While there are a number of educational tax credits available, for families with special-needs children one important education deduction actually falls under the umbrella of medical expenses. That’s because many expenses for educational therapies and even special schools are deductible, providing that the primary reason for utilizing these services is their available resources for relieving the individual’s mental or physical disability.
Some expenses that may be deductible for special-needs individuals include:
- Payments to a special school
- Costs of meals and lodging at a special school
- Supplemental therapies prescribed by a health care professional
- And many others
Medical expenses are only deductible if they total more than 10% of your AGI (7.5% if you or your spouse is over 65 years of age), so these expenses related to special-needs education are subject to that threshold. However, for many families with special-needs children, reaching that threshold is not a problem.
If you have questions or concerns about claiming deductions related to educational programs for special-needs individuals, please don’t hesitate to contact Taxation Solutions, Inc. at your convenience. We are here to help!