Save Receipts for School Shopping to Save Money at Tax Time

Updated: 08/21/2014 6:23 AM
Created: 08/20/2014 9:43 PM
By: Brad Sattin

Buying school supplies for your kids? Save those receipts if you want to save some money at tax time.

The Minnesota Department of Revenue is reminding parents that some of those school supplies can be written off come next April 15.

The state's tax laws include two types of K-12 tax relief programs. The first, the K-12 Education Credit, requires a household income to be below a certain level, starting at $37,500 for one or two children.

Qualifying taxpayers may be eligible for a tax credit equal to 75 percent of qualifying education expenses. Last year, 53,000 Minnesota families saved an average of $260. The second, the K-12 Education Subtraction, does not have income requirements, and qualifying expenses can be subtracted from your taxable income when you file Form M1. Limitations apply.

Qualifying expenses may include paper, pens, pencils, notebooks, rulers, private tutoring expenses, driver's education classes, and some computer hardware and software. Expenses that don't qualify include school lunches, uniforms, backpacks, and non-academic programs like sports camps and lessons.

The Minnesota Department of Revenue will have a booth at the Minnesota State Fair to offer additional information.

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