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The Question:
	What is this new tax deduction for educators?
Objectives
	Learn about the new tax deduction for educators.
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The Answer

Educators Deduction For 2002
	The new deduction is available to eligible educators in both public and private elementary and secondary schools. They must work at least 900 hours during a school year as a teacher, instructor, counselor, principal or aide. Taxpayers may subtract up to $250 of qualified expenses when figuring their adjusted gross income (AGI). They will not need to itemize deductions to get this benefit. Prior to the change in the law, educators could take such expenses only as miscellaneous itemized deductions, which must be reduced by two percent of AGI. Educators who excluded education savings bond interest or payments from qualified tuition programs, or made tax-free withdrawals from an education savings account, will be able to claim the new deduction only to the extent their qualified expenses exceed the tax-free amounts.
What Proof?
	The IRS suggests that educators keep records of qualifying expenses in a folder or envelope with a label such as "Educator Expenses Deduction," noting the date, amount and purpose of each purchase. This will help prevent a missed deduction at tax time.

Solutions Solutions are dependent upon facts & circumstances, law and the objectives. These elements vary from one time to another, from one circumstance to another and from person or entity to another.

Kit to Prepare for Your Adviser

Read through your checkbook, charge card statements and other methods you have used to pay for your classroom expenses. All items can be included if you used them in the classroom or for your classes or grading.

	Awards
	Rewards
	Incentives
	Presentation materials
	Supplies
	Copies
	Consumables
	Administration or grading tools

When we prepare your tax organizer be certain to place those costs in the appropriate section.

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The Question:

Objectives

Related Articles

Educators Deduction For 2002

What Proof?

Kit to Prepare for Your Adviser