Tax Tips for Teachers |
posted by: Pamela | February 14, 2011, 10:01 PM |
You are an eligible educator if, for the tax year, you meet the following requirements: • You are a kindergarten through grade 12: o Teacher o Instructor o Counselor o Principal, or o Aide, and • You work at least 900 hours a school year in a school that provides elementary or secondary education, as determined under state law. Qualified expenses are deductible only to the extent the amount of such expenses exceeds the following amounts for the tax year: • The interest on qualified U.S. savings bonds that you excluded from income because you paid qualified higher education expenses, • Any distribution from a qualified tuition program that you excluded from income, or • Any tax-free withdrawals from your Coverdell Education Savings Account. Make sure to check with your home state to see if you qualify for any deductions under state law and don't forget to leave ample time for filing your taxes. Good luck! Will you take advantage of this federal deduction? Comment below.
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