Knights Becoming and a Lady in Waiting

Illinois is in an election year (like most of the country) and we frequently have to endure the election ads.  One of the ads states that Judy Baar Topinka, the Republican candidate, didn't intervene as treasurer when the last Republican governor raised Illinois' budget deficit to record heights.

I read with a mixture of frustration and amusement that the current Democratic governor is increasing the budget by nearly $421 million.  A full $238.8 million of that is to be used to boost the amount of minimum spending for each student.  How much, you may ask, will there be available at minimum for each student?  $5,334 per year!

Now, let me tell you, if I ever spent $5,334 in a year on my entire homeschool, my husband would probably take away all my spending tools.  Actually, if I spent $533.40 this year, he'd probably still give me a stern lecture.  I can't believe that we're paying for other parents to have that amount of money spent on their children, but we're cutting out special education programs (gifted, learning disabled), art programs (dance, drama, art), and cutting out P.E. 

We may just break $500 or so this year, but that includes music, art, several P.E. classes... and is for three children at this point (two are mostly P.E./ swimming classes).

I wonder if I can get a refund for the money the state isn't spending on my children?

(end rant)

FROM 2002

http://i2i.org/articles/2002-F.PDF

"A nonrefundable tax credit is available for 25% of education-related expenses, including tuition, books, and lab fees that exceed $250. The maximum amount of credit an individual can claim is $500, for educational expenses in public, private secular or religious school, or homeschool."

(I could not get this website to work)

PUBLICATION 119- FROM AUGUST 2005

My paraphrase: Qualified expenses are any paid in amounts OVER $250 for tuition, books, and lab fees for students in K-12th grades at a home school during the regular school year. Tuition includes classes paid for the child to satisfy P.E. requirements at a health club, fees for the purchase of workbooks that are substantially consumed (have little or no resale value), book rental fees, curriculum rental fees (DVD rentals or tape rentals of lectures included), or lab fees, including science, music, art or language. Equipment, instruments or materials that are SUBSTANTIALLY CONSUMED by the activities of the lab are also qualified lab fees. Shipping charges and sales tax also applies.

What doesn't apply?

* Non-consumable textbooks, flash cards, wall maps, calculators, etc.

* Band or athletic equipment IF PURCHASED (rental counts!)

* Mileage or travel expenses

* Tutoring or enrichment classes that do not count toward meeting required curriculum

You must attach receipts (NOT cancelled checks) for all of these expenses that show:

* type and amount of education expenses paid for each student during the year

* calendar year during which the expenses were paid

* name and address of the business to whom the expenses were paid

* the name of the parent or guardian who paid the expenses

From everything I've read, this would mean:

- most books purchased will NOT qualify for credit, but workbooks, art material, consumable science material might

- PURCHASE of band instruments, music, etc, would not qualify, but RENTAL of such might

- PURCHASE of DVDs, VCR tapes, cassette tapes, or CDs would not qualify, but RENTAL of such might

I hope this helps all of you who (understandably!) have questions in this regard.