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According to the Internal Revenue Service, for this new school year 2023, educators will be able to deduct up to $300 in classroom expenses for this year which are refundable for those who file their tax return in 2024.
According to the entity, this would be the same amount that was applied last year when it was subject to the adjustment for the inflation rate after it had been $250 dollars in previous years.
Who qualifies?
Eligible educators are those who work in any area of education such as: kindergarten teacher, director or assistant, instructor and counselor of public and private schools who have worked at least 900 hours during the school year.
In case of being eligible, the deductible is up to $300 dollars, If the filing is done jointly because you are married to another educator, the limit increases to $600 dollars. for qualified expenses.
What is deductible?
It is important that educators take into account what they can deduct, in this case according to the IRS they are:
- Books and other materials used in the classroom.
- Equipment, including computer equipment, software and services.
- COVID-19 protective materials to stop the spread of the disease in the classroom.
- Professional development courses related to the curriculum they teach or the students they teach.
On the other hand, the cost of home education, sports supplies, credit deductions will not be included in qualified expenses. In addition, The entity indicates to educators the importance of keeping receipts, canceled checks, among other invoices filed in good condition.
For more information, you can consult the IRS website.
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