School supplies adding up? 💸 Don't toss those receipts just yet! Did you know most purchases qualify for the valuable K-12 Education Credit or Subtraction? Learn how to claim your savings next tax season: https://www.revenue.state.mn.us/k-12-education-subtraction-and-credit
Minnesota has two programs to help families pay expenses related to their child’s kindergarten through 12th grade (K–12) education: the K–12 Education Subtraction and the K–12 Education Credit. Both programs lower the tax you must pay and may even provide a larger refund when you file your Minnesota income tax return.
The amount of your subtraction or credit is based on the actual qualifying expenses you paid during the year for your child’s K–12 education - for which you have documentation - up to the maximum amount allowed.
Save your receipts for school supplies!