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Submitted By: Rebecca
Answered: February 26, 2016 10:59 am
Answered: February 26, 2016 10:59 am
If I pay the tuition for my grandchild to attend private high school, is it tax deductible?
The payment of pre-college tuition is not tax deductible. However, if you pay the tuition directly to the school, the payment is not subject to gift tax, regardless of the cost of tuition.
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Tax Glossary
Self-employment tax
Tax paid by self-employed persons to finance Social Security coverage. In 2007, there are two rates. A 12.4% rate applies to a taxable earnings base of $95,700 or less and a 2.9% rate applies to all net earnings.
