Fillable Schedule M1slc - Minnesota Student Loan Credit

2017 Schedule M1SLC Instructions

to pay for postsecondary education for each

Am I eligible?

Line 11

spouse, enter the amount you paid towards

You may be eligible for the Student Loan

Your credit is limited to $500 or the least of

each spouse’s loans in the appropriate col-

Credit if you made eligible loan payments

line 5, line 6, or line 10. If you enter more

umn.

toward your own qualified education loans

than $500 on this line, your return may be

during the year. You may qualify if both of

delayed.

Example: You paid $3,000 towards loans

the following are true:

taken out to pay for your postsecondary

Line 14

education and $2,500 towards your spouse’s

• You have taxable earned income

Full-year Minnesota residents enter the

loans. You will enter $3,000 in column A,

• You made payments toward your own

amount from line 13 on line 14.

and $2,500 in column B.

qualified education loans

Part-year Minnesota residents not filing a

Line 2

What is a qualifying education loan?

joint return, multiply the amount from line 13

Enter your federal adjusted gross income

Qualified education loans include loans

by line 25 of Schedule M1NR.

(FAGI) from your 2017 federal return. If you

used for the cost of attendance at an eligible

If you are married filing a joint return and

did not file a 2017 federal return, obtain a fed-

postsecondary college or university. This

you or your spouse were a part-year resident,

eral return and instructions to determine what

does not include loans from a relative or a

complete a separate Schedule M1NR for each

your FAGI would have been.

qualified employer plan.

spouse who qualifies for this credit and was

If you are married and filing a joint return, en-

Can I take the credit if I pay someone

a part-year resident. Use only that spouse’s

ter your joint FAGI in column A and column

else’s loan?

income on the Schedule M1NR you are

No. You may only qualify for the credit

preparing for that individual. Use the separate

Line 6

based on your eligible payments towards

Schedules M1NR to complete the worksheet

Enter your total earned income from 2017.

your qualified education loans.

below.

This amount is the total of your wages,

Do I need proof?

salaries, tips, and other employee compensa-

Questions?

Yes. Save canceled checks and/or keep a

tion reported in box 1 of federal Form W-2

Forms and information are available on our

detailed record from the institution to which

plus the amount of your net earnings from

website at

you make payments for your qualified loans.

self-employment.

We may ask you to show these records if we

If you have questions:

Line 7

have questions.

• Visit our website at

Enter the total amount of qualified educa-

Line Instructions

and enter

tion loans taken out for your education.

Student Loan in the Search box

Round amounts to the nearest whole dollar.

This is the original amount of your qualified

education loans, including amounts that were

• Send us an email at

Line 1

previously paid and amounts not yet paid.

individual.incometax@state.mn.us

Enter the amount you paid in 2017 towards

Do not include loans taken out for someone

qualified education loans that were taken

• Call us at 651-296-3781 or

else’s college education expenses.

out to pay for your postsecondary educa-

1-800-652-9094

tion. This includes payments made towards

principal and interest.

If you are married and filing a joint return

and made payments towards loans taken out

Worksheet for Line 14 — Married Part-Year Resident(s) Filing Joint

Taxpayer

Spouse

1 Enter the amount from line 13 . . . . . . . . . . . . . . . . . . . . . . . . .

2 Enter the amount from line 25 of the separate

Schedule M1NR prepared using

only that individual’s income.

Do not enter more than 1.00000.

If you are a full-year resident, enter 1.00000 . . . . . . . . . . . . .

3 Multiply step 1 by step 2. Enter the result here

and on line 14 in the appropriate column . . . . . . . . . . . . . . . .

Schedule M1slc - Minnesota Student Loan Credit - 2017 Page 2

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