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I didn't qualify for the student loan interest deduction on my federal return, based on my income, my question is this..can I get the student loan credit on my MN return?
I am currently paying a student loan for my son which is in my name, when filing my STATE return, it instructs you to " enter the amount paid towards qualified student loans in 2017", including payments made towards principal and interest. I understand this as the total amount of all the payments towards the loan I made in 2017, Is this correct?
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I didn't qualify for the student loan interest deduction on my federal return, based on my income, my question is this..can I get the student loan credit on my MN return?
Yes, beginning
in tax year 2017, Minnesota residents who make payments on their own
postsecondary education loans may qualify for a nonrefundable credit. You may qualify if you are a full-year or part-year Minnesota
resident who makes payments on your own qualifying education loans
during the tax year.
The credit amount depends on your income, loan payments, and
original loan amount. The maximum credit is $500 each year or $1,000 for
married couples who file a joint return (if both spouses made payments
on qualified loans).
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I didn't qualify for the student loan interest deduction on my federal return, based on my income, my question is this..can I get the student loan credit on my MN return?
sounds like the key words here are "YOUR OWN", I'm trying to clarify if I can get the credit even though i'm paying the loan which was for my son going to school, the loan is in my name
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