Back-to-school shopping receipts can equal tax savings for Minnesotans

The start of a new school year is just four weeks away for many Minnesota students, and that means it’s back-to-school shopping time.

With that in mind, the Minnesota Department of Revenue is urging Minnesotans to save their back-to-school shopping receipts for possible tax savings next year.

Minnesota has two tax credits that school shopping can qualify for — the K-12 Education Credit and K-12 Education Subtraction — and thanks to changes made by state lawmakers this year, around 31,000 more Minnesota families will be able to claim a credit.

The revenue department says last year’s credits averaged $280 for the K-12 Education Credit, which has income limits for eligibility, and $1,266 for the education subtraction credit, which doesn’t have any income limits.

“As a parent and grandparent, I know the strain that families feel during back-to-school time trying to balance the need for new school supplies with other family expenses,” Revenue Commissioner Paul Marquart said. “Saving school supply shopping receipts and claiming either the K-12 Education Subtraction or the expanded K-12 Education Credit will help Minnesota families save some money when filing their taxes next year.”

To qualify for the tax credits, the state says the purchases have to be for educational services or required materials. More details on qualifying expenses are available online.