Save back-to-school receipts for tax season next year
With back-to-school shopping in full swing, Rep. Dale Lueck, R-Aitkin, reminded Minnesota parents about tax benefits for their 2017 Minnesota tax return for many school supplies. Minnesota has both a credit and a subtraction for education expense...
With back-to-school shopping in full swing, Rep. Dale Lueck, R-Aitkin, reminded Minnesota parents about tax benefits for their 2017 Minnesota tax return for many school supplies. Minnesota has both a credit and a subtraction for education expenses, according to a news release from Lueck.
The Minnesota Department of Revenue has reminded families interested in claiming these tax benefits to save all receipts related to school supplies.
"We have so much on our minds come tax time that benefits such as this may be omitted from filings," Lueck said in the release. "The best advice is to collect your receipts now and file them away with other important tax-related papers so you come across them when next tax season arrives. But it all starts with saving those receipts, so I hope people will do that so they can maximize their returns."
Most school supplies qualify for the credit or subtraction, including writing utensils, textbooks and musical instrument rentals. Common items that do not qualify for the subtraction or credit include school lunches, uniforms, backpacks and more. Parents are encouraged to check the Department of Revenue website to determine which expenses qualify.
While the education subtraction is not subject to income limits, the credit is limited to households with incomes less than $37,500 for families with one to two children, $39,500 for families with three children, and adding $2,000 per child for families with four or more children. According to the Department of Revenue, more than 43,000 families took advantage of the education credit saving an average of $242. In all, nearly 200,000 families took advantage of the education subtraction.
Full details about the education subtraction and credit can be found at www.revenue.state.mn.us . Lueck encouraged constituents with questions about the credit or subtraction to contact his office at firstname.lastname@example.org or by calling 651-296-2365.