|
School Tax Credit Questions
Will I qualify for the credit if I pay fees
for my own child to participate in an extra curricular
activity or character education program?
Yes, fees that you pay for your own child to participate in
an extra curricular activity or character education program
qualify for the credit.
What is the maximum dollar amount of the credit?
The credit is equal to the amount contributed or the amount
of fees paid. However, for single taxpayers or heads of
households, the credit cannot exceed $200.
For married taxpayers that file a joint return, the credit
cannot exceed $300 for tax year 2005 and $400 for tax year
2006 and subsequent years.
If married tax payers file separate returns, each spouse may
claim ½ of the credit that would have been allowed on the
joint return.
|
|
Private School Tuition Credit Questions
What is the maximum dollar amount of the credit?
The credit is equal to the amount contributed or the amount
of fees paid. However, for single taxpayers or heads of
households, the credit cannot exceed $500.
For married taxpayers that file a joint return, the credit
cannot exceed $825 for the tax year of 2005 and $1,000 for
the tax year 2006 and subsequent years.
If married tax payers file separate returns, each spouse may
claim ½ of the credit that would have been allowed on the
joint return.
|