Well it doesn’t seem possible but it is already time to get ready to send the kids back to school.
This is a good time to remember the Iowa Tuition and Textbook Credit. Taxpayers who have one or more dependents attending Kindergarten through 12th grade in an accredited Iowa school may take a credit for each dependent for amounts paid for tuition and textbooks. The credit amount is 25% of the first $1,000 paid for each dependent for tuition and textbooks.
Textbooks means books and other instructional materials used in teaching those same subjects. This includes fees, books, and materials for extracurricular activities.Examples of extracurricular activities: sporting events, speech activities, musical or dramatic events, driver’s education (if paid to the K-12 school), awards banquets, homecoming, prom (clothing does not qualify), and other school-related social events.
The cost of the following items are eligible for the credit:
Dues, Fees and Admissions: includes those paid for extracurricular activities such as activity fees, booster club dues, fees for track and cross-country, activity ticket or admission for high school athletic events, fees for a physical education event such as roller skating
Materials: includes materials for extracurricular activities such as sporting events, speech activities, musical or dramatic events, awards banquets, homecoming, prom, and other school-related social events
We recommend keeping good records of the above items so you can save on your Iowa taxes!
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein