Tax Tip #11 for Tax Professionals - Education-related tax credits and subtractions

Many Minnesota credits and subtractions provide education-related tax relief. Talk to your clients to determine if they qualify for these education-related credits.

• Credit for Attaining Master’s Degree in Teacher’s Licensure Field (Schedule M1CMD)
• Student Loan Credit (Schedule M1SLC)
• Education Savings Account Contribution Credit (Schedule M1529)
• Education Savings Account Contribution Subtraction (Schedule M1529)
• Discharge of Indebtedness for Educational Loans Subtraction (Schedule M1M, line 39)
• Subtraction for post-service education awards received for completing an AmeriCorps National Service program (Schedule M1M, line 32)
• K-12 Education Subtraction and Credit (Schedule M1M, line 17 for subtraction; Schedule M1ED for credit)
  • See also the K-12 Education Subtraction and Credit fact sheet and the Qualifying Home School Expenses fact sheet.
• 529 Plan for K-12 Expenses (see Tax Law Change FAQs)