You may want to tell your teachers they can deduct up to $300 of out-of-pocket classroom expenses from 2022 on next year’s federal income tax return. They should get and keep receipts for their expenses.
The IRS has increased the limit from $250 to $300 and will continue to raise it in $50 increments based on inflation adjustments. Details can be found here.
In addition, the federal government just announced a new student loan relief plan that includes up to $20,000 in student debt forgiveness. Learn more here.
