With a new school year on the horizon, Wadena-Deer Creek would like to remind parents and caregivers to keep your receipts when purchasing school supplies.
The state of Minnesota has two tax break programs that can help families pay for expenses related to a child’s education: the K-12 Education Allowance and the K-12 Education Loan.
Last year, more than 33,000 families received the K-12 Education Loan and saved an average of $ 250. Almost 190,000 families received the K-12 educational allowance.
The programs reduce the tax that parents pay and could mean a bigger tax refund when you file your state income tax return next year.
Most educational tuition or materials expenses are eligible, including:
- Pens and notebooks
- Renting or buying teaching materials such as musical instruments
- Computer hardware (hotspots, modems, and routers) and educational software (up to $ 200 for subtraction and $ 200 for credit)
- Driver training courses
- Tutoring and educational summer camps led by a qualified teacher
For the full list of qualifying expenses, or to see if you are eligible for credit, visit the Minnesota Department of Revenue website.