Qualified educators may deduct up to $250!
What to know about the Educator Expense Tax Deduction
The school year is back again. Parents buy supplies for their children. The school system buys supplies for the school. Who is left buying supplies for the students? Teachers. Fortunately, teachers may be eligible to deduct some of these expenses when tax time comes. It’s called the Educator Expense Tax Deduction.
Qualified educators who currently work in schools may deduct up to $250 of expenses not already reimbursed for. Married couples, who file jointly, and meet the criteria below can deduct up to $500.
Taxpayers qualify for this deduction if they:
· Teach any grade from kindergarten through twelfth grade.
· Are a teacher, instructor, counselor, principal or aide.
· Work at least 900 hours during the school year.
· Are employed by a school that provides elementary or secondary education.
Qualified expenses include:
· Professional development courses.
· Books.
· Supplies.
· Computer equipment including related software and services.
· Supplementary materials.
· Athletic supplies only for health and physical education.