Home

Prepay child and dependant care
1, 2  Next
 
Post new topic   Reply to topic    Forum -> Household Management -> Finances


View latest: 24h 48h 72h


amother




OP
 

Post Mon, Dec 13 2021, 2:43 pm
According to Hefkervelt you could prepay your playgroup morah for the months in 2022 and then claim it under the more generous 2021 child and dependant care tax credit rules. I do not see any reference to it on the IRS website. I see the opposite. Accountants can you advise.
Back to top

amother




OP
 

Post Mon, Dec 13 2021, 5:46 pm
Bump. Any accountants out there to advise.
Back to top

amother




Ultramarine
 

Post Mon, Dec 13 2021, 5:49 pm
Do you have an accountant?
Back to top

play doe




 
 
 
 

Post Wed, Dec 29 2021, 5:32 am
Assuming your playgroup declares it's income, it should be fine.
Disclaimer: not an accountant
Back to top

amother




Heather
 

Post Wed, Dec 29 2021, 5:33 am
My accountant told me no. $ can only be claimed when the care is provided. It’s disappointing. My school will have been happy to take the $.
Back to top

play doe




 
 
 
 

Post Wed, Dec 29 2021, 1:26 pm
1) Who has to know when the care is provided? Do they ask that anywhere?

2) it is within a daycare's right to request the year's tuition up front, so if you paid this year, you should be allowed to deduct this year, no?
Back to top

amother




Puce
 

Post Wed, Dec 29 2021, 1:34 pm
amother [ Heather ] wrote:
My accountant told me no. $ can only be claimed when the care is provided. It’s disappointing. My school will have been happy to take the $.

FYI private school tuition is not considered dependent care, only daycare, summer camp, before and after school care, and preschool expenses are eligible.
Back to top

amother




Heather
 

Post Wed, Dec 29 2021, 1:50 pm
Yes, preschool
Back to top

Motherhood




 
 
 
 

Post Wed, Dec 29 2021, 2:05 pm
Funny you’re asking.... dh just asked the same from his accountant. She said no. You need to show invoice as proof and they see you’re paying for next year
Back to top

amother




Beige
 

Post Wed, Dec 29 2021, 3:49 pm
amother [ OP ] wrote:
According to Hefkervelt you could prepay your playgroup morah for the months in 2022 and then claim it under the more generous 2021 child and dependant care tax credit rules. I do not see any reference to it on the IRS website. I see the opposite. Accountants can you advise.


It sounds like something that would fall under the category of “shtick” AKA illegal and under the table so of course you won’t find it on the IRS website. I imagine the playgroup would have to lie about what the money is owed for.
Back to top

amother




Kiwi
 

Post Wed, Dec 29 2021, 4:08 pm
My accountant who is very straight and honest and does not do shtick, said we could do this. Pay my three year olds Morah now for January 2022 through June 2022 and claim it on our 2021 tax return and receive 50% back. As always ask your accountant
Back to top

amother




Eggplant
 

Post Wed, Dec 29 2021, 4:12 pm
amother [ Puce ] wrote:
FYI private school tuition is not considered dependent care, only daycare, summer camp, before and after school care, and preschool expenses are eligible.


Does preschool for my 3 year old In a regular school count?

My accountant said he is unavailable to answer questions during the year. I am only paying him to file my taxes 🤷🏼‍♂️
Back to top

amother




Amethyst
 

Post Wed, Dec 29 2021, 4:26 pm
amother [ Beige ] wrote:
It sounds like something that would fall under the category of “shtick” AKA illegal and under the table so of course you won’t find it on the IRS website. I imagine the playgroup would have to lie about what the money is owed for.


Many small businesses use cash accounting method which counts income when it's received. It's 100% valid, no shtick. Look at any IRS business income return. You choose cash or accrual accounting method.

Op's question is perfectly valid.

I don't know the answer. I wouldn't be surprised if the answer is yes.
Back to top

amother




Amethyst
 

Post Wed, Dec 29 2021, 4:28 pm
amother [ Eggplant ] wrote:
Does preschool for my 3 year old In a regular school count?

My accountant said he is unavailable to answer questions during the year. I am only paying him to file my taxes 🤷🏼‍♂️


If preschool is counted, then yes. It wouldn't matter if it's to a large school or private playgroup. The main factor would be that it's for a 3 year olds care.
Back to top

amf




 
 
 
 

Post Wed, Dec 29 2021, 4:35 pm
amother [ Eggplant ] wrote:


My accountant said he is unavailable to answer questions during the year. I am only paying him to file my taxes 🤷🏼‍♂️


Might be time to find a new accountant...
Back to top

amother




Eggplant
 

Post Sat, Jan 22 2022, 7:08 pm
amf wrote:
Might be time to find a new accountant...


I know.
Open to recommendations
Back to top

amf




 
 
 
 

Post Sat, Jan 22 2022, 7:17 pm
amother [ Eggplant ] wrote:
I know.
Open to recommendations


What state are you in?
Back to top

amother




Mimosa
 

Post Sat, Jan 22 2022, 7:49 pm
My daughters preschool sent a message about this, and our accountant said we should do it. I was under the impression it was legal, he’s not either the pulling shtick type.
Back to top

amother




Eggplant
 

Post Tue, Jan 25 2022, 6:22 am
amf wrote:
What state are you in?


Ny
Back to top

amother




Eggplant
 

Post Tue, Jan 25 2022, 6:32 am
amother [ Mimosa ] wrote:
My daughters preschool sent a message about this, and our accountant said we should do it. I was under the impression it was legal, he’s not either the pulling shtick type.


Is the preschool in a regular school?
If it's only a preschool, it's for sure not shtick.
It's probably not shtick if it's preschool in a regular school, I'm just trying to find out before I do it.
Back to top
1, 2  Next Recent Topics

Page 1 of 2 View latest: 24h 48h 72h


Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
My child is becoming mean to me
by amother
14 Yesterday at 4:13 pm View last post
Israeli child tests positive for polio
by amother
110 Yesterday at 1:00 pm View last post
Help with my child!
by amother
8 Thu, May 19 2022, 11:39 am View last post
Jersey Care doctors etc
by amother
9 Tue, May 17 2022, 12:32 pm View last post
Pelvic Floor PT that take Jersey Care
by amother
4 Tue, May 17 2022, 6:16 am View last post