Save receipts while shopping for school supplies
Heading to the store for back-to-school shopping? Don't forget to save receipts from all school supply purchases. Doing so could qualify parents and guardians for tax credits or subtractions on 2013 state income tax returns.
There are two tax options that help Minnesota families pay expenses related to their child's education: the refundable K-12 education credit and the K-12 education subtraction.
Both programs reduce the tax parents must pay and could provide a larger refund when filing a 2013 Minnesota Individual Income Tax Return.
To qualify, parents or guardians must have purchased educational services or required materials during 2013 to assist with their child's education. Their child also must be attending kindergarten through 12th grade at a public, private or home school.
Generally, most expenses paid for educational instruction or materials qualify, including paper, pens and notebooks; textbooks; rental or purchases of educational equipment such as musical instruments; computer hardware and educational software; after-school tutoring and educational summer camps. There are no income limits to qualify for the education subtraction; income limits only apply to the education credit.
For the number of qualifying children in K-12. Your household income must be less than:
8 or more...add $2,000 for each additional child.
Even taxpayers who are not required to file an income tax return should do so in order to claim a refund for the education credit.
For more information, visit the Department of Revenue's website at www.revenue.state.mn.us or call 1-800-652-9094.