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I believe I am eligible for the M1SLC MN Student loan credit but it is not showing up on my return. is there a glitch?

 
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1 Best answer

Accepted Solutions
NicolleR1
Employee Tax Expert

I believe I am eligible for the M1SLC MN Student loan credit but it is not showing up on my return. is there a glitch?

Make sure that you qualify for this credit. If your income is too high to qualify, the software won't populate the M1SLC Form. Some of the requirements to be eligible for the MN Student Loan Credit are:

 

  • Need to be a full year or part-year resident of MN
  • Made payments on your own qualifying education loan
  • You also need to meet the income requirement (if your income exceeds the Adjusted Gross Income limit, you won't qualify)

For more information about the credit, check on the link below

 

https://www.revenue.state.mn.us/student-loan-credit

 

To check on the Income limit, click below

 

https://www.house.mn.gov/hrd/pubs/ss/ssstloancred.pdf


See the guidance below to get to this section in TurboTax:

  • Open your Minnesota return section and continue until you reach the screen for Minnesota Credits
  • Scroll down to Student Loan Credit. 

View solution in original post

2 Replies
NicolleR1
Employee Tax Expert

I believe I am eligible for the M1SLC MN Student loan credit but it is not showing up on my return. is there a glitch?

Make sure that you qualify for this credit. If your income is too high to qualify, the software won't populate the M1SLC Form. Some of the requirements to be eligible for the MN Student Loan Credit are:

 

  • Need to be a full year or part-year resident of MN
  • Made payments on your own qualifying education loan
  • You also need to meet the income requirement (if your income exceeds the Adjusted Gross Income limit, you won't qualify)

For more information about the credit, check on the link below

 

https://www.revenue.state.mn.us/student-loan-credit

 

To check on the Income limit, click below

 

https://www.house.mn.gov/hrd/pubs/ss/ssstloancred.pdf


See the guidance below to get to this section in TurboTax:

  • Open your Minnesota return section and continue until you reach the screen for Minnesota Credits
  • Scroll down to Student Loan Credit. 

I believe I am eligible for the M1SLC MN Student loan credit but it is not showing up on my return. is there a glitch?

Thanks for your help. I never received a confirmation from turbo tax that I was not eligible so after running through the manual numbers, I got the clarity I needed.

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