Helping Minnesota parents save on their children’s education
Save those receipts when you get this year’s school supplies. Minnesota offers two programs to help parents pay for their children’s education. The K-12 Education Subtraction and K-12 Education Credit can lower parents’ taxes or increase their refund.
The subtraction and credit goes beyond the standard pencils, backpacks and crayons. It can be used toward paying for extra classes, fine arts and other programs not offered from the local schools.
Minnesota parents can subtract up to $1,625 per child in K-6th grade and $2,500 per child in 7th grade through 12th grade. If parents meet certain requirements the K-12 Credit can return up to 75% of educational expenses.
The hope is every student has the tools necessary to excel in the classroom.
For more information about the programs visit their website: www.revenue.state.mn.us.