Minnesota Department of Revenue: Tax Benefits for Families

The Minnesota Department of Revenue wants to ensure that families are aware of valuable tax benefits available on their 2024 income tax returns. These credits can help ease financial burdens for families, homeowners, renters, and working individuals. Here’s a breakdown of the key credits you could qualify for:

1. Child Tax Credit

Families may qualify for a Child Tax Credit of $1,750 per qualifying child, with no limit on the number of children claimed. Even if you don’t owe any taxes, you can still receive a refund. If your child is older than 17, they may not qualify for this credit, but you may still be able to claim them for the Credit for Qualifying Older Children. Learn more about the Child Tax Credit.

2. Credit for Qualifying Older Children

If your child is older than 17, you may be eligible for the Credit for Qualifying Older Children. The credit amounts are as follows:

• $925 for one qualifying child
• $2,100 for two qualifying children
• $2,500 for three or more qualifying children
  Learn more about the Credit for Qualifying Older Children.

3. Working Family Credit

The Working Family Credit provides financial relief for working families. This credit helps reduce state income taxes and may increase your refund, even if you don’t owe taxes. Families with income below a certain threshold are eligible.
Learn more about the Working Family Credit.

4. K-12 Credit and Subtraction

Parents can claim education-related expenses to help reduce their state income taxes:

• K-12 Credit: This credit provides a refund for qualifying education expenses.
• K-12 Subtraction: You can subtract educational expenses from your income, up to $1,625 per child (grades K-6) and $2,500 per child (grades 7-12).
  Learn more about K-12 Credit and Subtraction.

5. Property Tax Refund

Minnesota offers both a Homestead Credit Refund (for homeowners) and a Renter’s Property Tax Refund:

• Homeowners may be eligible if their property taxes exceed a certain percentage of their income.
• Renters can receive a refund based on their income and the amount they pay in rent.
  Learn more about the Property Tax Refund.

Make sure you take advantage of these tax credits to help support your family’s financial needs. Visit the Minnesota Department of Revenue website for more details or speak with your tax preparer to learn how to apply!