Credit For Educational Opportunity Worksheet For Employers - 2013

2013 CREDIT FOR EDUCATIONAL OPPORTUNITY WORKSHEET

FOR EMPLOYERS 36 M.R.S.A. § 5217-D

Employer name: _______________________________________________________

EIN: _____________________

A. Qualifi ed Employee name: _________________________________________

B. Check the type of degree employee received: ___ Bachelor’s ___ Associate

Date of graduation: ___/___/_____

C. Location at which qualifi ed employee worked: ___________________________________________________________

1. Enter the monthly benchmark loan payment (see instructions) ..................................................................... 1. $ _________________

2. Enter the monthly eligible education loan payment due during employer's 2013 tax year........................... 2. $ _________________

3. Enter the monthly eligible education loan payment amount paid by you and the employee during your 2013 tax year ..3. $ __________________

4. Enter the smallest of lines 1, 2 and 3 ................................................................................................................ 4. $ _________________

5. a. Enter the number of months * during your tax year the employee was a Maine resident ............................. 5a.

_________________

b. With respect to the months on line a, enter the number of months * the employee worked for an

employer located in Maine or was deployed for military service in the U.S.Armed Forces ........................... 5b.

_________________

c. With respect to the months on line b, enter the number of months * you and the employee made eligible

education loan payments .............................................................................................................................. 5c.

_________________

* Count any part of a month as a whole month.

6. Gross Credit. Multiply line 4 by line 5c ............................................................................................................. 6. $ _________________

7. a. Enter the eligible education loan amount you paid directly to the lender during your tax year, excluding

any amount exceeding the amount due ..................................................................................................

7a. $ _________________

b. Enter the total eligible education loan amount paid during your tax year by you and the

employee, excluding any amount exceeding the amount due ..................................................................

7b. $ _________________

c. Divide line 7a by line 7b and enter the result here………………………… .................................................

7c.

__ . __ __ __ __

8. Modifi ed gross credit. Multiply line 6 by line 7c .................................................................................................. 8. $ _________________

Note: If all credit hours for the employee's degree were earned after 2007, skip lines 9, 10 and 11

and enter the amount from line 8 on line 12.

9. Enter the number of credit hours earned toward the degree after December 31, 2007 .................................

9.

_________________

10. Enter the total number of credit hours earned toward the degree ..................................................................

10.

_________________

11. Divide line 9 by line 10 ..................................................................................................................................

11.

__ . __ __ __ __

12. If you completed lines 9, 10 and 11, multiply line 8 by line 11. Otherwise, enter the amount from line 8 ....... 12. $ _________________

13. If the employee worked for you full time (at least 32 hrs/wk) , enter 1.0 (see instructions) ............................

13.

__ . __

If the employee worked for you part-time (at least 16 hrs/wk), enter 0.5.

14. Credit amount. Multipy line 12 by line 13.......................................................................................................

14. $ _________________

15. Enter the carryforward of unused credit amount from 2012 ..........................................................................

15. $ _________________

16. Total credit available (line 14 plus line 15). C corporations: Add the line 16 amounts of all

worksheets completed and enter the total on Form 1120ME, Schedule C, line 29l.

Sole proprietors: Add the line 16 amounts of all worksheets completed and enter the total

on Form 1040ME, Schedule A, line 10.

Pass-through entities: Enter the result here and see instructions for reporting amounts to owners ..........

16. $ ________________

Unused credit amounts on line 14 may be carried forward to future tax years for up to 10 years. See instructions.

IMPORTANT - Maine Revenue Services may request supporting documentation, including, but not limited to, the following: copy of

college transcript, proof of the educational loans that qualify for the credit, proof of the educational loan payments made by you or

your employee during the tax year.

Rev. 2/14