Is regarding MN Student Loan Credit?
To qualify, both of these must be true:
- You are a full-year or part-year Minnesota resident.
- You make payments on your own qualifying education loans during the tax year. For married couples, each spouse must have made payments on their own qualified loans.
You may not claim payments you made on someone else's loans or payments other individuals made on your loans.
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 filing a joint return.
2024 M1SLC, Student Loan Credit
In TurboTax :
- Open MN return and continue to the screen Minnesota Credits
- Scroll down to Student loan Credit.
The Credit is a nonrefundable credit. Nonrefundable tax credits can reduce the amount of tax you owe, but they do not increase your tax refund or create a tax refund when you wouldn't have already had one.
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