Tax Reminder: $300 Educator Expense Deduction for 2024
As students and teachers get ready to head back to the classroom for a new school year, the IRS wants to remind teachers and educators that they can deduct up to $300 in out-of-pocket classroom expenses for 2024 when they file their tax returns in 2025. This is the same limit as 2023, continuing the adjustment for inflation that started in 2022 (when the limit was increased from $250). If an educator is married and filing jointly with another educator, the limit increases to $600, although it is still limited to $300 per spouse.
Qualifying educators include teachers, instructors, counselors, principals, or aides who worked at least 900 hours during the school year in a school offering elementary or secondary education. Both private and public school educators are included, and the deduction can be claimed even if the standard deduction is taken.
Educators can deduct the unreimbursed cost of the following:
- Books, supplies, and other materials used in the classroom
- Equipment such as computer equipment, software, and services
- COVID-19 protective items such as face masks, disinfectant, hand sanitizer, gloves, physical barriers, or air cleaners
- Professional development courses relevant to your curriculum or students (this may alternately be claimed under another educational tax benefit, such as the lifetime learning credit if it is more beneficial)
Some items that do not qualify as expenses under the deduction include expenses for homeschooling and nonathletic supplies for health or physical education courses. Keep your receipts, canceled checks, or other documentation for purchased supplies.
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If you have questions about the information outlined above or need assistance with another tax or accounting issue, Klatzkin can help. For additional information, call 609-890-9189 or click here to contact us. We look forward to speaking with you soon.