My older son attends a private school this year, and it has changed from a preschool to a pre-kindergarten. My husband and I both work and I am enrolled in a dependent-care spending account at work. Can I use the money for the cost of pre-kindergarten tuition?
You're in luck. Even though you generally can't use the dependent-care money for education, the IRS draws the line at kindergarten. That means anything below that -- whether it's called nursery school, preschool or pre-K -- can be paid for with dependent-care account money, says Mark Luscombe, principal analyst with CCH Tax and Accounting. For kindergarten and above, you can only include the cost of care before and after school.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
To continue reading this article
please register for free
This is different from signing in to your print subscription
Why am I seeing this? Find out more here
-
How to Help Your Kids Without Ruining Your RetirementHere are some general considerations to ensure the gift of assets to your kids will not negatively affect your financial future.
-
AI to Power the Next Generation of RobotsThe Kiplinger Letter There's increasing buzz that the tech behind ChatGPT will make future industrial and humanoid robots far more capable.
-
Georgia Has a New 2024 Income Tax RateTax Cuts Georgians now have a tax package containing income tax cuts, childcare relief, and potential property tax caps.
-
A Bunch of IRS Tax Deductions and Credits You Need to KnowTax Breaks Lowering your taxable income is the key to paying less to the IRS. Several federal tax credits and deductions can help.
-
Don’t Miss This $2,500 Tax Break for Paying Your Student LoanTax Deductions Do you qualify for the student loan interest deduction this year?
-
Six Tax Breaks That Get Better With AgeTax Breaks Depending on your age, several tax credits, deductions, and amounts change — sometimes for the better.
-
Biden Proposes New Homebuyer Tax CreditsTax Credits President Biden is calling for new middle-class tax breaks including a mortgage tax credit.
-
Will Florida Property Tax Be Eliminated?Property Taxes A new proposal is raising questions about revenue generation in the Sunshine State.
-
States That Won't Tax Your EVState Tax Most states impose additional fees on electric vehicles, but these states don’t penalize EV owners, and some also offer other tax incentives.
-
Tax Season is Here: Big IRS Tax Changes to Know Before You FileTax Filing Tax deductions, tax credit amounts, and some tax laws have changed for the 2024 tax filing season.
