Earlier this month the IRS issued a news release focusing on the Educator Expense Deduction. For 2002 through 2021 the deduction was limited to a maximum of $250 per taxpayer for year. However beginning in 2022 the deduction increases to $300 per taxpayer. If both taxpayer and spouse are eligible educators in 2022 their maximum deduction will be a combined $600, with each individual subject to their own $300 limit.
Going forwards the deduction will increase annually based on inflation adjustments by $50 increments.
Qualified educators include teachers of K-12 grades, counselors, principals and aids who work for the school for at least 900 hours during the school year. Both public and private school employees qualify. Qualified expenses include out of pocket costs for a wide range of expenses that can be used for classroom use. To learn more, check out News Release 2022-148.
Qualified educators include teachers of K-12 grades, counselors, principals and aids who work for the school for at least 900 hours during the school year. Both public and private school employees qualify. Qualified expenses include out of pocket costs for a wide range of expenses that can be used for classroom use. To learn more, check out News Release 2022-148.
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