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News release For questions about individual income tax, please contact: email: indinctax@state.mn.us or call (651) 296-3781 or 1-800-652-9094 TTY: Call 711 for Minnesota Relay Phone assistance hours are Monday - Thursday: 8:30 a.m. to 5 p.m. and Friday, 8:30 a.m. to 2 p.m. For questions regarding other tax types, go to our tax information page and select a tax type. For media questions ONLY - please contact: Kit Borgman, Minnesota Department of Revenue 651-556-6397 email: kit.borgman@state.mn.us For immediate release: August 4, 2008 Reminder: Keep Education Receipts for Tax Credits or Subtractions Saint Paul – The Minnesota Department of Revenue is reminding parents to save receipts from school supply purchases this year. Doing so could qualify parents for tax credits or subtractions on 2008 state income tax returns.
Minnesota has two tax provisions that help families pay expenses related to their child’s kindergarten through 12th grade education: the K-12 education credit and K-12 education subtraction. Both programs reduce the tax parents must pay and could provide a larger refund when filing a 2008 Minnesota Individual Income Tax Return. To qualify, a child must be attending kindergarten through 12th grade at a public, private or home school and parents must have purchased educational services or required materials during 2008 to assist with a child’s education. “Education is one of the highest priorities for parents. We want to ensure that children in Minnesota receive the materials they need, while their parents receive the tax credits and subtractions they deserve,” Revenue Commissioner Ward Einess said. Generally, most expenses paid for educational instruction or materials qualify, including purchasing paper, pens and notebooks; textbooks; rental or purchases of educational equipment such as musical instruments; computer hardware and educational software; after-school education, enrichment programs and summer school; and tutor fees. There are no income restrictions to qualify for the education subtraction; restrictions only apply to the education credit. Qualifying Income Guidelines for Education Credit: Number of qualifying children in K-12: Your household income must be less than: 1-2……………………………………………................$37,500 3………………………………………………………… $39,500 4………………………………………………………….$41,500 5………………………………………………………….$43,500 6 or more………………………………………………..$43,500 plus $2,000 for each additional
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