Important Education Tax Information
Important Education Tax Information
Posted on 07/24/2017

As you prepare for the upcoming school year, we want to spread the word to families about state programs that help pay for education expenses – the Minnesota K‑12 Education Subtraction and the K-12 Education Credit. Many families do not know about, or take advantage of, these valuable tax benefits.

These benefits can reduce parents’ taxes and increase their refund, but only if they save their receipts.

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 taught by a qualified instructor. 

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 do not owe any taxes.  Here is a link for more information: K-12 informational handout