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News EssentialsThe Newsroom TopicsIRS Resources | Issue Number: IR-2024-219Inside This IssueIRS reminder for schoolteachers: Up to $300 in classroom expenses deductible for 2024 WASHINGTON – As educators gear up for the new school year, the IRS reminds schoolteachers that the maximum deduction for classroom expenses in 2024 remains at $300. This deduction allows educators to offset the cost of supplies, materials and other classroom essentials, providing some financial relief for those who spend their own money to improve their students' learning experience. Under federal law, this $300 cap is unchanged from 2023, continuing the adjustment for inflation that began in 2022 when the limit was raised from $250. Who qualifies for educator expense deductions? This deduction is available for teachers, instructors, counselors, principals and aides who work at least 900 hours a school year in a school providing elementary or secondary education. Educators filing jointly can claim up to $600 if both spouses are eligible, but no more than $300 per person. Educators can claim this deduction even if they take the standard deduction, and both public and private school educators qualify. What's deductible? Educators can claim deductions for out-of-pocket expenses on classroom items like books, supplies, equipment (including computers and software) and COVID-19 safety measures such as masks, disinfectants and air purifiers. They may also deduct costs for professional development courses relevant to their teaching, though it could be more advantageous to use other educational tax benefits like the lifetime learning credit (refer to Publication 970, Tax Benefits for Education, Chapter 3). Expenses for homeschooling or nonathletic supplies for health or physical education are not eligible. The IRS recommends educators maintain detailed records, such as receipts and canceled checks, to substantiate their deductions. Use E-file to claim educator expenses For educators who have been granted a tax filing extension or qualify for a disaster extension, or for any other pertinent reason are still in the process of completing their 2023 tax return, the rules for claiming deductions remain consistent for the 2024 tax year. The filing extension deadline is Oct. 15, 2024. However, submitting a return before this date can aid in averting processing delays. The IRS advises taxpayers to file electronically for a smoother process, whether they use tax software or a professional. Choose direct deposit for faster refunds. For more details, visit E-file options to file your return. Individuals who owe taxes should consider using IRS Direct Pay or other electronic payment options available at IRS' Make a payment page for convenience.
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Wednesday, August 21, 2024
IR-2024-219: IRS reminder for schoolteachers: Up to $300 in classroom expenses deductible for 2024
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