Minnesota K-12 education subtraction

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Minnesota K-12 education subtraction
Article ID: 33917

Question

Minnesota K-12 education subtraction

Answer

Minnesota has two tax relief programs for families with children in kindergarten through 12th grade: the K-12 Education Subtraction, and the K-12 Education Credit. Both programs help lower taxes and may provide a larger refund. when you file your Minnesota Form M1, Individual Income Tax Return. Because the rules for the education credit and subtraction are so similar, this section will cover both tax areas.

To qualify for either program, both of the following must be true:

You have a “qualifying child” attending kindergarten through 12th grade at a public, private or a qualified home school. See Qualifying Child for K-12 Education Subtraction and Credit.
You paid “qualified education expenses” during the year for that child’s education. See Qualifying Expenses for the K-12 Education Subtraction and Credit.

For the K-12 credit:

Your “household income” must be below a certain limit for the year. See Household Income for the K-12 Education Credit.
Your filing status cannot be married filing separate.
The credit is limited to 75 percent of paid qualifying expenses.
To claim the K-12 credit, complete Schedule M1ED with your Minnesota Form M1, Individual Income Tax Return.

For the K-12 subtraction:

Your qualifying child must attend a school located in Minnesota, Iowa, North Dakota, South Dakota or Wisconsin.
You can claim tuition paid for private schools and/or college courses used to satisfy high school graduation requirements
The subtraction is limited to $1,625 for each qualifying child in grades K-6 and $2,500 for each qualifying child in grades 7-12. For children in 6th and 7th grades, use the limit for the child’s grade level at the end of the tax year; for children who started college during the tax year, use the 12th grade limit.
To claim the K-12 subtraction, complete Schedule M1M with your Minnesota Form M1, Individual Income Tax Return.

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Article Details

Views: 1282	Created on: Jun 15, 2013 Date updated: Sep 24, 2015
Posted in: STATES, Minnesota

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