2016 Educational Opportunity Tax Credit - Loan Payment Schedule
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42016 Educational Opportunity Tax Credit - Loan Payment Schedule
for line 1 of the 2016 Educational Opportunity Tax Credit Worksheet
Your name: ____________________________________________________
Social security number: __________________
Complete this schedule to determine the amount of eligible education loan payment amounts that may be used to calculate your credit.
Include only eligible education loan amounts. See instructions.
If you were a part-year resident during the tax year, enter the dates you were a Maine resident:
from ____________________
, 2016
to ____________________ .
1.
Enter the number of months* during the tax year in which you met all of the following
(see instructions): ..................................................................................................................................1.
_________________
a) were a Maine resident,
b) worked in Maine (see instructions) or were deployed for military service in the U.S. Armed Forces,
or worked at least part-time on a vessel at sea, and
c) paid eligible education loan payments directly to the lender
*Count any part of a month as an entire month
2.
Consolidated loans. Are the eligible education loans you obtained to earn the degree
consolidated with other education loans? .............................................................................................. 2.
Yes
No
If yes, you must prorate your eligible loan payments. Complete lines 2a through 2c below.
If no, go to line 3 below.
Note: If your consolidated loan includes noneducational loans, you do not qualify for the educational opportunity tax credit.
a) Enter the amount of education loans obtained to earn the degree listed on page 1, line H that
are included in the total consolidated loan ....................................................................................2a.
_________________
b) Enter the total consolidated loan amount ......................................................................................2b.
_________________
c) Divide line 2a by line 2b ................................................................................................................. 2c.
___ . ___ ___ ___ ___
ELIGIBLE EDUCATION LOAN PAYMENTS paid directly to the lender
3.
For each month included on line 1 above, enter in Column A the benchmark loan payment amount (see instructions); enter in
Column B the sum of the loan payment amount(s) due each month multiplied by line 2c; enter in Column C the sum of your
eligible education loan payment amount(s) paid each month directly to the lender multiplied by line 2c; and enter in Column D the
smaller of the amounts in Column A, Column B or Column C.
COLUMN A
COLUMN B
COLUMN C
COLUMN D
FOR EACH MONTH
FOR EACH MONTH
FOR EACH MONTH
FOR EACH MONTH
ENTER THE
ENTER THE TOTAL
ENTER THE TOTAL
ENTER THE
BENCHMARK
LOAN PAYMENT
LOAN PAYMENT
SMALLER OF
MONTH DUE
LOAN PAYMENT
AMOUNT(S) DUE
AMOUNT(S) PAID
COLUMN A, B, OR C
a)
January .............................
$ ____________
$ _____________
$ ____________
$ _____________
b)
February ...........................
$ ____________
$ _____________
$ ____________
$ _____________
c)
March ................................
$ ____________
$ _____________
$ ____________
$ _____________
d)
April ..................................
$ ____________
$ _____________
$ ____________
$ _____________
e)
May ...................................
$ ____________
$ _____________
$ ____________
$ _____________
f)
June ..................................
$ ____________
$ _____________
$ ____________
$ _____________
g)
July ...................................
$ ____________
$ _____________
$ ____________
$ _____________
h)
August ..............................
$ ____________
$ _____________
$ ____________
$ _____________
i)
September ........................
$ ____________
$ _____________
$ ____________
$ _____________
j)
October .............................
$ ____________
$ _____________
$ ____________
$ _____________
k)
November .........................
$ ____________
$ _____________
$ ____________
$ _____________
l)
December .........................
$ ____________
$ _____________
$ ____________
$ _____________
TOTAL ELIGIBLE EDUCATION LOAN PAYMENTS. Add Column D, lines a through l above. Also
enter this amount on the Educational Opportunity Tax Credit Worksheet, line 1 ................................... 3. $ __________________
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