Save Those Back-to-School Receipts for Tax Benefits – Wadena Pioneer Journal

As students of all ages prepare for another school year, the Minnesota Department of Revenue reminds parents and caregivers to keep receipts from school supply purchases to claim valuable K-12 tax benefits. when filing their taxes next year.

“With July behind us, we know the upcoming school year is a priority for many Minnesota students and their families,” Revenue Commissioner Robert Doty said in a Minnesota Department of Revenue news release. . “When back to school, parents should remember to save those receipts and be sure to claim the K-12 education credit or subtraction when they file their taxes next year. It could save them money on their tax bill or put money in their pockets in the form of a bigger refund.

Two tax benefits can help Minnesota families pay for their child’s education expenses: the refundable K-12 education credit (income limits apply) and the K-12 education (no income limit).

Last year, more than 19,000 families received the K-12 college credit and saved an average of $261. Nearly 130,000 families received the K-12 education subtraction with an average subtraction of $1,207.

These programs reduce the tax parents pay and could provide a larger refund when filing a Minnesota tax return. To be eligible, purchases must be for educational services or required materials. The child must attend kindergarten until the age of 12e grade in a public, private or home school and meet other qualifications.

Save these receipts
Remember to keep your receipts to claim the credit or subtraction. Use a folder or envelope to store receipts for next tax filing season, or pick up a special envelope at our State Fair booth, located in the Education Building.

Most expenses related to teaching or teaching materials are eligible, including:

  • Paper
  • Pens and notebooks
  • Textbooks
  • Rental or purchase of teaching materials such as musical instruments
  • Computer hardware (access points, modems, and routers) and educational software (up to $200 for subtraction and $200 for credit)*
  • After-school tutoring and educational summer camps from a qualified instructor

Internet service charges are not eligible.
Subtracting K-12 Education
There is no income limit to qualify for the education subtraction. Most parents are eligible. Parents can claim the K-12 subtraction for tuition paid at private schools or college courses used to meet high school graduation requirements.

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