Do teachers still have the $250 deduction on their taxes this year? If so, where do I find it?

Question

I had read somewhere the tax deduction would be put back into place as of Feb. 3rd but don't know where to look for how to get it. Any suggestions???

Answer 1

Educator Expenses Deduction
If you were an eligible educator in 2006, you can deduct up to $250 of qualified expenses you paid in 2006 as an adjustment to gross income, rather than as a miscellaneous itemized deduction. This provision, which had expired for tax years after 2005, has been extended through tax year 2007. If you and your spouse are filing jointly and both of you were eligible educators, the maximum deduction is $500. However, neither spouse can deduct more than $250 of his or her qualified expenses.

Eligible educator. An eligible educator is a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide who worked in a school for at least 900 hours during a school year.

Qualified expenses. Qualified expenses include ordinary and necessary expenses paid in connection with books, supplies, equipment (including computer equipment, software, and services), and other materials used in the classroom. An ordinary expense is one that is common and accepted in your educational field. A necessary expense is one that is helpful and appropriate for your profession as an educator. An expense does not have to be required to be considered necessary.

Qualified expenses do not include expenses for home schooling or nonathletic supplies for courses in health or physical education.

You must reduce your qualified expenses by the following amounts.

Excludable U.S. series EE and I savings bond interest from Form 8815.
Nontaxable qualified tuition program earnings.
Nontaxable earnings from Coverdell education savings accounts.
Any reimbursements you received for these expenses that were not reported to you in box 1 of your Form W-2.
How the deduction is claimed. You must file Form 1040 (or Form 1040NR) to take this deduction. The deduction is claimed on Form 1040, line 23 (or Form 1040NR, line 24), “Archer MSA Deduction.” Enter "E" on the dotted line to the left of that line entry if claiming educator expenses, or "B" if claiming both an Archer MSA deduction and the deduction for educator expenses. If entering "B," you must attach a statement with a breakdown of the amount claimed for each deduction.

Answer 2

The deduction was continued after IRS printed their forms. You must file a 1040, not a 1040A. On the 1040 go to line 23 and write in an "E" and then the amount of deduction up to $250. If this is a joint return and you are both teachers, write in a "B" and break down the expense for each next to that.
Please don't forget the telephone excise tax credit on the back of the 1040. Just check the box if you had a telephone in 1993 and after and you'll get a credit of $30 for 1, $40 for 2 and a max. of $60 for 4.

Answer 3

The Educator Expense deduction actually expired on Jaan 1st 2006. Congress extended this for the 2006 Tax year, but it was reinstated after the Tax forms went to press. It can only be claimed on the 1040 for tax year 2005

Educator Expense Adjustment to Income:

Educators must file Form 1040 (PDF) in order to take the deduction for up to $250 of out-of-pocket classroom expenses. It cannot be claimed on Form 1040A.
The deduction for educator expenses will be claimed on Form 1040, line 23, "Archer MSA Deduction." Enter "E" on the dotted line to the left of that line entry of claiming educator expenses, or "B" if claiming both an Archer MSA deduction and the deduction for educator expenses on Form 1040. If entering "B", taxpayers must attach a breakdown showing the amounts claimed for each deduction.

call the IRS at 1-800-829-1040

Answer 4

no longer going to repeat the nicely proper factors of the different 2 solutions. yet for #5, in case you closed in 2007, you may't deduct even the deductible products on your 2008 go back, you'll ought to flow lower back and amend 2007. loan interest and actual resources taxes are deductible, no longer the different products no matter if a lot of them are improvements and the costs might want to be further to the theory of your position, which will avert taxes in case you owe any once you promote the domicile. And factors count number as interest for 2007. factors on a refinance should be amortized, no longer on an preliminary purchase for 2007. yet in the previous you run off to amend your 2007 go back, be particular the quantities are adequate to get you any tax benefit. determining to purchase a house so late interior the year, it very probable received't. 8. college costs only for positioned up-secondary education can qualify for an education credit. ok-12, no. Preschool, on condition that it qualified for a baby care deduction. And no count what the grade element, you may't deduct the resources.

Answer 5

Yes, it is still available for 2006. The IRS added it after the 1040 forms were finalized and sent to the printers. Claim the deduction on line 23 as "Archer MSA Deduction" and enter an "E" on the dotted line to the left of the entry.

Answer 6

Phone H & R block, or ask your fellow teachers.

Answer 7

in taxact it is actually in the alerts section....

Answer 8

dont know