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How do I apply for the Minnesota K-12 Education Subtraction Credit?

TurboTax offers to complete the Minnesota "K-12 Education Expenses", but there is a separate "K-12 Education Subtraction" which TurboTax doesn't appear to mention.  See https://www.revenue.state.mn.us/k-12-education-subtraction-and-credit
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DawnC
Expert Alumni

How do I apply for the Minnesota K-12 Education Subtraction Credit?

The MN goes over the credit and the deduction on the same page.  When you click Start and go through the interview, it asks what grade the child(ren) are in and the amount of the expenses.   After you enter your expenses, TurboTax will show you the amount of the credit.   The next section will ask about the deduction part.   Go back through the MN state return to ensure you entered everything.  

 

Tax credits and deductions are commonly confused, but each affect your refund in a different way.   Tax credits, dollar-for-dollar, reduce the amount of taxes you owe. If you claim more credits than you owe in taxes, you may end up owing nothing, and in certain situations, getting additional money back.   Tax deductions reduce the amount of income you'll be taxed on. If you make $45,000 and claim $2,000 in deductions, you'll be taxed as if you made $43,000 when you file. The difference is in your refund.

 

 

K-12 Education Subtraction and Credit

 

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