While filling state taxes, the maximum amount of total Qualified Student Loans i can input is 5000. However the total loan is much more than that. Is that a glitch
While filling state taxes, the maximum amount of total Qualified Student Loans i can input is 5000. However the total loan is much more than that. Is that a glitch
That is actually the rule for the credit - there is only a max of $5,000 original loan amount allowed to be used for the calculation. 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.
While filling state taxes, the maximum amount of total Qualified Student Loans i can input is 5000. However the total loan is much more than that. Is that a glitch
That is actually the rule for the credit - there is only a max of $5,000 original loan amount allowed to be used for the calculation. 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.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.