August 2023

It’s time to start back-to-school shopping! The Minnesota Department of Revenue reminds you that many school supply purchases may qualify for valuable K-12 tax benefits on your 2023 Minnesota income tax return. Remember to save your school supply receipts. “Save those receipts from school supply purchases and claim the K-12 Education Credit or Subtraction,” said Commissioner Paul Marquart. “This will help save some money when it comes time to file taxes and is something that nearly every parent or caregiver in Minnesota can do.” *What K-12 tax benefits does Minnesota offer?* Two Minnesota tax benefits help families pay their child’s education expenses: The K-12 Education Credit and the K-12 Education Subtraction [ https://www.revenue.state.mn.us/k-12-education-subtraction-and-credit ]. Both benefits reduce your state tax and could provide you a larger refund when filing your Minnesota income tax return. Because Minnesota’s latest tax bill increased the income limits for the refundable K-12 Education Credit, more families may now qualify for it. Lastyear,morethan17,000familiesreceived the K-12 Education Credit and saved an average of $280. Over 134,000 families received the K-12 Education Subtraction with an average subtraction of $1,266. *Do I qualify for these tax benefits?* To qualify for either the credit or subtraction, both of these must be true: * You have a qualifying child attending kindergarten through 12th grade at a public, private, or qualified home school * You purchased qualified education-related expenses in 2023 to assist with the child’s education Separate requirements apply for the credit and subtraction. *K-12 Education Subtraction:* There are no income limits for the education subtraction, and you may qualify regardless of your filing status.