Maine Student Loan Repayment Tax Credit limit?

[lkell19]

I’m trying to add multiple lenders for the Maine SLRTC (I have 2 degrees and my spouse filing jointly has 1) and since the update to the form now only 2 lines can be entered?? Anyone know how to fix this or when the form will be updated? I’ve tried deleting browser data, using different browsers, deleting those forms and starting over…

[AmyC]

Since Schedule A line 4 is a total, I recommend you add your two loans together so you can enter a total for each of you.  See page 2 for the new rules this year.

[lkell19]

Even though they’re two different degrees (bachelor’s and graduate) from different years? 

[DaveF1006]

Yes, please read this faq sheet for the State of Maine regarding the SLRTC. According to the fact sheet, this same credit is available to Maine residents who obtained an associate, bachelor’s, or graduate degree after 2007 from an accredited Maine or non-Maine community college, college, or university. 

Unlike the federal return that offers the Lifetime Educational Credit or the American Opportunity Credit depending on whether you are a undergraduate or graduate student, Maine does not make this distinction. It's the same credit no matter if you are an undergraduate or graduate student.

In this context, AmyC is correct in suggesting that you add your two loans together so you can enter a total for each of you. 

@lkell19 

[lkell19]

Unfortunately that won’t work because I’ve talked to Maine Revenue Service and they confirmed that only one worksheet should be used per degree, so I can’t combine two degrees into one without it likely being rejected again. The worksheet does make the distinction between associate’s, bachelor’s, and graduate degrees.  Looks like this is a technical issue that TurboTax needs to fix? 

[BrittanyS]

Per the Maine Department of Revenue, for an individual to be able to claim the credit twice, you have to meet a few qualifications:

• If the loan is for the same degree, you can only claim up to $2,500 or $3,500 for STEM.  Do not exceed the qualified amount 
• You can only claim the credit twice if you have a double major with different courses.

When entering into TurboTax, you will only list both degrees if the amount is less than the allowable credit.  If one degree exceeds the permissible credit, you will only list one degree for yourself; on the second line, you will list the information for your spouse.  If neither degree exceeds the allowable amount, please respond to this thread with additional information:

@lkell19