[Octm] FW: Teachers: Save Receipts For New Tax Deduction

[Weinand, Stacey]

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Thanks to Carol Fry Bohlin for reminding us of this  ...
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Teachers Should Save Receipts For New Tax Deduction


Source: Internal Revenue Service Media Relations Office:  (202) 622-4000)


URL: http://www.irs.gov/pub/irs-news/ir-02-65.pdf   Also see:
http://www.irs.gov/formspubs/display/0,,i1%3D50%26genericId%3D83714,00.html

The Internal Revenue Service...advised teachers to save their receipts for purchases of books and classroom supplies. These out-of-pocket expenses may lower their taxes, thanks to a recent change in the law.

"Many teachers dip into their own pockets when funds for classroom supplies run out before the school year does," said IRS Commissioner Charles O. Rossotti. "A new law gives them a tax break this year [2002] and next [2003], and we want them to have the records they'll need to claim it on their returns."

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...

Details on this and other new tax law changes are in IRS Publication 3991, "Highlights of the Job Creation and Worker Assistance Act of 2002," available on the IRS Web site at www.irs.gov or by calling 1-800-TAX-FORM (1-800-829-3676).
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Jerry P. Becker
Curriculum & Instruction
Southern Illinois University
Carbondale, IL  62901-4610
Phone:  (618) 453-4241  [O]
            (618) 457-8903  [H]
Fax:      (618) 453-4244
E-mail:   jbecker at siu.edu
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