First Increase Tax Deduction for Teachers in 20 Years

News -- August 17, 2022  The Internal Revenue Service has announced that it is raising the amount
that teachers can deduct for buying

school supplies for the first time in 20 years.

In 2022, teachers will be able to write off up to $300 in out-of-pocket expenses for the classroom, an increase from the $250 cap that has been in place since the incentive program's inception in 2002.

According to the IRS,  the limit will rise in $50 increments in future years based on iflation adjustments.
K–12 teachers, principals, teachers' aides, and counselors who put in more than 900 hours at the school during the academic year are considered eligible educators. Teachers in both public and private schools stand to gain.

If they file a joint tax return and are married to another eligible educator, they are able to deduct up to $600 in qualified expenses, but only up to $300 per spouse. Teachers who take standard deductions are also eligible.

WNCTIMES by Marjorie Farrington