Is there a way to deduct supplies under miscellaneous deductions? I used the supplies to teach an Construction Career Exploration Class so I bought textbooks (drafting and general info) as well as supplies like tape measurers, rulers etc.
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Yes, you can deduct your ordinary and necessary business expenses in the pursuit of your income.
Employee business expense is a miscellaneous deduction which you can only deduct if you itemize your deductions (medical, mortgage interest, property taxes, charitable deductions, ect) and if the total of your miscellaneous expenses (including employee business expenses) are greater than 2% of your Adjusted Gross Income.
So, you may not gain a tax benefit for this deduction due to the above limitations.
For example, if you itemize your deductions and your Adjusted Gross income is $50,000, 2% would equal $1,000.
You can only deduct the dollar amount that exceeds $1,000.
When you enter it, TurboTax will give the maximum benefit, if any.
Job-related expenses are reported on Form 2106 (Employee Business Expenses).
To enter employee business expenses:
Type in 2106 in the search box, top right of your screen, then click the magnifying glass
Click the jump to 2106 link in the search results.
Follow the prompts and onscreen instructions
Yes, you can deduct your ordinary and necessary business expenses in the pursuit of your income.
Employee business expense is a miscellaneous deduction which you can only deduct if you itemize your deductions (medical, mortgage interest, property taxes, charitable deductions, ect) and if the total of your miscellaneous expenses (including employee business expenses) are greater than 2% of your Adjusted Gross Income.
So, you may not gain a tax benefit for this deduction due to the above limitations.
For example, if you itemize your deductions and your Adjusted Gross income is $50,000, 2% would equal $1,000.
You can only deduct the dollar amount that exceeds $1,000.
When you enter it, TurboTax will give the maximum benefit, if any.
Job-related expenses are reported on Form 2106 (Employee Business Expenses).
To enter employee business expenses:
Type in 2106 in the search box, top right of your screen, then click the magnifying glass
Click the jump to 2106 link in the search results.
Follow the prompts and onscreen instructions
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