Solved: 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
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saketshrm
New Member

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

 
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AnthonyC
Level 7

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.

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AnthonyC
Level 7

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.

View solution in original post

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