1. As a resident making payments, you meet the initial criteria to file Schedule M1SLC, Student Loan Credit.
Student Loan Credit states:
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.
2. The instructions say: Total amount you paid toward your own qualified education loans in 2024. Do not include amounts you paid toward another individual’s loans. The maximum credit is $500 per person and you have certainly exceeded that amount in your payments.
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