For teachers now back in the classroom, a big concern is how much they’re spending on school supplies.
For the first time since the incentive started in 2002, the IRS is increasing the deduction limit for the amount of money teachers spend on school supplies. Teachers will now be able to deduct up to $300 of out-of-pocket classroom expenses in 2022, up from $250.
If you are a K-12 teacher, principal, teacher’s aide or counselor who spends more than 900 hours at the school in one academic year, you are eligible regardless if it is a public or private school.
The limit for 2021 taxes is still $250.
Information provided by NPR.org