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As the beginning of a new school year approaches, it's time to start saving your back-to-school shopping receipts, according to KFGO News. To meet the qualifications, the child must attend kindergarten through 12th grade at a public, private or home school.
Minnesota Department of Revenue spokesman Ryan Broman says that most expenses for educational instruction qualify for tax credits. These materials include pens, notebooks, papers and textbooks. Even musical instruments used for marching band qualify. Buying or renting educational equipment, such as computer hardware or software, also qualify. However, fees for internet services do not qualify.
Minnesota has allowed an income tax deduction for dependent educational expenses since 1995. Here's what the Minnesota House of Representatives says about it, via the Income Tax Deductions and Credits for Public and Nonpublic Education in Minnesota:
Expenses qualifying for the deduction include tuition, transportation, textbooks, instructional materials, tutoring, academic summer school and camps, and up to $200 of the cost of a computer or education-related software... A deduction reduces the amount of income subject to tax; the benefit a taxpayer receives equals the taxpayer’s marginal tax rate times the amount of the deduction. Most Minnesota taxpayers are in the 7.05 percent bracket, where a $2,500 deduction decreases taxes by $176.25.