Teachers and other educators will be able to deduct up to $300 of out-of-pocket costs for their classrooms.
Alexandra Daniels, a 6th grade teacher in Montgomery County, Maryland, uses two percent of her own meager salary each year to buy classroom supplies.Teachers and other educators will be able to deduct up to $300 of out-of-pocket costs for their classrooms this upcoming school year – thanks to the first increase in 20 years. that educators can deduct up to $300 for their classroom necessities when they file their federal income tax returns next year.
The previous limit was $250 annually. The ceiling is set to rise in $50 increments based on inflation, according to the IRS. The agency confirmed to USA TODAY that inflation adjustments are typically annualPeople eligible for the deduction include K-12 teachers, other instructors, counselors, principals or aides in a school for at least 900 hours during the school year.
Educators can still take the deduction if they take the standard deduction on their personal taxes. If an educator is married and files a joint return with another eligible educator, they are able to deduct up to $600, but not more than $300 for each person.
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