St. Paul, MN— The cost of purchasing back-to-school supplies can quickly add up for families and Rep. Spencer Igo, R-Wabana Township, is urging people to save receipts and take advantage of tax benefits that can provide some relief.
Minnesota has both a K-12 education credit and a K-12 education subtraction for school-related expenses. Both programs reduce the taxes parents pay and could provide a larger refund when filing state income taxes. Qualifications apply and expenses must be for children attending kindergarten through 12th grade at a public, private, or homeschool.
“With Labor Day just around the corner, families in the Northland are making preparations for another school year,” said Rep. Igo. “Purchasing school supplies can be expensive and is a significant financial burden for many families. That’s why it is so important for folks to utilize the tax tools that are available to them, including these education-related programs.”
School supplies that qualify for the credit or subtraction include writing utensils, textbooks, musical instrument rentals, tutoring, and computer hardware/educational software. Parents are encouraged to check the Department of Revenue website (http://www.revenue.state.mn.us) to determine which expenses qualify.
While the education subtraction is not subject to income limits, the credit is limited to households with incomes less than $76,000 for families with 1 or 2 children, $79,000 for families with 3 children, and for families with 3 or more the household income must be less than $79,000 plus $3,000 for each additional child.
The Department of Revenue reported that last year, more than 17,000 families received the K-12 Education Credit for an average credit of $280. Additionally, over 134,000 families received the K-12 Education Subtraction for an average subtraction of $1,266.
In addition to the information on the Department of Revenue’s website, Rep. Igo welcomes constituents to contact his legislative office if they have additional questions.
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