K-12 Tax Benefits

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:

• Paper and notebooks
• Pens and pencils
• Nonreligious textbooks
• Rental or purchases of educational equipment, including musical instruments
• Computer hardware (hotspots, modems, and routers) and educational software (up to $200 for the subtraction and $200 for the credit)
• After-school tutoring and educational summer camps taught by a qualified instructor

K-12 Handout – English

K-12 Handout – Spanish