Educators, don’t forget to claim this adjustment to your income
If you are an eligible educator, IRS offers you some relief for the tax year 2008. You can claim up to $250 as an adjustment to your gross income.
If you are a teacher teaching right from kindergarten through great 12, or if you are an instructor, principal, counselor or aide working in a school for at least 900 hours during a school year, you are eligible educator according to IRS. In that case, you can deduct an amount up to $250 towards certain expenses as an adjustment to your gross income. If you are filing jointly and both you and your spouse are eligible educators, you can claim maximum $500. However, neither spouse can claim more than $250 towards his or her qualified expenses.
What constitutes qualified expenses?
According to IRS, qualified expenses include ordinary and necessary expenses paid in connection with the education. Here is a list of such expenses for your ready reference –
Books or subscriptions – These include technical books, professional textbooks, professional publications, publication journals, newspapers, magazines and journals.
Teaching aids – They can be films, slides and other materials.
Education expenses – These can include books, papers, writing materials, hotel/motel expenses, expenses towards professional development.
Tools and supplies – These can include camera, films, classroom supplies, locks, lockers, supplies, postage, stationery, tape recorders, tapes, flashlight, briefcase and other classroom supplies.
Cost towards uniforms – These can include expenses on dry cleaning, lab coats, sports clothing, goggles, school logo items, T shirts, hats, special use items.
Auto expenses – These can include expenses towards meetings at other schools, transport of students and transportation during training.
Miscellaneous expenses – including computer usage, expenses on professional license, cell phone expenses, expenses on field trips etc.
Remember, an ordinary expense which is common and excepted in your educational field can be qualified as expenses eligible for deduction. These expenses have a common logic – expenses which are helpful and appropriate for your profession as an educator.
There are certain expenses specifically disqualified by IRS such as expenses for home schooling, expenses for non athletic supplies for courses in health or physical education.
You need to reduce the qualified expenses by the following amounts –
- Tax free distribution of interest under an education savings bond program.
- Tax free distribution of earnings from a qualified due SH and program.
- Tax for the distribution of earnings from a Coverdell education savings account (ESA).
- Any reimbursement you receive towards these expenses and not reported on your form W-2.
By filling your tax return, this deduction can be claimed on line 23 on form 1040 or line 16 on form 1040A.
If your expenses are more than $250, there is one more method to claim the rest of the expenses. Suppose your expenses are $1000, you can claim $250 as educator expenses under this category and the balance $750 can be claimed as a miscellaneous itemized deduction.
About the Author
Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.
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