ST. PAUL — School and school supplies may look different this year, but parents can still save shopping receipts for in-person and distance learning materials to claim tax benefits.
“This year, distance learning may have changed the nature of these purchases, but parents should still keep receipts for these purchases, including distance-learning needs, and claim the K-12 Education Credit or Subtraction to help save money when it comes time to file taxes in 2021," said Revenue Commissioner Cynthia Bauerly in a news release.
The purchases must be required or for education services and can range from paper to computer hardware. If the receipt is saved, the user can use it to claim the credit or subtraction. The child must be attending kindergarten through 12th grade at a public, private or home school.
The K-12 Education Subtraction is one of the tax benefits that has no income limits. The K-12 Education Credit is the other tax benefit that is refundable and has income limits.
For the K-12 Education Credit, households are eligible if they have one or two children in kindergarten through 12th grade and their household income is less than $37,500. They are also eligible if they have three children and their income is less than $39,500. Each additional child increases the household income maximum by $2,000 per child.
Taxpayers that are not required to file an income tax return must do so in order to claim a refund for any eligible education credit.
There are no income limits to qualify for the education subtraction. Parents can also claim the K-12 Subtraction for tuition paid to private schools or college courses used to satisfy high school graduation requirements.
To learn more, go to the Minnesota Department of Revenue website or watch their video explaining K-12 Education Credit on the department's YouTube channel.
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August 15, 2020 at 08:00PM
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Parents can save back-to-school shopping receipts for Minnesota tax benefits - West Central Tribune
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