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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