Get money back from saving your school supply receipts this year
FARGO, N.D. (Valley News Live) - Inflation and back to school shopping: it all adds up to some big money for families, but the Minnesota Department of Revenue has a reminder for parents looking to save this school year.
The Minnesota Department of Revenue wants to remind parents and guardians to save their receipts on school supplies in order to claim valuable K-12 tax benefits when filing their taxes next year.
The two tax benefits that can help Minnesota families pay expenses related to their child’s education include the K-12 Education Credit and the K-12 Education Subtraction.
About 130,000 families received the K-12 Education Subtraction benefit and saved an average of $1,207.
Most parents qualify for K-12 Education Subtraction benefit. Parents can also claim this benefit for tuition paid to private schools or college courses used for high school graduation requirements.
Last year, more than 19,000 families applied the K-12 Education Credit benefit while filing their taxes and they save an average of $261.
In order to qualify for the K-12 Education Credit: if you have one child or two children in kindergarten through 12th grade, the household income must be less than $37,500. For three children, the household income must be less than $39,500. Four or more children, add $2,000 to the household income for each additional student.
Most school supplies and materials qualify including paper, pens, notebooks, textbooks, rental or purchases of educational equipment such as musical instruments, computer hardware such as hotspots, modems and routers, and education software up to $200. Along with after school tutoring and educational summer camps taught by a qualified instructor.
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