Minnesota K-12

Education Credit and Subtraction

Online Students of Queen of All Saints Academy who live in the state of Minnesota are eligible for either an income tax subtraction or an income tax credit. Visit HERE for details on eligibility, documentation, qualifying expenses, and limits.

Subtraction Limits

You may subtract your actual qualifying educational expenses, up to a maximum of $1,625 per qualifying child in grades K–6, and $2,500 for a qualifying child in grades 7–12. In the case where a child went from 6th grade to 7th grade during the calendar year, the maximum for that child is $2,500. There is no family maximum subtraction, only a per-child maximum.

Low Income Tax Credit Limits

To qualify for the credit, your household income must be under a certain limit based on the number of qualifying children you have in grades K–12. For example, if the total number of qualifying children is 1 or 2, your household income limit is $37,500.

 

Your credit is limited to 75% of the qualifying expenses you paid during the year for your qualifying child’s K–12 education, up to the maximum amounts. You may not use the remaining 25% of qualifying expenses to claim the subtraction. The maximum credit you may claim is based on your household income and the number of qualifying children you have in grades K–12. 

Financial support beyond Subtractions and Credits may be available to students through applying for Financial Aid in FACTS.

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