Keep Your Back-to-school Shopping Receipts For Future Tax Benefits

ST. PAUL (WJON News) -- As the new school year is getting ready to start in just over a week, remember to save those receipts from school supplies. The Minnesota Department of Revenue is reminding parents and caregivers that they can claim K-12 tax benefits at tax time next year by saving back-to-school shopping receipts for supplies bought this year. The Department of Revenue says the refundable K-12 Education Credit and K-12 Education Subtraction can help families pay expenses related to their children's education. Revenue Commissioner Paul Marquart says saving those back-to-school shopping receipts can really add up come tax time.

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How much can you save?

Last year, over 44,000 families received an average credit of $379, and over 114,000 families received an average education subtraction of $1,438. To qualify, the purchases must be for educational services or required materials, and the child must be attending kindergarten through 12th grade. The K-12 Education Credit has income limits based on the number of children in the household. There are no income limits for the K-12 Education Subtraction.

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