Back-to-school sales are in full swing! At Christianson PLLP, we want to remind parents about tax benefits for their 2017 MN tax return for many school expenses. MN has both a credit and a subtraction for education-related expenses.
The Minnesota Department of Revenue reminds families interested in claiming these tax benefits to save all receipts related to school supplies. You can keep these receipts with your other tax documents that you traditionally bring to your tax preparer.
Most required K-12 school supplies qualify for the credit or subtraction, including writing utensils, textbooks, calculators, tutors, academic programs and camps, and musical instrument lessons (including purchases or rentals).
Common items that do not qualify for the subtraction or credit include school lunches, uniforms, sports fees, and more. We encourage you to check the Department of Revenue website to determine which expenses qualify by viewing the links to the MNDOR Fact Sheet #8 and Fact Sheet #8a (for home school expenses).
While the education subtraction is not subject to income limits, the credit is limited to households with incomes less than $37,500 for families with one to two children, $39,500 for families with three children, and adding $2,000 per child for families with four or more children.
If you have questions about qualifications or applicable supplies, contact Christianson today!