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M1M, Additions and Subtractions Minnesota Department of  Form

M1M, Additions and Subtractions Minnesota Department of Form

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Families with children in kindergarten through 12th grade may be able to lower their taxes and get a larger refund with the K-12 education credit and subtraction. The credit reduces your state income tax or increases your refund, while the subtraction lets you reduce your tax to qualify for the credit. Your adjusted gross income must be below a certain limit for tax year 2023 and after you may be newly eligible for the credit due to increased income limits. The credit is also based on the number of children in your household. You can get $0.75 for each dollar spent on your child's education. You can claim the credit unless you are married and file separate tax returns. You may qualify for the education subtraction regardless of your filing status or income. You may subtract up to $1,625 in education expenses for each child in kindergarten through sixth grade, and $2,500 for each child in seventh through 12th grade. To claim the credit or subtraction, your child must attend a public, pr

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