Tax professionals
Minnesota has many education-related tax credits and subtractions available. Here is a comprehensive list of tax savings your clients may qualify for.
*Tax benefit name*
*Description*
*Tax form to claim it*
K-12 Education Credit?
Helps clients offset the cost of certain education expenses for qualifying children in grades K-12. *Income limits have increased for tax year 2023*, so more clients may qualify.
Schedule M1ED, K-12 Education Credit
Education Savings Account Contribution Credit
For clients who contributed to a section 529 college savings plan.
Schedule M1529, Education Savings Account Contribution Credit or Subtraction
Credit for Attaining Master?s Degree in Teacher?s Licensure? ? ? ? ?
For licensed Minnesota teachers completing a master?s degree program in their licensure field.
Schedule M1CMD, Credit for Attaining Master?s Degree in Teacher?s Licensure Field
Student Loan Credit
For Minnesota residents making payments? ?on their own postsecondary education loans. For married couples, each spouse may qualify.
Schedule M1SLC, Student Loan Credit
K-12 Education Subtraction
Helps clients offset the cost of certain education expenses for qualifying children? in grades K-12.
Schedule M1M, Income Additions and Subtractions
Education Savings Account Contribution? Subtraction
For clients who contributed to a section 529 college savings plan.
Schedule M1529, Education Savings Account Contribution Credit or Subtraction
Discharge of Indebtedness for Education Loans Subtraction
For clients who had qualifying education loans forgiven after completing an income- driven repayment program, and who included the forgiven amount in federal adjusted gross income
Schedule M1M, Income Additions and Subtractions
Unreimbursed employee expenses related to teaching
For clients who had teaching or classroom expenses and did not deduct them as educator expenses on their federal tax return
Schedule M1SA, Minnesota Itemized Deductions
*Questions?*
Contact us.
*If you*
*Then*
Need help with your clients? accounts and have power of attorney on file with us
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Have questions about tax law changes
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Have general questions, need time-sensitive assistance, have feedback or an idea for a tax pro tip
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