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drpepper026
New Member

There is a question on the MN State Tax Return that allows a max of $5k for original student loan balance. My original balance was more. How best to contact TurboTax?

 
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AnthonyC
Level 7

There is a question on the MN State Tax Return that allows a max of $5k for original student loan balance. My original balance was more. How best to contact TurboTax?

That is the rule for the credit - there is only a max of $5,000 original loan amount allowed.  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.

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2 Replies
AnthonyC
Level 7

There is a question on the MN State Tax Return that allows a max of $5k for original student loan balance. My original balance was more. How best to contact TurboTax?

That is the rule for the credit - there is only a max of $5,000 original loan amount allowed.  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.

View solution in original post

drpepper026
New Member

There is a question on the MN State Tax Return that allows a max of $5k for original student loan balance. My original balance was more. How best to contact TurboTax?

Thank you!
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