The nightmare (for some of us) is that back to school shopping has begun. New clothes, new kicks, new supplies. But check this out: you can claim those supplies on your taxes. For real.
Here’s Five Fast Facts on Minnesota’s K-12 Education Credit/Subtraction:
- ➕Arithmetic - There are two options: the K-12 Education Credit and the K-12 Education Subtraction. Last year, more than 19,000 families saved an average of $261 with the Credit and nearly 130,000 families had an average subtraction of $1,207.
- 🎒Equation - To claim either, you must have a qualifying child in Kindergarten through 12th grade at a public, private or qualified home school and must have purchased qualified expenses in 2022 to assist with their education.
- 🚌Class Credit - For the credit, you need a specific household income, you must file a Minnesota return to claim (even if you aren’t required to file) and if you are married you and your spouse must file a joint return.
- 🧑🏫Simple Math - Unlike the credit, there are no income limits. Go nuts. Get that three-inks-in-one clicky pen. You know the one.
- 🎒Class Dismissed! - A variety of different things qualify, including computer hardware and tutoring. The state has a full list available.
🔥Bottom line: School supplies ain't cheap. Never have been. But holy crap, saving $261? You don’t even need to understand algebra to see how good that deal can be for you come tax time.
What school supplies are you claiming? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
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