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Posts tagged ‘tax season’

Are You Missing Out on These Educator Tax Deductions?

Read these tips from NEA Member Benefits before you start working on your taxes this year. Make sure you claim your educator deductions so you can get back as much money as possible.

The tax reform of 2017 kept the $250 above-the-line deduction for classroom supplies, and it’s still available for the 2019 tax year (the year for which taxes are due on April 15, 2020). The $250 deduction is particularly advantageous because it is above the line on Schedule A, which means you don’t have to itemize to take it and it reduces your overall adjusted gross income (AGI).

This becomes even more important under the most recent tax reform, which virtually doubled the standard deduction, setting the threshold even higher for choosing to itemize. Legislation in 2015 indexed the amount to inflation—though it is unchanged at $250 for 2019—and allows professional development expenses to be included in the deduction. If both spouses filing jointly are educators, each can claim the deduction, for a total of $500. Read more