A private school education, is it worth it?
A private, independent school education requires a significant investment. We strive to ensure that this will be the best investment our families will ever make.
An ongoing U.S. Department of Education Study has revealed that, compared with their peers in public schools, students in independent schools watch less television, achieve the highest reading proficiency level, are more engaged with homework, extracurricular activities and athletics, take more advanced coursework, and have higher aspirations for college and/or university study.
More specifically, the value of a Prairie School education is evident when you consider the outcomes that such an education typically produces. Over the past decade, 25 of the Racine area’s 59 National Merit semi-finalists were Prairie graduates. The most recent class of seniors earned admission offers from 223 of the best colleges and universities in the United States, and they were awarded merit scholarships totaling a record $5.4 million. Not to mention, their average ACT composite score of 26.8 was well above state and local results. (Click here for a full Class of 2014 profile.)
2014 Private School Tuition Tax Deduction
Good news — the state of Wisconsin, starting this 2014 tax season, is going to allow parents to deduct private school tuition. Under the $30 million a year tuition provision, parents of the nearly 100,000 private school students in Wisconsin could receive an income tax deduction of up to $4,000 for tuition paid for each kindergarten through eighth-grade student and up to $10,000 per high school student.
Only the amount paid after January 1, 2014 will qualify for the deduction. We highly recommend that families work with their tax advisor to determine the specifics.
How can parents claim it?
The DOR is planning to introduce a separate schedule that will be straightforward and filled out by the student’s parents. The parent will fill in the student’s name, social security number, grade, school ID number and tuition paid. The tuition amounts for each student that the parents are claiming (up to the maximum deduction for each) will then be added together for the total deduction.
When will the form be available?
Since this deduction begins in tax year 2014, the DOR won’t finish the form for this deduction until after the current filing season ends. Therefore the form won’t be released until after the end of tax season in mid-April.
We’ll be sure to keep families informed! For additional information, click here.