04Dec
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04Dec
With the end of the year there are some other opportunities to consider for saving for your children and also saving on your taxes! Consider a 529 College Savings Plan for your child! This became tax deductible in the State of Minnesota in 2017 and this reduces your state taxable income for each dollar contributed up to $3,000 for a married couple. Also do not forget about the K-12 Deduction. There are education expenses that are deductible for your children from Kindergarten to 12th Grade up to $1,625 to $2,500 per child, please see the chart below. For more information regarding eligible expenses for this subtraction/credit, visit the MN Revenue Fact Sheet here: K–12 Education Subtraction and Credit
| Expense | Subtraction | Credit |
| School supplies (pencils, paper, calculators) | Yes | Yes |
| Private school tuition | Yes | No |
| Educational computer hardware and software | Yes – up to $200 (can be claimed with the credit for expenses over $200) | Yes – up to $200 |
| Extracurricular academic or fine arts classes (dance, music lessons, art, science) | Yes | Yes |
| Tutoring for subjects needed for K-12 classes taught by qualified instructor | Yes | Yes |
| Academic summer camps (language camp, sciences camp, dance camp) | Yes – limited to the portion of tuition used for instruction (no room and board) | Yes – limited to the portion of tuition used for instruction (no room and board) |
| Rent or purchase of musical instruments to be used during the school day | Yes | Yes |
| Educational field trips taken during the school day | Yes | Yes |
