2016 Educational Opportunity Tax Credit- Loan Payment Schedule

[kaylamb87]

I am eligible for a tax credit because I am a Maine resident paying education loan payments on loans obtained to earn an undergraduate degree from an accredited Maine University. I cannot figure out where to enter this on Turbotax. Can you help me?

[LindaA]

Use the Credit for Educational Opportunity Worksheet for Individuals available at www.maine.gov/revenue (select Worksheets for Tax Credits) to calculate the refundable and nonrefundable credit amounts. Then you can enter this information in the Other Taxes and Tax Credits section of the Maine state interview.

To enter the amounts for the Maine Credit for Educational Opportunity in TurboTax:

• Open (continue) your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
• Click the State Taxes tab (upper center of your screen).
• Let's get your state taxes done right. Click Continue.
• Under Status of your state returns, click Start/Edit/Continue next to Maine.
• Continue answering the questions in the state tax interview. Several screens in, you'll reach the Other Taxes and Tax Credits screen. Click Continue. (Click the screenshot below to enlarge it for reference.)
• Again, continue answering the questions. Several screens in, you'll reach the Credit for Educational Opportunity screen, where you may enter the Refundable Credit Amount and Non Refundable Credit Amount. (Click the second screenshot below for reference.)

Note: If using the TurboTax CD/Download software, you'll use the Find function (instead of "My Account") to search for the topic.