The Minnesota Department of Revenue reminds you that taxpayers can qualify for valuable tax benefits on their 2024 Minnesota income tax returns. Minnesota has several credits to ease the financial burden for families, renters, homeowners, and working individuals.

What tax benefits does Minnesota offer?

Child Tax Credit

• Families may qualify for a credit of $1,750 per qualifying child
• No limit on the number of children claimed
• Refundable credit, so they can receive a refund even if they do not owe tax
• Children up to age 17 qualify

For more information, visit our Child Tax Credit webpage, or watch our Child Tax Credit video.

Credit for Qualifying Older Children

If a taxpayer has a qualifying child who is older than 17, they may be eligible. How much is the credit?

For more information, visit our Credit for Qualifying Older Children webpage.

Working Family Credit

• Provides a tax credit for working individuals and families
• Reduces state income taxes and increases refunds
• Refundable credit for working individuals with income below a certain level
• Credit is 4% of earned income, up to a maximum of $350

For more information, visit our Working Family Credit webpage. ?

K-12 Credit and Subtraction

• K-12 Credit: Reduce taxpayers? state income tax or provides a refund for qualifying education expenses
• K-12 Subtraction: Allows taxpayers to subtract up to $1,625 per child in grades K-6, and $2,500 per child in grades 7-12, for educational expenses

For more information, visit our Qualifying Expenses for the K-12 Education Credit and Subtraction webpage, or watch our K-12 Credit and Subtraction video.

Property Tax Refund

Minnesota has two property tax relief programs:

• Homestead Credit Refund (for Homeowners) - Homeowners may be eligible for a refund if thier property taxes exceed a certain percentage of their income
• Renter's Property Tax Refund ? Renters may receive a refund based on their income and rent paid

For more information, visit our Property Tax Refund webpage.