As back-to-school purchases head into high gear, the Minnesota Revenue Department is reminding you to save those shopping receipts to benefit from two valuable K-12 tax benefits.
“K-12 educational credit does have income limitations but subtraction does not and most parents will qualify for that subtraction if they don’t qualify for the credit,” Spokesman Ryan Brown says. “Things like pens, notebooks, papers, textbooks. If you’re renting or purchasing educational equipment or those musical instruments those also qualify. Computer hardware and software educational software do qualify. Though I will say that the fees for Internet service do not.”
Brown says last year, more than 19,000 families received the K-12 Education Credit and saved an average of $261. Nearly 130,000 families received the K-12 Education Subtraction with an average subtraction of $1,207.
Brown says, “If you’re at the State Fair in the coming weeks we have a special folder or a special envelope that parents can pick up at our booth in the education building that has more information about the subtraction and the credit and links to anywhere additional information can be found on our website.”
A child must be attending kindergarten through 12th grade at a public, private, or home school and meet other qualifications to qualify.
Minnesota News Network