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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

  • [Music]


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