Financial tip of the day.com - FREEDOM THROUGH FINANCE
Social Sites
  • Financial Tip Of The Day
  • Books
  • Websites
  • Contact Us
  • Disclosure

TAX SAVINGS FOR TEACHERS - TAKE ADVANTAGE OF THIS IT MIGHT GO AWAY NEXT YEAR!

25/11/2013

0 Comments

 
Picture
If you are an eligible educator, you can deduct up to $250 ($500 if married filing joint and both spouses are educators, but not more than $250 each) of any unreimbursed expenses [otherwise deductible as a trade or business expense] you paid or incurred for books, supplies, computer equipment (including related software and services), other equipment, and supplementary materials that you use in the classroom. For courses in health and physical education, expenses for supplies are qualified expenses only if they are related to athletics. This deduction is for expenses paid or incurred during the tax year. The deduction is claimed on either line 23 of Form 1040 (PDF) or line 16 of Form 1040A (PDF).

You are an eligible educator if, for the tax year, you meet the following requirements:


  • You are a kindergarten through grade 12:
    • Teacher
    • Instructor
    • Counselor
    • Principal, or
    • Aide, and
  • You work at least 900 hours a school year in a school that provides elementary or secondary education, as determined under state law.

Qualified expenses are deductible only to the extent the amount of such expenses exceeds the following amounts for the tax year:

  • The interest on qualified U.S. savings bonds that you excluded from income because you paid qualified higher education expenses,
  • Any distribution from a qualified tuition program that you excluded from income, or
  • Any tax-free withdrawals from your Coverdell Education Savings Account.

For additional information regarding educator expense deductions see Publication 529, Miscellaneous Deductions, and Publication 17, Your Federal Income Tax for Individuals

0 Comments



Leave a Reply.

    Author

    This website was created due to the atrociously misguided financial advice that I've heard over the decades.  Financial freedom is not intellectually strenuous, but it takes discipline. 

    RSS Feed

    Categories

    All
    BHAG UPDATE
    College Savings
    College Savings
    Credit
    Economics
    Estate Planning
    Estate Planning
    Financial Planning
    Financial Planning
    Insurance
    Investing
    INVESTMENT JOURNAL
    Mistakes
    Net Worth Update
    Retirement
    Tax
    Thrift

    Archives

    August 2017
    May 2017
    April 2017
    February 2017
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    January 2011

Powered by Create your own unique website with customizable templates.