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It’s time to start back-to-school shopping, which may include purchasing supplies for distance learning due to COVID-19. The Minnesota Department of Revenue reminds you that many school supply purchases may qualify for valuable K-12 tax benefits on your 2020 Minnesota income tax return. Remember to save your school supply receipts.
"Every year, parents across Minnesota invest in their children’s education by purchasing school supplies,” said Revenue Commissioner Cynthia Bauerly. “This year, distance learning may have changed the nature of investments made. Parents should keep receipts for these purchases, including distance learning needs, and claim the K-12 Education Credit or Subtraction to help save money when it comes time to file taxes.”
For additional information K-12 Education Credit and the K-12 Education Subtraction.
The IRS encourages everyone to use the Tax Withholding Estimator to perform a quick "Paycheck Checkup." This is even more important following the recent changes to the tax law for 2018 and beyond.
The Estimator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work
For more information regarding the IRS Tax Withholding Estimator please click on the following link https://www.irs.gov/individuals/tax-withholding-estimator
If you have any questions about your withholding, consult your employer or tax planner.