Form 15_eotc_indv_pmts_by_indv Fillable Credit for Educational Opportunity – Individuals
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)

2008 * * a complete copy of the college transcript that lists the name of the degree obtained classes completed and when completed; a completed Educational Opportunity Tax Credit Worksheet; beginning in 2013 qualifying graduates may have earned up to 30 credit hours toward the degree at an accredited non documentation of the monthly student loan payment required to be made; and the actual monthly student loan payment amounts worked in Maine ) 5b (associate s or bachelor s) from an accredited Maine college or university and who after graduation live work and pay taxes in Maine (example Bachelor of Science Computer Science) * Count any part of a month as a whole month * If you graduated in 2008 or 2009 the benchmark loan payment is the amount stated in the Opportunity Maine Contract you signed with *NOTE: Worked in Maine includes an employee who has worked outside Maine for up to 3 months during the Maine residency 10 If you completed lines 7 8 and 9 multiply line 6 by 9 Otherwise enter the amount from line 6 10 13 Enter the carryforward of unused credit amount from 2014 13 14 If line C above is not checked add lines 12b and 13 and enter the total here and on 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 2015 Educational Opportunity Tax Credit Worksheet 2015 Educational Opportunity Tax Credit Worksheet for 2015 Educational Opportunity Tax Credit Worksheet for 36 M R S 5217 D a Enter the number of months* during the tax year you were a Maine resident 5a a If line C above is checked multiply line 10 by line 11 and enter the result here and on A list of approved STEM degrees is available on the MRS website at www maine gov/revenue/forms Additionally Maine Revenue Services may request additional documentation supporting your claim in subsequent tax years Adjustment for transferring students (see instructions) 11 After graduation is a Maine resident (as defined by Maine tax law in 36 M R S 5217 D(1)(H)) working in Maine all course work completed after 2007 for the degree must have been performed at an accredited Maine community college also include payments made for loans associated with earning up to 30 credit hours for the degree at an accredited non Maine college an approved STEM degree) and 9 and enter on line 10 the amount from line 6 Armed Forces including the National Guard and the Reserves of the United States Armed Forces also qualifies if the individual meets all b If line C above is not checked multiply line 10 by line 11 and go to line 13 12b $ b With respect to the months on line a enter the number of months* you worked in Maine or Beginning in 2015 a self employed person who is an eligible graduate may qualify for the credit for educational opportunity Carryforward of unused credits The credit amount on line 12b that you cannot use this year may be carried forward to future tax years Check here if this is a degree in Science Technology Engineering or Mathematics ( STEM ) (see instructions): Check the type of degree you received: Bachelor s Associate s Date you graduated: / / 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 college or university except that: College or university from which you obtained the degree: credit amount is not refundable Divide line 7 by line 8 9 during the entire Maine residency period do not qualify for the credit A self employed person may be eligible for the credit for educational during the year (August December) that you met all of the requirements earned an associate s degree If you earned all credits in Maine enter 1 00 education loan payments 5c education loan payments directly to the lender See instructions educational loans that qualify for the credit and proof of the educational loan payments made by you or your employer during the tax year Eligible education loan payments are payments made directly to the lender by a qualifying graduate for public and private education employees For more information on the employer credit see the Credit for Educational Opportunity Worksheet for Employers employer directly paid part of your loan payments call Maine Revenue Services at 626 8475 to obtain the special credit worksheet Employers eligible to claim the related credit must complete 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 enter the amount from line 6 on line 10 Enter the monthly benchmark loan payment (see instructions) 1 $ Enter the monthly eligible education loan payment amount you paid during your 2015 tax year 3 $ Enter the monthly eligible education loan payment due during your 2015 tax year 2 $ Enter the number of credit hours you earned toward your degree after December 31 2007 7 Enter the smallest of lines 1 2 and 3 4 $ Enter total number of credit hours you earned toward your degree 8 entire year and worked in Maine your credit would be $363 x 12 = $4 356 for individuals The self employed person may also qualify for the credit for employers if the self employed person has for Maine Resident & Part year Resident Individuals For tax year 2015 a graduate eligible for the program is one who: for the year in which you graduated 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 Form 1040ME Schedule A line 11 14 $ Form 1040ME Schedule A line 3 Then go to line 13 12a $ graduated in 2014 earned all credit hours for a bachelor s degree after 2007 and made monthly payments in 2015 of $375 for qualified gross amount of the credit for eligible payments you made during your 2015 tax year Gross Credit Multiply line 4 by line 5c 6 $ However documentation may be requested after the first year related to actual loan payments made during the year and on employment If both spouses are eligible both may claim the credit on a married joint return The credit may not reduce your Maine income tax due to If line C above is checked enter this amount on Form 1040ME Schedule A line 11 If line C above is not checked go to line 14 below If you graduated in: Associate s degree Bachelor s degree If your employer directly paid all of your education loan payments do not complete or file this worksheet If your employer directly IMPORTANT NOTE: You cannot use this worksheet if your employer paid part or all of your IMPORTANT: If your employer directly paid to the lender all of your education loan payments you DO NOT QUALIFY for this credit in 2014 (see instructions for line 1 below) Using this example if you made regularly scheduled monthly payments of $375 through the in pursuit of an associate s or bachelor s degree (applies only after 12/31/2007); income tax credit If you earned up to 30 credits at an accredited non Maine community college college or university before transferring information