Form 5217-D - Educational Opportunity Tax Credit Worksheet - 2016 Page 4
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52016 Educational Opportunity Tax Credit Worksheet for
Maine Resident & Part-year Resident Individuals - Instructions, continued
SPECIFIC INSTRUCTIONS
Note that if you are claiming the credit for more than one degree you earned, you must complete a separate Educational
Opportunity Tax Credit Worksheet for each degree. Your benchmark loan payment amount and, if consolidated, your loan
amounts obtained for subsequent degrees earned may be prorated to refl ect the ratio of additional credit hours necessary to
earn the subsequent degree to the total number of credit hours required for the subsequent degree.
First, complete the Educational Opportunity Tax Credit - Loan Payment Schedule.
Line 1. Enter the number of months* during the tax year in which you met all of the following:
a)
were a resident of Maine;
b)
worked in Maine (see “Worked in Maine” note on page 3) or were a Maine resident deployed for military service in the
U.S. Armed Forces or were a Maine resident employed at least part-time on a vessel at sea; and
c)
paid eligible education loans directly to the lender.
*Count any part of a month as an entire month.
Example, if your tax year is the 2016 calendar year, you were a Maine resident for the entire year, you began making monthly
eligible education loan payments beginning July 2016, and you started working in Maine on August 1, 2016, you would enter ‘5’
on line 1. In this example, there were only fi ve months during the year (August – December) that you met all of the requirements.
Individuals unemployed during the entire Maine residency period do not qualify for the credit.
Line 2. Consolidated loans.You may include only loans obtained to earn the degree listed on the Educational Opportunity Tax Credit
Worksheet, line G. If your educational loans for this degree are consolidated with other eductional loans, complete lines 2a through 2c to
calculate the ratio of loans eligible for the credit. If you earned another degree that qualifi es for the credit, complete a separate worksheet
to calculate the additional credit.
Line 3. In Column A, for each month, enter the appropriate monthly benchmark loan payment from the table below.
The benchmark loan payment is
If you graduated in:
Associate degree
Bachelor’s degree
Graduate degree
2008
*
*
2009
*
*
2010
$72.00
$343.00
2011
$68.00
$344.00
2012
$65.00
$342.00
2013
$65.00
$356.00
2014
$66.00
$363.00
2015
$70.00
$377.00
2016
$70.00
$373.00
$325.00
* If you graduated in 2008 or 2009, the benchmark loan payment is the amount stated in the Opportunity Maine Contract you
signed with your college or university. If this is the fi rst time you are claiming the credit, include a copy of that contract with this
worksheet, or, if you do not have a copy of the contract, include a copy of a statement from your school’s fi nancial aid offi ce
stating the benchmark loan payment for the year in which you graduated.
In Column B, for each month, enter the monthly eligible education loan payment due during the tax year multiplied by the ratio on line 2c,
if applicable. The loan payment due is most likely the amount on your monthly payment voucher or electronic bill. Enter the total monthly
amount due, even if part of it was paid by someone else. Enter only the required amount due, excluding any accelerated payment.
In Column C, for each month, enter the monthly amount you paid toward your eligible education loan during the tax year multiplied by the
ratio on line 2c, if applicable. Do not include amounts paid by someone else.
Note – Columns B and C: Upon review of the credit claimed, Maine Revenue Services may ask you to provide documentation from each
lender showing the monthly payments due and the monthly payments made during your 2016 tax year.
In Column D, for each month, enter the smallest of Columns A, B and C. This is the monthly amount allowed toward the credit.
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