Credit For Educational Opportunity Worksheet For Individuals For Tax Year 2010 Page 3
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CREDIT FOR EDUCATIONAL OPPORTUNITY
WORKSHEET INSTRUCTIONS FOR INDIVIDUALS
SPECIFIC INSTRUCTIONS-CONTINUED
If your employer made eligible loan payments on your behalf during your tax year, enter employer name and EIN
(employer identifi cation number) in the spaces provided. Your employer’s EIN should be located on your Form
W-2.
Line 1. Enter the appropriate monthly benchmark loan payment amount as follows:
If you graduated in:
and the degree you received was:
Associate Degree
Bachelor’s Degree
the benchmark loan payment amount is:
2008
*
*
2009
*
*
2010
$72.00
$343.00
* The benchmark loan payment amount is the amount stated in the Opportunity Maine Contract
you signed with your college or university. Attach a copy of the contract when claiming the credit.
If you do not have a copy of the contract, attach a copy of a statement from the fi nancial aide
offi ce indicating the benchmark loan payment amount for the year during which you graduated.
Line 2. Enter the lesser of the following: a) the monthly eligible education loan payment amount due during your tax year
beginning in 2010 (the amount required to be paid to the lender each month, even if less or more than what was actually
paid, and regardless of whether you, your employer or anyone else paid the amount); or, b) the monthly amount of eligible
education loan payments actually made during your tax year by you, your employer and/or anyone else. To support
amounts entered on this line, provide documentation from each lender showing the monthly payments due and the
monthly payments actually made during your tax year beginning in 2010.
Line 4. With respect to that period of the tax year you were a resident of Maine working for an employer located in Maine,
enter the number of months you, your employer and/or anyone else made eligible education loan payments. For example,
if you graduated May 2010, made 6 eligible education loan payments beginning July 1, 2010, were a Maine resident from
July 1, 2010 through the end of your tax year (December 31, 2010), and started working for a Maine employer August 1,
2010, enter 5 on line 4. In this example, there are only 5 months that you meet all of the requirements.
Line 6. Enter on line 6 the total amount of eligible education loan payments made by your employer or anyone else (other
than you) during your tax year beginning in 2010. For a defi nition of eligible education loan payments, see the General
Instructions above.
Line 8. The credit is limited to the percentage of academic credit hours earned after 2007. Divide line 8a by line 8b. En-
ter the result as a decimal carried out 4 places (example, 10/40 = 0.2500). If lines 8a and 8b are equal, enter the decimal
amount as 1.0000.
Line 12. Enter on this line the amount from line 11 that was not used this year. The allowable credit is limited to the tax
otherwise due. This limitation is applied on Maine Schedule A, line 20. Any unused credit resulting from the limitation may
be carried forward to succeeding tax years for up to 10 years. Keep a copy of the worksheet as a reminder of the amount
of unused credit you carry forward to tax year 2011.
IMPORTANT
Upon review of this worksheet, Maine Revenue Services may request supporting documentation for any or the follow-
ing: degree received; date of degree; academic credit hours earned for the degree prior to January 1, 2008 and after
December 31, 2007; the institution(s) from which the degree was earned; the educational loans that qualify for the
credit; the educational loan payments made by you or your employer during the tax year that qualify for the credit; any
other information necessary to substantiate the credit claimed.
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