Supporting Minnesota Students Beyond the Classroom: A Parent's Guide to Tax Credits and Educational Savings

Willmar Public Schools is committed to ensuring that our students and their families are aware
of important financial opportunities that can support their educational journey. We are happy to share information about significant tax benefits that can assist Minnesota families: the enhanced Child Tax Credit and tax deductions for educational expenses, including school supplies.

New Child Tax Credit Offers Financial Relief for Families

Minnesota families are now eligible to claim the Child Tax Credit, a substantial financial relief measure aimed at reducing child poverty and supporting the well-being of children across the state. The credit, which amounts to up to $1,750 per child, is available with no limitation on the number of children claimed. To claim the Child Tax Credit, families must file a 2023 individual income tax return. Most taxpayers eligible for this credit may also qualify for free tax preparation assistance. We encourage our community to explore the income requirements and qualifications detailed on the Child Tax Credit webpage provided by the state.

Tax Benefits for School Supplies: Save Your Receipts

In addition to the Child Tax Credit, the Minnesota Department of Revenue offers valuable tax benefits for parents purchasing school supplies for their K-12 students. Eligible purchases include most school supplies, field trips, and musical instruments for school bands. By saving receipts, parents can reduce their taxes and possibly increase their refund through the K-12 Education Credit and Subtraction.

The majority of Minnesota parents qualify for the K-12 subtraction, which lowers their taxable income. Furthermore, parents who meet certain income thresholds may be eligible for the K-12 credit, potentially refunding up to 75% of their costs, even for those who do not owe any taxes.

Act Now to Take Advantage of These Opportunities

Willmar Public Schools encourages families to explore these financial opportunities to support their children's education. Detailed information on how to claim these benefits can be found on the Minnesota Department of Revenue's website. We recommend visiting the site for comprehensive details on eligibility and how to apply for these tax benefits. You can access both of these opportunities via the below websites.

Child Tax Credit: https://www.revenue.state.mn.us/child-tax-credit

School Supplies: https://www.revenue.state.mn.us/press-release/2022-08-03/save-those-back-school-shopping-receipts-valuable-tax-benefits

Willmar Public Schools remains dedicated to supporting our students and their families both inside and outside the classroom. We believe that by sharing this important information, we can help ensure that our community is aware of the financial supports available to them.