Many students at Teachers College finance their educational expenses with federally guaranteed loans under the Stafford or federal direct loan programs. Students who are planning to apply for these loans must begin the process as early as January for the following Autumn term and September for the following Spring term. Students may contact the Office of Student Aid for more details and processing requirements. Under the current Internal Revenue code, certain expenses incurred for education may be deductible for federal income tax purposes. Possible deductions for teachers are described in some detail below.
Similar deductions apply to other professionals engaged in education.
Students are advised to consult a tax advisor concerning eligibility for such deductions. In respect to teaching, a new trade or business does not include educational employment involving the same general type of teaching and related duties as performed prior to the education. Educational expenses which may be deducted include those for travel, meals, and lodging while away from home if the travel is primarily to obtain education. It is the responsibility of the student to establish that the educational program qualifies for deductions in his or her case and to determine and document the amount of the deduction.