Save Receipts for School Supplies This Fall
Minnesota offers two valuable tax benefits for parents who purchase school supplies for their K-12 students through the K-12 Education Credit and Subtraction. These benefits can reduce parents’ taxes to increase their refund, but is only available for those who keep their receipts. Purchases for most school supplies, field trips and musical instruments for school band are eligible.
Most Minnesota parents qualify for the K-12 subtraction, which reduces their taxable income. Parents under certain income limits may also qualify for the K-12 credit, which can refund up to 75% of their costs – even for parents who don’t owe any taxes. Visit the Minnesota Revenue website for details.