Maine Educational Opportunity Tax Credit Worksheet

2015 Educational Opportunity Tax Credit Worksheet for

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

Line 11. Adjustment for transferring students. If you began your college studies out-of-state after 2007 and transferred to a Maine

college after December 31, 2012 and earned no more than 30 credits toward your degree out-of state, you may still be eligible for a limited

income tax credit. If you earned up to 30 credits at an accredited non-Maine community college, college or university before transferring

to an accredited Maine community college, college or university, enter 0.75 on this line if you earned a bachelor’s degree or 0.50 if you

earned an associate’s degree. If you earned all credits in Maine, enter 1.00.

Line 12. Current year credit. Complete line 12a if line C is checked (your degree is an approved STEM degree) and enter the result

on Form 1040ME, Schedule A, line 3. This amount is fully refundable. Complete line 12b if line C is not checked (your degree is not

an approved STEM degree).

Line 13. Carryforward of unused credit from 2014. Enter the amount of any unused credit from tax year 2014. This would be the

unused credit amount included on your 2014 credit worksheet, line 14. If this is the ﬁ rst year you are claiming the credit, enter zero. If

line C is checked, also enter this amount on Form 1040ME, Schedule A, line 11. This amount of the credit is not refundable. If line C

is not checked, go to line 14.

Line 14. If line C is not checked, add lines 12b and 13 and enter the total on line 14 and on Form 1040ME, Schedule A, line 11. This

credit amount is not refundable.

Carryforward of unused credits. The credit amount on line 12b that you cannot use this year may be carried forward to future tax years

for up to 10 years. You may also carry forward the amount on line 13 that you cannot use this year, as long as the carryforward year is

within 10 years following the year the credit was calculated. Keep a record of the unused credit amount available for future tax years.

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):

•

a 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 monthly student loan payment required to be made; and,

•

the actual monthly student loan payment amounts.

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.

Maine Educational Opportunity Tax Credit Worksheet - 2015 Page 4