on the employer credit see the Credit for Educational Opportunity Worksheet for Employers is not checked go to line 14 lender showing the monthly payments due and the monthly payments made during your 2015 tax year less than zero except that for tax years beginning after 2012 the credit is refundable if your degree is an approved degree in science Line 1 Enter the appropriate monthly benchmark loan payment from the table below: 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 Line 11 Adjustment for transferring students If you began your college studies out of state after 2007 and transferred to a Maine Line 12 Current year credit Complete line 12a if line C is checked (your degree is an approved STEM degree) and enter the result Line 13 Carryforward of unused credit from 2014 Enter the amount of any unused credit from tax year 2014 This would be the 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 Line 2 Enter the monthly eligible education loan payment due during the 2015 tax year This is most likely the amount on your monthly Line 3 Enter the monthly amount you paid toward your eligible education loan during the year Do not include amounts paid by someone 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 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 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 C If your degree is an approved degree in science technology engineering or mathematics ( STEM ) check the STEM degree box 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 loans that are part of a financial aid package certified by an accredited Maine college or university Eligible education loan payments loans the amount you can use to calculate the credit is $363 the applicable monthly benchmark loan payment for individuals graduating Maine community college college or university prior to transferring to an accredited Maine community college college or Maine Resident & Part year Resident Individuals Instructions Maine Resident & Part year Resident Individuals Instructions continued Name of degree as it appears on your diploma: not have a copy of the contract include a copy of a statement from your school s financial aid office stating the benchmark loan payment Note Lines 2 and 3: Upon review of the credit claimed Maine Revenue Services may ask you to provide documentation from each Note: If all credit hours for your degree were earned after 2007 skip lines 7 8 and 9 and Note: If all credit hours for your degree were earned from a Maine college or university enter 1 00 Note: If this is the first year you are claiming this credit you must include a complete copy of your college transcript proof of the Obtained an associate s or bachelor s degree after 2007 from an accredited Maine community college college or university: of Maine working in Maine or were a Maine resident deployed for military service in the U S Armed Forces Individuals unemployed 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 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 Once these facts are supported in the first year documentation on these items will generally not again be required by MRS in future years Only eligible education loan payments made during the part of the tax year during which the individual was a resident of Maine opportunity for individuals and/or the credit for employers if the self employed person had employees during the tax year For more or university by a qualifying graduate who transferred to an accredited Maine college or university after December 31 2012; however other debt incurred other eligibility criteria See 26 M R S 814(1)(A) for qualifications to be considered deployed for military service paid part of your loan payments you may qualify for a credit but you cannot use this worksheet to calculate the credit If your payment voucher or electronic bill Enter the total monthly amount due even if part of it was paid by someone else Enter only the 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 Payments in excess of the required loan payment are not eligible for the credit Payments on a refinanced eligible education loan qualify for the credit as long as the refinanced loan remains separate from any period of the tax year An employee who worked in Maine for any part of a month is considered to have worked in Maine for required amount due excluding any accelerated payment Rev 12/15 SPECIFIC INSTRUCTIONS status SUPPORTING DOCUMENTATION In the first year a taxpayer claims the credit MRS requires the following documents be included with technology engineering or mathematics Unused non refundable credit amounts may be carried forward for up to ten years that entire month The benchmark loan payment is The credit is based on eligible education loan payments (defined below) paid directly to the lender during the tax year for months during the credit will be reduced to 50% for an associate s degree or 75% for a bachelor s degree (see instructions for line 11) The educational opportunity tax credit is a component of the Job Creation through Educational Opportunity program which began in 2008 The monthly payment amount eligible for the credit is limited to an upper cap called the benchmark loan payment For example if you The purpose of the program is to provide an income tax credit for Maine resident taxpayers who have received an undergraduate degree This worksheet and the related instructions are for individual taxpayers who have made eligible education loan payments 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 to calculate your credit university after December 31 2012 if the credit hours were earned after 2007; unused credit amount included on your 2014 credit worksheet line 14 If this is the first year you are claiming the credit enter zero If UNUSED CREDITS ON LINE 12b MAY BE CARRIED FORWARD TO FUTURE TAX YEARS FOR UP TO 10 YEARS SEE INSTRUCTIONS was a Maine resident (as defined by education law in 20 A M R S 12541(5)) while attending a Maine college or university were deployed for military service in the U S Armed Forces (see page 2 for a defi nition of which the individual was a resident of Maine and worked in Maine* A Maine resident deployed for military service in the United States With respect to the months on line b enter the number of months* you made eligible within 10 years following the year the credit was calculated Keep a record of the unused credit amount available for future tax years working in Maine qualify for the credit 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 your college or university If this is the first time you are claiming the credit include a copy of that contract with this worksheet or if you do your Maine individual income tax return (Form 1040ME): Your name: Social security number: