Minnesota Assignment of Income Tax Refunds

Assignment of Income Tax Refunds
2023 Form M1EDA
2023 Form M1EDA, Assignment of Income Tax Refunds
Read the instructions before completing.

THIS ASSIGNMENT IS FINAL. Once it is signed, it stays in effect until the loan amount is paid in full or your lender cancels it.

Taxpayer
Information

Taxpayers, complete this section. If you are married and file jointly, your spouse must also sign this form.
Your Last Name 	

First Name, MI		

Social Security Number/ITIN

Spouse’s Last Name (If Filing Jointly)	

First Name, MI		

Spouse’s Social Security Number/ITIN

Address	

City	

State 	

ZIP Code 	

Daytime Phone Number

				
Number of Children Qualifying for the 2023 K-12 Education Credit			

Previous Year Household Income (See Instructions)

Financial Institution or Organization (Assignee), complete this section.
Assignee Information

Name of Financial Institution or 501(c)(3) Organization			
City	

Address	

State 	

ZIP Code 	

Minnesota Tax ID Number/FEIN
Contact Person			

Daytime Phone Number

			
						

1 Total amount of loan issued (from the product list on the back of this form)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 1
2 Total number of children qualifying for 2023 K-12 Education Credit (from above)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 2
3 Multiply line 2 by $1000 .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 3

Taxpayers Sign Here

Assignee
Sign Here

4 Enter the lesser of lines 1 or 3 (this is the amout of your assigned refund) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 4

On behalf of the financial institution or qualifying organization, I have verified that the products or services to be provided by a third-party
vendor have been certified by the Commissioner of Education as qualifying for the K-12 Education Credit.
Name of Loan Officer or Authorized Representative	

Signature of Loan Officer or Authorized Representative	

Date

Taxpayers — Read and Sign Here
I assign my income tax refund for this tax year, and future tax refunds if necessary, directly to the financial institution or organization until
the loan is repaid. I understand that this assignment is final. If married, I understand that my spouse and I are both responsible for the
loan if we separate or divorce.
Taxpayer’s Signature	

Date	

Spouse’s Signature (If Filing Jointly)	

Date

Mail to: 	
	
	
	

Minnesota Department of Revenue
Mail Station 4122
600 N. Robert St.
St. Paul, MN 55146

This form is formerly known as Form M300.

Form M1EDA Product List
Name of Financial Institution or 501(c)(3) Organization			

Minnesota Tax ID Number/FEIN

Assignee: Based on the loan agreement, list all vendors and products or services intended to be provided. Attach additional documentation if more room is needed.
Vendor	

MDE Approved Product or Service			

Cost		

Instructions for Form M1EDA
Financial institutions and tax-exempt organizations can lend money to you for K-12 education expenses. You can then assign your future
income tax refunds to them to secure the loan. To do so, all of the following must be true:
•	 you are a current Minnesota resident
Save Your Receipts!
•	 you have a child in grades K-12 in the current tax year
Save your receipts, or keep a
•	 you met the income requirements for the Minnesota K-12 Education Credit last year
detailed record of your payments for
education related expenses. We may
You can only assign your individual income tax refunds. Property tax refunds, lottery winnings,
ask you to show these records if we
and political campaign refunds cannot be assigned.
have questions.

Due Dates

You must file this authorization by December 31, 2023.

Instructions for Taxpayers

You must:
•	 Complete the top portion of the form.
•	 Include your Social Security Number. If you are married and filing jointly, you must also include your spouse’s Social Security Number.
•	 Sign the bottom of this form. If you are married and filing jointly, your spouse must also sign this form.
This loan can only be used to buy educational materials or services that qualify for the Minnesota K-12 Education Credit.
Generally, to qualify for the credit, you must have one or more children in grades K‑12, have a household income under the limits below, and
must be buying qualifying educational materials or services to aid in the child’s K‑12 education.
If your total number of qualifying children in K-12 is: your household income must be less than:
1 or 2

$37,500

3

$39,500

More than 3

$39,500 plus $2,000 for each additional child

To find out more about eligibility requirements, visit www.revenue.state.mn.us and enter K-12 into the Search box.
Be sure you understand this agreement before you sign.
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Any future income tax refunds will be issued to the assignee instead of you until this loan is repaid.
If a refund is more than the unpaid loan balance, you will receive the remaining refund amount after the loan is paid.
If you are married, and you and your spouse separate or divorce, you are both responsible for the loan.
This assignment is final. Once it is signed, it stays in effect until the loan amount is paid in full or the assignee cancels it. If there is a
dispute between you and the assignee, your only recourse is to bring action against the assignee in court to recover the refund.

We will notify you each time a refund is issued to the assignee. The notice will include the amount of the refund.

Instructions For Financial Institution or Organization (Assignee)
Complete the bottom portion of the form.

The amount of the assignment cannot exceed the maximum allowable credit, and can include only those amounts that are paid directly to the
individuals or businesses from whom the educational materials or services are purchased. Do not include in the assignment amount any interest, other fees, or educational materials and services purchased from the assignee.

Use of Information

The information you enter on this assignment form is private under state law. We may provide this information to the financial institution or
501(c)(3) organization named on this form, and to certain other government entities, if allowed by law. We use this information to help determine your eligibility for the K-12 Education Credit. Participation in this program is voluntary. You are not required to provide the information
requested, however, we are unable to process the assignment unless the form is complete.

Forms and Information

•	 Website: www.revenue.state.mn.us
•	 Email: [email protected]
•	 Phone: 651-296-3781 or 1-800-652-9094