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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.
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.
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March 2, 2024
8:36 AM