Are you an educator on a tight budget? Are you aware that the IRS will allow you to write off up to $250 in educational materials that have been purchased with a teacher's personal funds? The following is an excerpt from the 1040A instructions.|
Adjusted Gross Income
If you were an eligible educator last fiscal year, you may deduct up to $250 of qualified expenses you paid during the last fiscal year. If you and your spouse are filing jointly and both of you were eligible educators, the maximum deduction is $500. However, neither spouse may deduct more than $250 of his or her qualified expenses. An eligible educator is a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide in a school for at least 900 hours during a school year.
Qualified expenses include ordinary and necessary expenses paid in connection with books, supplies, equipment (including computer equipment, software, and services), and other materials used in the classroom. An ordinary expense is one that is common and accepted in your educational field. A necessary expense is one that is helpful and appropriate for your profession as an educator. An expense does not have to be required to be considered necessary. Qualified expenses do not include expenses for home schooling or for nonathletic supplies for courses in health or physical education. You must reduce your qualified expenses by the following amounts.
Excludable U.S. series EE and I savings bond interest from Form 8815.
Nontaxable qualified state tuition program earnings.
Nontaxable earnings from Coverdell education savings accounts.
Any reimbursements you received for these expenses that were not reported to you in box 1 of your Form W-2.
Here at Educational Video Network, we understand that our customers are often have limited resources through their schools. We encourage teachers to take advantage of this deduction to purchase materials for their students. For more information, please visit the IRS website.