If you are an eligible education you may be able to deduct up to $250 or $500 if you are married and both educators, for any costs that you accrue that are not paid by another party. Like business or trade costs, educator expenses that qualify may be items such as; technology, supplies, books, equipment and additional materials you may need inside your classroom. If you are a physical or health educator your expenses are limited to those items related to athletics.
Eligible Educator Qualifications
The following two items will deem you a qualified if they are met during the current tax year:
- You work at least 900 hours during a school year in an elementary or secondary school.
- You are a teacher, principal, aid, instructor, or counselor for grades kindergarten through 12th.
Only costs that exceed the below limits may be deductible for the tax year.
- Expenses that are not reported on Form W-2 and unreimbursed.
- Tuition program distributions that qualify and are excluded from your income.
- Withdrawals from your Coverdell Education Savings Account that are tax free.
- Interest on qualified US Savings bonds that you excluded from your income because of higher education expenses.
If you have any questions about your qualifications please contact your tax professional.