Form 5217-D - Educational Opportunity Tax Credit Worksheet

2016 Educational Opportunity Tax Credit Worksheet for

Maine Resident & Part-year Resident Individuals - Instructions, continued

Next, complete the Educational Opportunity Tax Credit Worksheet as instructed below:

Degree information. Check line A, B, or C to indicate the type of degree you received. If you have earned more than one degree,

complete a separate Worksheet for each degree.

Line D. Check this box if you checked line A and your bachelor’s degree is an approved degree in science, technology, engineering or

mathematics (“STEM”). A list of approved Maine STEM degrees is available on the MRS website at

Line 1. Enter on line 1 the amount from the Educational Opportunity Tax Credit - Loan Payment Schedule, line 3 (see instructions on

page 4).

If you earned all credit hours for your degree after 2007, skip lines 2, 3 and 4 and go to line 5.

Line 2. Enter the number of credit hours you earned toward your degree after 2007. If you started school after 2007, skip lines 2, 3 and

4 and enter on line 5 the amount from line 1.

Line 3. Enter the total number of credit hours earned toward your degree. This number should be included on your transcript.

Line 4. Divide line 2 by line 3. This is the portion of your degree earned after 2007 and is the basis for your credit.

Line 5. Current year credit. Multiply line 1 by the ratio on line 4. If you started school after 2007, enter on line 5 the amount from line 1.

This is the gross amount of the credit for eligible payments you made during your 2016 tax year.

Line 5a. If either line B or line D is checked, enter the amount from Line 5 on line 5a. Also enter this amunt on Form 1040ME, Schedule

A, line 4. The credit on this line is refundable.

Line 5b. If neither line B nor line D is checked, enter the amount from Line 5 on line 5b.

Line 6. Carryforward of unused credit from prior years. Enter the amount of any unused credit from prior tax years not exceeding the

10-year carryforward limit. For 2016, this is the unused credit amount included on your 2015 credit worksheet, line 14. If this is the ﬁ rst

year you are claiming the credit, enter zero.

Line 7. Add line 5b and line 6. The credit on this line is not refundable; however, you may carryforward unused portions of the tax credit

for up to 10 years from the tax year the credit amount ﬁ rst became available.

SUPPORTING DOCUMENTATION. In the ﬁ rst year a taxpayer claims the credit, MRS requires the following documents be included with

your Maine individual income tax return (Form 1040ME) and completed Educational Opportunity Tax Credit Worksheet:

•

a complete copy of the college transcript that lists the name of the degree obtained, classes completed and when completed;

•

documentation of the educational loans that qualify for the credit, including the monthly student loan payment required to be

made; and,

•

the actual monthly student loan payment amounts paid during the tax year.

Once these facts are supported in the ﬁ rst year, documentation on these items will generally not again be required by MRS in future years.

However, documentation may be requested after the ﬁ rst year related to actual loan payments made during the year and on employment

status.

Form 5217-D - Educational Opportunity Tax Credit Worksheet - 2016 Page 5