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Commonly Missed Items on Tax Returns

Minnesota K-12 Education Expenses: Minnesota allows a subtraction of up to $1,625 per child for K-6 school expenses and $2,500 per child for grades 7-12.

College Savings Plan: Minnesota allows up to a $3,000 deduction per family if you contribute to a 529 college savings plan. Someone other than the parent can take advantage of this deduction as well.

Non-Cash Donations: Since many organizations only give blank receipts when donations are dropped off, make a list of items before you donate them and attach the receipt to it.

Minnesota Charitable Donation Deduction: Even if you don't itemize on your federal return, MN allows you a deduction for charitable contributions > $500.

Property Tax Deduction-if you received a property tax refund for the prior year, be sure to subtract this from your current year deduction.

Roth Contributions: If your income is too high to contribute to a Roth IRA, consider contributing to a "nondeductible" IRA and then convert it to a Roth.  There is a special tax rule that allows this.


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