Back to School

Are you getting ready to send the kids back to school?  

Don’t forget to save your receipts from all the school supplies you purchase.  You could qualify for tax credits or subtractions on your 2013 Minnesota income tax return. 

There are two options which are based upon predetermined income thresholds:

·         the refundable K-12 education credit

·         the K-12 education subtraction

Both of these options reduce the Minnesota tax you pay and could give you a larger refund. 

 To qualify you must have purchased educational services or required materials during 2013 that are directly related to your child’s education and the child must be attending kindergarten through 12th grade in public, private, or home school. 

In general most expenses paid for educational instruction or materials qualify, including paper, pens, notebooks, required textbooks, the rental or purchase of musical instruments, computer hardware or software, and even after school tutoring and educational summer camps qualify. 

Even if a taxpayer is not required to file a Minnesota income tax return, they could do so in order to claim a refund for the education credit. 

Below are a couple of links to the Minnesota Revenue fact sheets regarding the education credit and subtraction:        http://www.revenue.state.mn.us/individuals/individ_income/factsheets/fact_sheets_fs8.pdf

http://www.revenue.state.mn.us/individuals/individ_income/factsheets/fact_sheets_fs8a.pdf

Feel free to contact our office if you’d like more information.