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State Representative Michael Beard
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-8872
For more information contact: Jodi Boyne 651-296-0640
NEWS COLUMN
BACK-TO-SCHOOL TAX BENEFITS AVAILABLE TO PARENTS
As parents are shopping for back-to-school items this year, remember to save your receipts! Parents may be able to get tax benefits using one of Minnesota’s two education benefit programs. I’ve summarized the options below, for more detailed information visit www.taxes.state.mn.us and click on “Individual Income Tax” on the left side, then click “Credits, Subtractions and Additions” Here you’ll find all the eligibility information you’ll need to know before applying.
One benefit is the education tax credit. Eligible parents can receive a credit of up to 75 percent of qualifying expenses. A qualifying expense is generally anything paid for educational instruction or materials used during the normal school day like textbooks, field trips, renting or purchasing equipment (musical, etc) and computer equipment (which is subject to a $200 cap). Tuition is not a qualifying expense. There are eligibility guidelines for the credit based on household income and your number of children.
The other tax benefit parents may be able to use is the education subtraction. Unlike the credit, there are no income limits for who can apply. Also unlike the credit, tuition to private or nonprofit schools is considered a qualifying expense.
One of these programs (you can’t use both) can help parents lower their overall tax burden or give them a larger refund. As you’re out shopping, I encourage you to hang onto your receipts and see if you can use them to your advantage.
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