Married filing jointly get a standard deduction of $25,900, compared with $25,100 in 2021. Singles can claim a standard deduction of $12,9, up from $12,5. This has become more difficult since the standard deduction was increased, and it will rise again for the 2022 tax year. You can deduct charitable contributions only if you itemize. ![]() Note that the special deduction for up to $300 has expired. Expiration of the Charitable Donations Deduction If you live in one of these states, consult your tax adviser to see what’s tax deductible. However, there are a few states that do still allow it if itemized expenses are higher than the standard deduction: Alabama, Arkansas, California, Hawaii, Minnesota, New York and Pennsylvania. The 2017 Tax Cuts and Jobs Act eliminated that deduction. As a teacher, you may count costs for buying personal protective equipment (PPE) for the school year-masks, sanitizer, Plexiglass, etc.-as qualified expenses when claiming the $300 classroom supplies deduction.Īs tempting as it may be to try, educators cannot deduct a dedicated home office or unreimbursed expenses above $300-at least not on federal returns. Most educators will have no difficulty meeting the higher deduction amount, especially since some still want COVID protection. The cost of classroom supplies has risen, along with most other costs, as inflation has surged. This above-the-line deduction has become even more important since the 2017 tax reforms, which virtually doubled the standard deduction, setting the threshold even higher for choosing to itemize. If both spouses filing jointly are educators, each can claim the tax deduction, for a total of $600. This deduction is particularly advantageous because it’s above the line on Schedule A, which means eligible educators don’t have to itemize to take it, and it reduces your overall adjusted gross income (AGI). The above-the-line deduction for classroom supplies has been raised to $300 for the 2022 tax year, up from $250 in 2021. Expansion of the Educator Expense Deduction Here’s a rundown of what has changed from the 2021 tax year to help you as you work on your 2022 tax forms and find tax deductions that can help you recoup some of your educator expenses. ![]() (Search for NEA member discounts and cash-back offers on tax prep software through our NEA Discount Marketplace.) When reviewing your deduction options, remember that many provisions of the tax code have income caps and phase-outs and other wrinkles that may affect your actual tax liability.īe sure to work with a tax adviser or use reliable tax software that clearly addresses your situation, especially if you are in a higher income bracket. To help you get the tax breaks you’re entitled to, it’s critical to keep receipts or a careful log for the classroom supplies deduction and other tax benefits. One benefit that’s still around – and has even been expanded – is the educator expense deduction. And as the world emerges from the immediate aftermath of impacts from coronavirus, most tax reliefs benefits related to the pandemic, including the COVID-19 Recovery Rebate Credit, ended with the 2021 tax year for federal returns. ![]() Unfortunately, filling out your tax returns and keeping track of deductions remains as complicated as ever. ![]() Teachers and students have mostly returned to the classroom, but Covid has had a lingering effect and still contributes to anxiety in and out of school. The past year continuing to recover from the global Covid-19 pandemic has been stressful in its own way on the mind, body and budget.
0 Comments
Leave a Reply. |