Does TurboTax offer a special discount for nurses? Currently, TurboTax does not provide a specific discount exclusively for nurses, but doctors and nurses can benefit from this featured discount offered by TurboTax during tax season for 10% off all TurboTax online software:
While there isn’t a dedicated discount for nurses, there are still plenty of ways doctors and nurses can maximize their tax savings through various deductions and credits.
Here are four other ways nurses can save money on their tax return or during tax season:
1. Deductions for Continuing Nursing Education
Nurses often need to take continuing education courses to maintain their licenses or improve their skills. The good news is, you may be able to deduct the costs associated with these courses. This can include nursing tuition, books, lab fees, and even travel expenses if you need to attend out-of-town training.
Two primary ways to claim these expenses:
- Lifetime Learning Credit: This deduction allows nurses to claim up to $2,000 in education expenses, including courses, whether you’re pursuing a degree or just maintaining your nursing license.
- Work-Related Education Deduction: If the courses are directly related to your current job, you may be able to deduct these costs as unreimbursed employee expenses, though this option is only available if you itemize.
Tip: Keep all records of your education costs, including course receipts and documentation, to claim these on your return.
2. Nursing Union Dues and Professional Memberships
Many nurses belong to unions or professional organizations like the American Nurses Association (ANA). The good news is that the dues paid to these organizations are often tax-deductible. Union dues or fees for memberships in professional nursing organizations that help you advance in your career can be written off as unreimbursed employee expenses if you itemize your deductions.
Tip: These deductions were limited by recent tax law changes but are still worth exploring, especially if you have other itemizable expenses.
3. Nurse Uniform and Equipment Costs
Nurses typically spend a fair amount of money on job-related uniforms, such as scrubs, shoes, and nursing supplies like stethoscopes and medical tools. If your employer doesn’t reimburse these costs, you may be eligible to deduct them as a work-related expense.
This deduction applies to clothing that is required for your job and not suitable for everyday wear. So, if you’re buying scrubs, specialized shoes, or other necessary equipment to perform your duties, those costs can be added to your itemized deductions.
Tip: Keep all receipts for uniforms, shoes, and supplies that are work-related. You can also include laundry costs if you are responsible for cleaning your work uniforms.
4. Mileage Deduction for Nursing-Related Travel
If you travel between job sites, hospitals, or other medical facilities for work, the mileage you drive could be tax-deductible. This is especially relevant for nurses who work in home health care, travel nursing, or those who work at multiple facilities. Commuting from home to work isn’t deductible, but travel between work sites or to professional training may qualify.
For 2023, the IRS standard mileage rate for medical professionals is $0.655 per mile.
Tip: Keep a detailed log of your work-related mileage, including dates, destinations, and the purpose of each trip, to ensure you claim the correct deduction.
Bonus Tip: Nursing Student Loan Interest Deduction
Many nurses are paying off student loans, and the Student Loan Interest Deduction can provide some relief. If you’re eligible, you can deduct up to $2,500 in student loan interest, which reduces your taxable income. This deduction applies even if you take the standard deduction, so it’s worth claiming if you meet the income requirements.
Tip: Make sure you have documentation from your loan provider that shows how much interest you paid throughout the year.
While TurboTax doesn’t offer a special discount for nurses, it does provide an easy way to maximize the many tax deductions and credits that apply to healthcare professionals. By being mindful of expenses like education, uniforms, and work-related travel, nurses can significantly reduce their taxable income and make the most of tax season.
Being a nurse is a demanding profession, but by understanding these tax benefits, you can keep more of your hard-earned money!