Tax Tip #5 for Tax Professionals - Education-related tax credits and subtractions
Minnesota Department of Revenue sent this bulletin at 02/15/2018 10:10 AM CST|
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Many Minnesota credits and subtractions provide education-related tax relief. Learn more about new and existing education-related credits and subtractions so your clients can claim the tax breaks available to them.
- New! Credit for Attaining Master’s Degree in Teacher’s Licensure Field (Schedule M1CMD)
- New! Student Loan Credit (Schedule M1SLC)
- New! Education Savings Account Contribution Credit (Schedule M1529)
- New! Education Savings Account Contribution Subtraction (Schedule M1529)
- New! Discharge of Indebtedness for Educational Loans Subtraction (Schedule M1M, line 42)
- Subtraction for post-service education awards received for completing an AmeriCorps National Service program (Schedule M1M, line 34)
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K-12 Education Credit (Schedule M1ED)
- See Fact Sheets 8 and 8a for more information.
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K-12 Education Subtraction (Schedule M1M, line 19)
- See Fact Sheets 8 and 8a for more information.
Thoroughly interviewing your clients will help you determine if they qualify for these benefits.
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