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Level 1
June 3, 2019
Question

Enter the total amount of qualified student loans used to pay for postsecondary education. What is this q asking? If it's total $ loaned, can't enter an amount > $5000

  • June 3, 2019
  • 1 reply
  • 16 views
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1 reply

Level 12
June 3, 2019

It's asking for the total original amounts of the loans - but the maximum you can put is $5,000 (even if you have more)

And, its because that is actually the rule for the credit - there is only a max of $5,000 original loan amount allowed to be used for the calculation.  The maximum amount of the actual credit is $500.  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.