Screen MESCLRCR - Maine Student Loan Repayment Credit (1040)

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Overview

Use this screen to complete the Student Loan Repayment Tax Credit (SLRTC) Worksheet. Up to two units of the credit, one each for taxpayer and spouse, may be claimed. Users must make a selection at field T, S (taxpayer, spouse) to create a unit of the worksheet. This credit is not available to nonresident filers.

Degree information

UltraTax CS uses the information in this section to complete portions of Form 1040ME.
Received Educational Opportunity Tax Credit (EOTC) in 2019, 2020, or 2021 for a bachelor or associate's degree in science, technology, engineering, or math (STEM)
Check this box if you previously received the EOTC for tax year 2019, 2020, or 2021 for a bachelor's or associate degree in a STEM field to indicate that you are eligible to claim a
one-time
increased credit, up to $3,500, for tax year 2022 or 2023.
Graduation date
The SLRTC can only be claimed in association with degrees earned in 2008 and later.
First time claiming Student Loan Repayment Tax Credit
First-time SLRTC claimants must submit their college transcript, loan origination documents, and loan payment statements to Maine Revenue Services. Users can attach documents using Edit -- Electronic Filing Attachments and the provided Attachment title Student Loan Repay Cr: First-time claimant supporting docs. This requirement may already be satisfied for filers who sent this information in a prior year to support an EOTC claim.

Eligible payments

EOTC carryforward from 2012 through 2021
Since the SLRTC only allows one credit claim each for taxpayer and spouse, EOTC carryforward amounts are combined in this field (based on T/S code) upon proforma from UltraTax 2021. Unused EOTC amounts may be carried forward through 2026.

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