Minnesota’s Education Tax Credits: How Shoppers Can Claim Them?
Minnesota parents could save even more money on school supplies thanks to education tax credits from the state.
Parents must keep their receipts for qualified school supplies in order to collect Minnesota education tax credits.
The K-12 Education Subtraction and the K-12 Education Credit are two initiatives that can assist parents pay for their child’s education.
The first program has no financial restrictions, whereas the second has income restrictions that are also depending on the number of qualified children.
To be eligible for Minnesota education tax credits, the child is required to be enrolled in kindergarten through 12th grade at a public or private institution or qualified home school.
If the status of your filing is Married Filing Separately, you cannot claim the K-12 Education Credit.
Furthermore, the qualified child must attend a school in Minnesota, Iowa, North Dakota, South Dakota, or Wisconsin to be eligible for the K-12 Education Subtraction credit.
The K-12 Education Credit, on the other hand, provides parents with direct tax savings. As previously stated, the income ceiling is determined by the number of qualified children.
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What Items Qualify and How to Claim Education Tax Credits
Textbooks, notebooks, pen and paper, software and hardware for computers, after-school tutoring, educational summer camps led by competent instructors, and rental or purchase of educational equipment such as musical instruments are all eligible for Minnesota education tax credits.
Parents are able to include tuition paid to private schools or college courses to complete high school graduation requirements under the K-12 Education Subtraction.
It should be noted that parents cannot claim the credit under both the deduction and the credit for the same qualified education expenses.
To claim Minnesota school tax credits, parents must provide paperwork, including itemized cash register receipts and invoices, proving they paid qualified expenses.
Source: 24/7WALLST
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