B2 High-Intermediate 14 Folder Collection
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Hi, I'm Arye from TurboTax with some important tax tips for teachers.
One: If you're a teacher and you used your own money to buy books or school supplies
for your students, you are eligible to deduct up to $250 of those costs from your taxes.
You don't even need to itemize your deductions!
Anything above $250 would need to be taken as an itemized deduction, but make sure itemizing
deductions make sense for you before you do so.
You will need to reduce your expenses by any amount that you are reimbursed.
Two: College professors may also be able to deduct expenses related to their research.
Expenses like traveling to conferences, subscribing to premium research websites or the printing
and postage costs you rack up sending your work to prospective publishers can all be
deducted, as long as it relates to a subject you teach.
These deductions will need to be itemized.
Three: The Lifetime Learning Credit is available if you ever go back to school to pursue another
degree or just improve your teaching skills.
Four: If you're still paying your student loans, then you may be able to take the Student
Loan Interest deduction.
You can deduct up to $2,500, but there are income limitations.
Your modified adjusted gross income must be less than $80,000 or $160,000 if you're
married and filing jointly.
The loans also must be from a qualified source.
For example, a student loan from your bank would qualify but a loan from your parents
wouldn't.
Your school needs to be an eligible educational institution according to the IRS.
Most accredited postsecondary institutions are, but the school can confirm for you if
you're unsure.
Finally, it should be your name on the loan.
Only loans for yourself, your spouse, or your dependent will qualify.
Five: You may also claim a charitable deduction for donations of any unreimbursed gifts you
gave to your school.
These gifts can include buying library books, materials and items, like a computer for the
classroom, or donating money directly to the school.
For more information about this and other tax topics, visit TurboTax.com.
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Tax Tips For Teachers - TurboTax Tax Tip Video

14 Folder Collection
林宜悉 published on February 26, 2020
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