Back to school supplies could qualify for tax benefits
With back to school shopping right around the corner, the Minnesota Department of Revenue reminds parents to save their receipts, as most school supplies could qualify for K-12 tax benefits on their 2015 Minnesota return.
Two tax benefits could apply: the refundable K-12 education credit (income limits apply) and the K-12 subtraction (no income limits).
For the refundable K-12 education credit, based on the number of qualifying children in K-12, household income must be less than:
• One to two – $37,500
• Three – $39,500
• Four or more – add $2,000 for each additional child.
Both programs reduce the tax parents pay and could provide a larger refund when filing a 2015 Minnesota income tax return.
To qualify, parents must have purchased educational services or required materials during 2015 to assist with their child’s education. The child must also attend kindergarten through 12th grade at a public, private or home school and meet other qualifications.