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How do I claim a 502CR student loan tax credit?

 
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3 Replies

How do I claim a 502CR student loan tax credit?

Maryland Form 502CR, Income Tax Credits will flow directly from the Federal tax form.  Turbo Tax software will automatically bring your information to state forms after it completes the Federal side.

 

From the FEDERAL TAXES tab, navigate to Deductions and Credits.  Choose "I'll decide what to work on," and scroll down to Education.  There, you'll find the section for Student Loan Interest Paid (Form 1098-T).

How do I claim a 502CR student loan tax credit?

Hello, 

 

  @ReneeM7122 I'm having the same issue and unfortunately this doesn't work. The state 502CR isn't related to the federal 1098-T form. There is seemingly no way to enter this information, without physically sending in a completed 502CR student loan tax credit in with my taxes.  Although, turbotax claims that a 502CR is available for e-file in MD https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_md_online_individual.html....

 

 

GloriaL
Expert Alumni

How do I claim a 502CR student loan tax credit?

To enter the information for the Student Loan Debt Relief Tax Credit on your Maryland Tax Return:

  1. Open or continue your return in TurboTax.
  2. Click on State.
  3. If your State return is already populated, a screen will show Status of your state returns. Click on Edit.
  4. In this area scroll down to Credits, Click Edit.
  5. Under Personal, home and family credits, scroll to Student Loan Debt Relief Credit, Click Start.
  6. Follow the onscreen instructions.

 

If you have not yet populated your Maryland return:

  1. Open or continue your return in TurboTax.
  2. Click on State.
  3. If your return is not populated, click on Add State, Choose Maryland, then follow the onscreen instructions.
  4. Once you get Take a look at Maryland credits, under Personal, home and family credits, scroll to Student Loan Debt Relief Credit, Click Start.
  5. Follow the onscreen instructions.

 

The Student Loan Debt Relief Tax Credit may be claimed by certain qualified taxpayers in the amount certified by the Maryland Higher Education Commission.

Note: A copy of the required certification from the Maryland Higher Education Commission must be included with Form 502CR.


For additional information on this credit: 
Maryland: Student Loan Debt Relief Credit

 

@Austin314

 

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