Individual Income Tax Filing: Statutory Adjustments: Educator Expenses
This dataset tracks individual income tax filing: statutory adjustments: educator expenses over time.
Latest Value
982697.00
Year-over-Year Change
14.47%
Date Range
1/1/2002 - 1/1/2016
Summary
The 'Individual Income Tax Filing: Statutory Adjustments: Educator Expenses' trend measures the total dollar amount of educator expense deductions claimed on U.S. individual income tax returns. This metric provides insight into the financial impact of a key tax incentive for teachers and other eligible educators.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic trend represents the total value of eligible unreimbursed classroom expenses that K-12 teachers and other qualified educators can deduct from their taxable income. It serves as an indicator of the cost burden and financial support for educators, which is a key policy consideration for lawmakers and school administrators.
Methodology
The data is compiled by the U.S. Internal Revenue Service (IRS) based on information reported on individual income tax returns.
Historical Context
Policymakers and education stakeholders use this metric to assess the reach and efficacy of the educator expense tax deduction as an incentive program.
Key Facts
- The educator expense deduction allows eligible teachers to reduce their taxable income by up to $250 per year.
- Over 3.2 million taxpayers claimed the educator expense deduction in 2020.
- The total value of educator expense deductions was $881 million in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend represents the total dollar amount of educator expense deductions claimed on U.S. individual income tax returns. It tracks a key tax incentive for teachers and other eligible educators.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the financial impact and utilization of the educator expense tax deduction, which is an important policy consideration for supporting teachers and education stakeholders.
Q: How is this data collected or calculated?
A: The data is compiled by the U.S. Internal Revenue Service (IRS) based on information reported on individual income tax returns.
Q: How is this trend used in economic policy?
A: Policymakers and education stakeholders use this metric to assess the reach and efficacy of the educator expense tax deduction as an incentive program.
Q: Are there update delays or limitations?
A: There may be a lag in data availability as the IRS compiles information from individual tax returns. The trend only reflects the total value of deductions claimed, not the total eligible population or expenses.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Statutory Adjustments: Educator Expenses (EDEXPADJA), retrieved from FRED.