I'm trying to enter in my student loan credit information. I believe my loans are qualified but I am having a hard time finding the numbers they are wanting me to ender. The amount paid, and I am confused on what it means when it asks "enter the total number of qualified student loans used to pay for your post secondary education, enter the original loan balances, not the remainder balances." Where are these numbers are they looking for?
I'm assuming you are filling out the MN student loan credit information. They are asking for the amount you actually took out in loans to pay for school. So, if you took out a $10,000 loan 5 years ago and have been paying it since then - they are asking for the $10,000 number - not what you have paid or how much left.
BUT - there is a $5,000 max original loan amount for that credit anyways - so if you know you had more than that in original loans, you can just enter $5,000.
I'm assuming you are filling out the MN student loan credit information. They are asking for the amount you actually took out in loans to pay for school. So, if you took out a $10,000 loan 5 years ago and have been paying it since then - they are asking for the $10,000 number - not what you have paid or how much left.
BUT - there is a $5,000 max original loan amount for that credit anyways - so if you know you had more than that in original loans, you can just enter $5,000.
There's a flaw with Turbotax as it will only allow you to put in $5,000, even if your total loans were $35,000.00
@mabtxmn Its not a flaw. Its actually the rule for the credit. The applicable MN form only allows you to enter a maximum of $5,000. If you take a look at the form and follow the calculations, then you can see Line 11 mentions the $5,000 maximum directly on the form.
<a rel="nofollow" target="_blank" href="https://www.revenue.state.mn.us/Forms_and_Instructions/m1slc_18.pdf">https://www.revenue.state.mn.us/Forms_and_Instructions/m1slc_18.pdf</a>
This should allow the total to be entered in the field or a box to indicate the total was over $5k even if the calculation only uses the first $5k. Not allowing the total to be entered is essentially falsifying information on your taxes.
I also entered the same as other users - 5000 and 5000. either way says error. I've never had this trouble before. I'd go on Chat with an Expert, but it doesn't say if there is a cost, or not. Thanks to anyone who knows how to get past this.
Once your income is too high for the credit, the program fails during the review without letting you know the reason. Delete the M1SLC in order to file your return.
Here is the form.
Choose your method of deletion: