Teachers and other educators will be able to deduct up to $300 of out-of-pocket classroom expenses in 2022, an increase from $250, according to a Tuesday IRS news release.
This annual limit increase is the first since the special educator expense deduction was enacted in 2002, the IRS said. The deduction is limited to $250 for people filing their 2021 tax returns. The limit will rise in $50 increments for future years based on inflation adjustments, the IRS said.
Educators who work for at least 900 hours during the school year at public or private school can claim this ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.