The max income, according to the form on MN's site, would be an AGI of $60,000. At that income, box 3 = $50,000, box 4 = $5,000, and box 5 = $0. I had the same issue with TurboTax not catching that I didn't qualify. Used Amy's method to delete the form and submit.
https://www.revenue.state.mn.us/sites/default/files/2021-12/m1slc_21.pdf
Correction, that response is only true for me, because I paid $5,000. The max income is 10x what you paid, plus $10,000. So if you paid $10,000 in student loan payments, the max income should be $110,000 (F-AGI). If you only paid $2,000 (maybe because payments have been suspended), then you won't earn the credit if you made over $30,000 (F-AGI).
For future reference, if you're scheduled to pay $500 per month and there are no weird COVID exceptions, then you'd end up paying $6,000 a year. That means as long as your AGI is $70,000 or less, you'd earn some sort of credit. The best way to make sure you get the max credit is to pay up. My F-AGI was $72k, so in order for me to have earned the $500 credit, I needed to pay $6,700 in 2021. In order to earn ANY credit, I needed to pay at least $6,201 (for a $1 credit). I paid $5,000, so I didn't qualify. Bummer!
Line 1: $6,700
Line 2: $72k
Line 3: $62k (Line 2 - $10,000)
Line 4: $6,200 (Line 3 * 0.1)
Line 5: $500 (Line 1 - Line 4)
Line 6: $72k (estimated)
Line 7: $5,000
Line 8: $500 (Line 7 * 0.1)
Line 9: $15
Line 10: $515 (Line 8 + Line 9)
Line 11: $500 (Lesser of 5, 6, 10)
Line 12: $500
Line 13: $500 (Lesser of 11, 12)
Line 14: $500
Line 15: $500 (credit earned)
