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State Representative Joyce Peppin
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-7806
For more information contact: Austin Bleess 651-296-5529
NEWS COLUMN
Tax Time ------------------ DON’T FORGET TO CLAIM K-12 EDUCATION SUBTRACTION OR CREDIT ON YOUR MINNESOTA INCOME TAX RETURNS
By Joyce Peppin
State Representative, District 32A
Many Minnesotan are gathering check stubs, W2s, interest statements and other financial records in preparation for that favorite of late winter activities – doing taxes. I want to remind parents that many of the school-related purchases you made last year may be eligible for state tax credits or tax subtractions on your 2005 Minnesota income tax forms. So gather up your receipts!
Under Minnesota=s K-12 education tax credit/subtraction program, families with children in grades K-12 and with incomes under $37,500 are eligible for a tax credit of up to $1,000 per child (Minnesota tax schedule M1ED). Up to 75 percent of the money you spend on eligible purchases will be refunded to you when you file your taxes.
The K-12 tax credit can be used for expenses such as tutoring, enrichment programs, textbooks, academic camps, instructional materials and expenses associated with individual schools. Also covered are expenses for home computer hardware and educational software up to $200, and for the purchase of a musical instrument, calculator or other life-long piece of equipment that your child uses at school. Note, however, the credit is not applicable for tuition expenses at a private or parochial school.
All families with children in K-12 school -- regardless of income -- can claim state tax subtractions for the same education-related expenses listed above, including tuition. A subtraction lowers a family=s taxable income. Subtraction limits are $1,625 for a child in kindergarten through 6th grade and $2,500 for a child in grades 7 through 12.
The state’s education credit program has been a national model for assisting parents with the choices and purchases they make to better their children’s education. Last year, I introduced a bill that would make the credit applicable for tuition. Our progressive tax code should acknowledge those parents who save and scrimp to send their children to the school of their choice.
Keep in mind, you can’t claim the K-12 tax break for stuff like back-to-school clothes and athletic gear. But what many taxpayers don=t realize is that you don=t have to itemize your federal taxes to claim the subtractions on your state forms. This is one of the most overlooked and underutilized Minnesota tax breaks. So search for those receipts and keep a little more of what you earn.
Rep. Peppin represents District 32A, which includes the communities of Corcoran, Dayton, Greenfield, Hanover, Rogers, Hassan Township, and southwestern Maple Grove. Peppin invites anyone to share their questions or comments about state government with her. She may be reached by email at rep.joyce.peppin@house.mn; by phone at (651) 296-7806; or by U.S. Mail at 411 State Office Building, St. Paul, MN 55155.
News Items
- PEPPIN REPORT: NW SUBURBAN FAMILIES WILL BE HIT HARD UNDER DAYTON AND DFL BUDGET - (Posted: May 28 2013 4:35PM)
- Rep. Peppin’s bill would lessen unfair fiscal disparities tax burden on Rogers - (Posted: Apr 3 2013 9:36AM)
- PEPPIN REPORT: FEBRUARY FORECAST REVEALS FOURTH CONSECUTIVE STATE SURPLUS - (Posted: Feb 28 2013 12:00AM)
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