Posted Date: 08/03/2021
Did you know that many of the school supplies you purchase for your child this year could reduce the taxes you pay and possibly lead to a larger refund next year? Save your receipts for these purchases and find out more information about the K-12 Education Credit and Subtraction and how to claim them: https:/www.revenue.state.mn.us/k-12-education-subtraction-and-credit
What should families know?
These benefits can reduce families’ income taxes and increase tax refunds if they save receipts for their children’s qualifying education-related expenses.
Most Minnesotans qualify for the K-12 Education Subtraction, which reduces their taxable income. They may also qualify for the K-12 Education Credit under certain income limits. The credit can refund up to 75% of costs, even if no tax is owed.
What education-related expenses qualify?
Many expenses for educational instruction or materials may qualify, including: