Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 2, 2024 8:36:43 AM

How do I report a TurboTax Error in a State Tax Credit?

The "Credit for Student Loan Repayment - Degree Information" section of the Maine Tax return does not appear to account for degree level in its calculations(Associates/Bachelors/Masters).

In previous years, I filled out worksheet through Maine.gov and added it into TurboTax. Then and now per [https://www.maine.gov/revenue/faq/educational-opportunity-tax-credit] the credit was limited to the lesser of [monthly payments], [monthly owed by loan agency], [monthly benchmark].

Presently, if a 2014 Associates graduate fills out the Eligible payments as directed, it appears the Bachelor degree benchmark governs the credit, resulting in a 300/month over credit.

0 1 1887
1 Replies
Expert Alumni
Mar 8, 2024 11:03:52 AM

You are correct. The Maine student loans area does require you to be knowledgeable, as the question asks for you to enter the eligible amount. Great job noticing and knowing the laws!