[ Post a Response | Share a Smile! ]
Posted by hope on 6/21/2002, 10:04 pm Beginning in 2002, if you're a school teacher, principal counselor, instructor or aid, working a minimum of 900 hours during the school year in a school You can deduct as an adjustment to income up to $250 in qualified expenses. You can deduct these expenses even if you do not itemize deductions on Eligible educator. You are an eligible educator if, for the tax year you meet the following requirements. Qualified expenses. These are unreimbursed expenses you paid or incurred for books, supplies, computer equipment (including related software and To be deductible as an adjustment to income, the qualified expenses must be more than the following amounts for the tax year. a. The interest on qualified U.S. savings bonds that you excluded from income because you paid qualified higher education expenses. This information came from Really Good Stuff, a great source of educational materials. Check with your tax accountant to verify before filing.
There's great news for teachers with the new IRS tax rules. If you meet the IRS' criteria, you can deduct up to $250 a year for school supplies.
that provides elementary or secondary education. Here are details directly from the IRS:
Schedule A (Form 1040). This adjustment to income is for expenses paid or incurred in tax years beginning during 2002 or 2003. Previously, these
expenses were deductible only as a miscellaneous itemized deduction subject to the 2% of adjusted gross income limit.
1) You are a kindergarten through grade 12:
a) Teacher
b) Instructor
c) Counselor
d) Principal
e) Aide.
2) You work at least 900 hours during a school year in a school that provides elementary or secondary education, as determined under state law.
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.
b. Any distribution from a qualified tuition program that you excluded from income
c. Any tax-free withdrawals from your Coverdell education savings account.
Message Thread:
« Back to thread