What K-12 tax benefits does Minnesota offer?
Two Minnesota tax benefits help families pay their child’s education expenses: the K-12 Education Credit and the K-12 Education Subtraction.
Both benefits reduce your clients’ state tax and could provide a larger refund when filing Minnesota income tax returns. Last year, more than 36,000 families received the K-12 Education Credit and saved an average of $251. Nearly 192,000 families received the K-12 Education Subtraction.
Do my clients qualify for these tax benefits?
To qualify for either the credit or subtraction, both of these must be true:
1 or 2 $37,500
4 or more Add $2,000 for each additional child
What education-related expenses qualify?
Most expenses for educational instruction or materials may qualify, including: