Teachers are often seen as extremely underpaid for the amount of work they do inside the classroom, but also outside of it when it comes to buying school supplies for their kids using money from their own pocket. As it now stands, teachers can deduct supplies up to $250 worth of classroom supplies and curriculum-related expenses annually. The IRS states that the deduction is set to increase to $300 and continue increasing in $50 increments based on inflation adjustments.
What and Who Can Claim The Deduction?
Any educator who teaches grades K-12, whether a teacher, instructor, aide, or principal in private and public schools is eligible. Educators can still claim these savings even if they take the standard deduction. This $50 increase applies to any expense incurred at the beginning of this year, which means they can claim the deduction when they go to file their returns. Also, if an educator is married to another educator and they file a joint tax return they can deduct up to $600 in qualifying expenses, however, it remains $300 per spouse.
This deduction can apply to a wide range of supplies like books, glue, pens, pencils, software, as well as face masks, and any other COVID-19 prevention items they may deem necessary for the classroom. However, the cost of homeschooling or nonathletic supplies in health and physical education courses will not be covered. Teachers can also deduct any professional development courses they incur related to their curriculum. “Fully fundings our schools means fully funding school supplies,” the National Education Association tweeted earlier this month. “Teachers should not have to pay out of pocket for paper, books, pencils, and everything else students need to learn.”
Wrap Up
While those still filing their 2021 returns can only qualify for $250, this extra money and plotted course to be seen over the next coming years is great news for teachers. This increase in deduction comes at a time when most teachers can probably use it the most, as the country’s inflation rates are reaching 40-year highs.