Educational Opportunity Tax Credit Worksheet For Employers - 2015
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12015 Educational Opportunity Tax Credit Worksheet
for Employers (36 M.R.S. § 5217-D)
Employer name: ________________________________________
EIN: _________________________
A. Qualifi ed Employee name: _____________________________
B.
Check the type of degree employee received: ___ Bachelor’s ___ Associate's
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 2015 tax year ..............................2.
$ ______________________
3.
Enter the monthly eligible education loan payment amount paid by you and the employee
during your 2015 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 5a, enter the number of months* the employee worked in Maine or was
deployed for military service in the U.S. Armed Forces (see page 2 for a defi nition of "worked in Maine") ...5b.
______________________
c. With respect to the months on line 5b, 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. Multiply line 12 by line 13 ...........................................................................................................14.
$ ______________________
15. Enter the carryforward of unused credit amount from 2014 ................................................................................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 11.
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. 12/15
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