Maine Educational Opportunity Tax Credit Worksheet - 2015 Page 3
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42015 Educational Opportunity Tax Credit Worksheet for
Maine Resident & Part-year Resident Individuals - Instructions, continued
SPECIFIC INSTRUCTIONS
Line C. If your degree is an approved degree in science, technology, engineering or mathematics (“STEM”), check the STEM degree box.
A list of approved STEM degrees is available on the MRS website at
Line 1. Enter the appropriate monthly benchmark loan payment from the table below:
The benchmark loan payment is
If you graduated in:
Associate’s degree
Bachelor’s 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
* 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.
Line 2. Enter the monthly eligible education loan payment due during the 2015 tax year. This 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.
Line 3. Enter the monthly amount you paid toward your eligible education loan during the year. Do not include amounts paid by someone
else.
Note – Lines 2 and 3: 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 2015 tax year.
Line 4. Enter the smallest of lines 1, 2 and 3. This is the monthly amount allowed toward the credit.
Line 5. Eligible education loan payments include only those payments made by you during your 2015 tax year while you were a resident
of Maine working in Maine or were a Maine resident deployed for military service in the U.S. Armed Forces. Individuals unemployed
during the entire Maine residency period do not qualify for the credit. A self-employed person may be eligible for the credit for educational
opportunity for individuals and/or the credit for employers if the self-employed person had employees during the tax year. For more
information on the employer credit, see the Credit for Educational Opportunity Worksheet for Employers.
Enter on line 5a the number of months during the 2015 tax year you were a Maine resident. With respect to the months on line 5a, enter
on line 5b the number of months you worked in Maine or were deployed for military service. With respect to the months on line 5b, enter
on line 5c the number of months you made eligible education loan payments. For example, if your tax year is the 2015 calendar year,
you were a Maine resident for the entire year 2015, you started working in Maine on August 1, 2015 and made six eligible education loan
payments beginning July 2015, you would enter 12 on line 5a, 5 on line 5b and 5 on line 5c. In this example, there were only fi ve months
during the year (August – December) that you met all of the requirements.
Line 7. Enter the number of credit hours you earned toward your degree after 2007. If you started school after 2007, skip lines 7, 8
and 9 and enter on line 10 the amount from line 6.
Line 8. Enter the total number of credit hours earned toward your degree. This number should be included on your transcript.
Line 9. Divide line 7 by line 8. This is the portion of your degree earned after 2007 and is the basis for your credit.
Line 10. Multiply line 6 by the ratio on line 9. If you started school after 2007, enter on line 10 the amount from line 6. This is the
gross amount of the credit for eligible payments you made during your 2015 tax year.
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