IRS INCOME TAX
GEA/CEA/NEA DUES DEDUCTIONS FOR 2002
If you qualify for the deductions, the amounts are as follows:
NEW MEMBER (Sept. 2001 to Dec. 2001)
Full time: 8 deductions of $30.65 $ 245.20
Half time: 8 deductions of $15.45 $ 123.60
MEMBER (January 2001 to Dec. 2001)
Full time:
12 deductions of $29.55 (Jan. 2001 - June 2001) $ 354.60
8 deductions of $30.65 (Sept.2001 - Dec. 2001) $ 245.20
$ 599.80 TOTAL
Half time:
12 deductions of $14.90 (Jan. 2001 - June 2001) $ 178.80
8 deductions of $15.45 (Sept.2001 - Dec.2001) $ 123.60
$ 302.40 TOTAL
If you have any questions, please contact me at GHS, 652-7259.
Mark Pearsall
Treasurer
IRS NEWS RELEASE: IR-2002-65
DATE POSTED: 05/21/2002
TEACHERS SHOULD SAVE RECEIPTS FOR NEW TAX DEDUCTION
WASHINGTON - The Internal Revenue Service today 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 0. Rossotti. "A new law gives them a tax break this year and next, 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.
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.
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.
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 wwwirs.gov or by calling 1-800-TAX-FORM (1 -800-829-3676).
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