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Question about Childcare/Pre K tax write off
Posted on 1/30/18 at 11:29 am
Posted on 1/30/18 at 11:29 am
My 2 kids go to a half day church preschool everyday. From what I understand we won't be getting any type of tax documents from them relating to tuition paid. If I'm reading correctly, since it's a church there won't be any type of Tax ID number to put on my tax filing forms, but that I can still write off the amounts paid? Is this correct?
5
Posted on 1/30/18 at 11:45 am to Glock17
My daughter used to go to one and they gave us all that info.
Posted on 1/30/18 at 12:17 pm to Glock17
All you need is there tax ID and they have one.
Are you married filing joint, does your wife work? You can deduct Pre-K and child care if both spouses work.
Are you married filing joint, does your wife work? You can deduct Pre-K and child care if both spouses work.
Posted on 1/30/18 at 1:44 pm to Glock17
I just told my CPA a rough amount I paid and then she got their tax ID, and that was all they used. My kids have attended 3 different pre schools and none have given us anything for taxes, though I guess I've never asked.
Posted on 1/30/18 at 2:13 pm to ODP
quote:
you need is there tax ID and they have one.
Are you married filing joint, does your wife work? You can deduct Pre-K and child care if both spouses work.
I’ll have to give hem a call to get the ID number. It’s not much of a write off but every bit helps. We do file jointly and my wife works.
Posted on 1/30/18 at 3:26 pm to Glock17
My children always got a form from the half day church preschool they attended.
Posted on 1/30/18 at 3:35 pm to Glock17
I am a CPA
If they are a church or anything else tax exempt, you can mark "Exempt" in the box that has the tax ID
If you simply cant find their tax ID, you need to make a "good faith effort" to receive it. If they wont give it to you (they will), you can leave it blank.
And if you are audited, you will just have to somewhat prove you tired to acquire their tax ID
If they are a church or anything else tax exempt, you can mark "Exempt" in the box that has the tax ID
If you simply cant find their tax ID, you need to make a "good faith effort" to receive it. If they wont give it to you (they will), you can leave it blank.
And if you are audited, you will just have to somewhat prove you tired to acquire their tax ID
This post was edited on 1/30/18 at 3:36 pm
Posted on 1/30/18 at 3:49 pm to lsupride87
quote:
they are a church or anything else tax exempt, you can mark "Exempt" in the box that has the tax ID
It is indeed a church... so I can just put exempt in the box for EIN number? If not, I’ll try to give them a call tomorrow to see if I can get the number
Posted on 1/30/18 at 4:03 pm to Glock17
Is there a wage cap on this write off? Do they allow this write off with any income? My kids went to part time church daycares and a child care?
Posted on 1/30/18 at 4:03 pm to Glock17
quote:Yes, because they will not have a EIN
It is indeed a church... so I can just put exempt in the box for EIN number?
quote:I would do this, because I have seen a daycare ran out of a church, that was seperated so they actually did have an EIN and reported taxes.
’ll try to give them a call tomorrow to see if I can get the number
But it is likely your daycare will not have an EIN, which does not have any effect on the credit. You will just mark exempt in box 1c of form 24411
This post was edited on 1/30/18 at 4:04 pm
Posted on 1/30/18 at 4:05 pm to L S Usetheforce
quote:Yes
Is there a wage cap on this write off?
Families can claim up to $3,000 in dependent care expenses for one child/dependent and $6,000 for two children/dependents per year. The credit is worth between 20 percent and 35 percent of these expenses, depending on a family’s income.
This post was edited on 1/30/18 at 4:08 pm
Posted on 1/30/18 at 4:16 pm to Glock17
quote:
My 2 kids go to a half day church preschool everyday. From what I understand we won't be getting any type of tax documents from them relating to tuition paid. If I'm reading correctly, since it's a church there won't be any type of Tax ID number to put on my tax filing forms, but that I can still write off the amounts paid? Is this correct?
Just a heads up if you don't already know. You may be able to set up a Dependent Care FSA through your employer, and put away money for this pre-tax. I usually estimate how much I'm going to spend on day care each year and reimburse myself in Jan of each yr for the prior yr.
Posted on 1/30/18 at 4:43 pm to ODP
quote:but just like everything else with taxes, that shite is also capped. So fricking annoying.
Just a heads up if you don't already know. You may be able to set up a Dependent Care FSA through your employer, and put away money for this pre-tax. I usually estimate how much I'm going to spend on day care each year and reimburse myself in Jan of each yr for the prior yr.
/endrant
Posted on 1/30/18 at 9:12 pm to castorinho
quote:
but just like everything else with taxes, that shite is also capped. So fricking annoying.
Yep. We paid $30k for two kids in daycare last year. Did $5k in an FSA and the other $1k in the childcare credit, which turns out to a whopping $200 credit. The cost of daycare is so insane and the tax benefits are not properly aligned, imo.
Posted on 1/30/18 at 10:22 pm to lsupride87
quote:
Yes, because they will not have a EIN
Churches often do have EIN... because they pay payroll taxes for their non-ministrial staff. If they are running a child care, they are paying wages to the workers, hence, they need an EIN.
I find it very odd that the OP is having this issue. This is a widely known credit and at this point, everyone knows what is required to get it. You would think a church of all entities would be willing to do whatever it can to reduce the amount of tax paid by it's followers/customers.
Posted on 1/31/18 at 2:09 am to LSUFanHouston
If only 1 parent works, can I still claim this?
Posted on 1/31/18 at 7:20 am to tenderfoot tigah
No. Both parents need to work.
Posted on 1/31/18 at 7:42 am to Dawgfanman
quote:same for me
My children always got a form from the half day church preschool they attended.
Posted on 1/31/18 at 8:22 am to whitefoot
quote:
We paid $30k for two kids in daycare last year.
:ahh:
:ahh:
:ahh:
Posted on 1/31/18 at 9:14 am to whitefoot
quote:
We paid $30k for two kids in daycare last year.
Holy crap, where do you live???
For the comment on the FSA. If you have kids in daycare, that is most certainly a no brainer. $5k a year limit, which most would easily hit with one child in daycare.
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