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Anonymous
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Maine State Education Opportunity Tax Credit Qualifications

I'm seeking to better understand the qualifications for the Maine student loan tax credit opportunity. I received a bachelors degree from a non-Maine accredited college in 2016, have lived and worked in Maine for over two years and have a month student loan payment. According to maine.gov (https://www.maine.gov/revenue/taxrelief/ed_opp_credit.htm) one of the qualifiers is stated as someone who received "An associate or bachelor's degree from an accredited Maine or non-Maine college or university after 2015". 

 

Am I eligible for the tax credit, and if so, am I eligible for all four years of my loans or only my 2016 year? 

 

Thank you!

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1 Reply
JohnB5677
Expert Alumni

Maine State Education Opportunity Tax Credit Qualifications

It does sound like you may qualify for the Maine credit.  It states that it is "non-refundable".  That means you can only get up to the amount you owe for taxes; however, you can carry it forward for 10 years.  

 

You will have to apply for this credit outside of your tax return.  Here are the links to the forms.

 

Credit for Educational Opportunity -- Individuals

Credit for Educational Opportunity -- Employers

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