tax deduction. For example, the deduction is not available if the student is enrolled in a public school or in a private school. Additionally, the deduction cannot be used to pay for costs associated with the transportation of a student to the home school program or for any costs associated with extracurricular activities.
What Additional Costs Are Covered by the Deduction?
The Indiana home school tax deduction covers a wide range of additional expenses. For example, it covers costs related to the purchase of curricula, books, and materials. It also covers other expenses, such as utilities and internet access, if these are necessary for the home school program.
Additionally, the deduction may be used to cover the cost of educational software and other technology used in the program.
Are Home School Supplies Covered by the Deduction?
Yes, the Indiana home school tax deduction covers home school supplies as well. This includes items such as paper, pencils, and other basic supplies.
Additionally, supplies for special projects, such as science projects, are also covered by the deduction.
What Types of Tuition Are Covered by the Deduction?
The Indiana home school tax deduction covers any tuition paid to the home school program, as well as any tuition paid to other educational programs that the student may have attended. This includes tuition paid to private and virtual schools. However, it does not cover tuition paid to public schools.
Can Unused Tuition Be Applied to Other Students in the Home School Program?
Yes, unused tuition paid to the home school program can be applied to other students enrolled in the program. To do this, parents or guardians must submit a request form to the Indiana Department of Revenue.
Does the Deduction Cover Online Courses?
Yes, the Indiana home school tax deduction covers online courses as well as physical courses. The deduction can be used to pay for course fees as well as any other expenses associated with the course, such as textbooks or software.
Are Any Fees Not Covered by the Deduction?
Yes, there are some fees that are not covered by the Indiana home school tax deduction. These include fees related to extracurricular activities, such as sports or field trips.
Additionally, the deduction does not cover transportation fees or the cost of meals and snacks.
Are Professional Services Covered by the Deduction?
Yes, the Indiana home school tax deduction covers fees for professional services, such as tutoring or consulting services. However, these fees must be related to the home school program in order to be eligible for the deduction.
Are Any Fees Payable to the Indiana Department of Revenue?
Yes, the Indiana home school tax deduction requires taxpayers to make an administrative fee payable to the Indiana Department of Revenue. This fee is $15 and must be paid before the deduction can be approved.
Conclusion
In conclusion, the Indiana home school tax deduction is a great way for home schooling families to save on their taxes. The amount of the deduction is up to $500 per student, and it covers a wide range of home school expenses. Those responsible for the home school must comply with all state regulations in order to receive the deduction, and an administrative fee of $15 is payable to the Indiana Department of Revenue.
With the home school tax deduction, home schooling families in Indiana can save on their taxable income each year.