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Tax Credit Available to Some College Students

| January 1, 2014

MAINE

Some help is coming to students trying to pay off student loans!  Maine residents who graduate from an in-state college, university or community college and stay in the state after graduation may be eligible for a tax credit to help pay off those loans.  Here’s how to take advantage of the Educational Opportunity Tax Credit, if you qualify: – Fill out a Credit for Educational Opportunity Worksheet, which is available on the Maine Revenue Services website and allows graduates to calculate the credit they’re eligible to receive: http://1.usa.gov/1hdt0id . – That credit should be entered on individual income tax forms, and both forms should be filed with Maine Revenue Services. – If you’re using tax-preparation software, it should ask whether you qualify for the tax credit and whether you’d like to use it. – Maine Revenue Services may ask for more information, including proof of educational payments or the degree received.

 

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