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As teachers return to the classroom, the Internal Revenue Service (IRS) reminds educators they should consider the deduction for classroom expenses. During the next few weeks, both parents and teachers face back-to-school expenses. Many parents will spend over $500 on clothes, books, computers and other supplies. Similarly, teachers who teach kindergarten through 12th grade will be purchasing many classroom materials for their students. A survey indicated most teachers spend over $600 per year to support their students with educational supplies.
An important benefit for teachers is the above-the-line deduction for classroom expenses. The deduction for 2024 and 2023 is $300, an increase from $250 in earlier tax years.
A benefit of the deduction is that teachers are permitted to take the standard deduction and still deduct educator expenses. If a teacher is married to another qualified educator and they file jointly, they may deduct up to $600 of classroom expenses. Each educator individually, however, is limited to the $300 amount.
Editor's Note: As millions of students return to school, it is helpful for both students and teachers that the $300 deduction is above-the-line. Most teachers take the standard deduction and still qualify for this additional tax-saving benefit.
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