Can home schoolers take advantage of Education Savings Accounts?
Education Savings Accounts (ESAs) have been established by the federal government to be much like an Individual Retirement Account (IRA). These accounts may be established, and up to $2,000 per year may be contributed to the account by family members as a non-tax deductible contribution. The proceeds and interest accrued in these accounts may then be used for educational expenses like tuition, books, and supplies for not only higher education (college) needs but also elementary and secondary education needs as well. In states like Texas that view home schools as private schools, ESAs may be used for students in home schools as well as traditional public or private schools. For more information, see IRS Publication 970, page 40, or go to www.irs.gov/pub/irs-pdf/p970.pdf.
Related Questions
- The Wisconsin Neighborhood Advantage requires eight hours of face-to-face home buyer education from a HUD-approved agency. How are the counseling agencies being paid for this requirement?
- Do parents need to know about gifted education to be successful home schoolers?
- Can home schoolers take advantage of Education Savings Accounts?
