From: Eric Muller (emuller@isaac.exploratorium.edu)
Date: Mon Dec 11 2000 - 14:05:19 PST
Date: Mon, 11 Dec 2000 14:05:19 -0800 From: Eric Muller <emuller@isaac.exploratorium.edu> Subject: Teaching and taxes! Message-id: <a05001902b65aff8177bc@[63.205.184.81]>
>Hey Pinholers,
Tien sent this to me.
Remember this at tax time!!!
It is also at http://www.ftb.ca.gov/other/Teacher/TRC.htm
-Eric
>
>>From Joy Gibson
>
> The Teacher Retention Credit, effective with your 2000 tax return,
>allows credentialed teachers in public and private kindergarten through
>12th grade schools to deduct up to $1,500. It's based on years of
>service and limited to 50 percent of the tax imposed on your earnings
>from teaching.
>
> How Do I Qualify? For at least four years you must have:
>
> - Held a California preliminary or professional teaching credential.
>
> - Credentialed classroom teaching in other states counts toward
>determining the credit.
> - Been a classroom teacher in any California public or private
>kindergarten through 12th grade school (including those on Indian
>reservations or military installations located in California).
>
> For the taxable year in which you are claiming the credit, you must
>have received wages or salary for services as a credentialed teacher.
>
> Wages and salary for duties other than teaching do not qualify for
>this credit.
>
> How Much Is the Credit?
>
> If you've taught for:...................., then your credit is up
>to:
> At least 4 years but less than 6 years
>$250
> At least 6 years but less than 11 years $500
>
> At least 11 years but less than 20 years $1,000
> 20 years or
>more $1,500
>Note: The credit cannot exceed 50% of the tax on your wages and salaries
>for teaching.
>
>How Do I Apply?
>When preparing your California income tax return, complete California
>Form 3505, Teacher Retention Credit. Just follow the step-by-step
>instructions provided with the form to determine how much you will save
>on your state income tax.
>
>You can claim the credit on line 28 or 29 on your California Form 540 or
>on line 37 or 38 on your 540NR. You cannot claim credit on Forms 540A or
>540 2EZ. Use this non-refundable credit to reduce your tax liability.
>
>The 2000 forms will be available by January 2, 2001.
>
>
>
>Patricia C. Dung
>Target Science Director
>UCLA Science Project Co-director
>
-- Eric Muller Exploratorium Teacher Institute Science Educator 3601 Lyon St. San Francisco, CA 94123415-561-0313 emuller@exploratorium.edu
www.doscience.com
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