![]() If you are eligible and have not yet done so, you can still claim the EOTC for tax years beginning on or after January 1, 2008, and not later than December 31, 2021.įor more information on this program, including how to apply for the tax credit, visit Maine Revenue Services. ![]() If you have unused credit carryover amounts or were eligible for the refundable STEM credit under the EOTC program, you can learn more about the phase out here. For student loan interest, you can deduct interest for a loan you took out for eligible education expenses for your spouse, or a person who was your. There is a phase-out period from the previous EOTC program. As with as the student loan interest deduction, you claim the tuition. The Student Loan Repayment Tax Credit Worksheet to claim this tax credit for the 2022 tax year is now available! If so, you may be able to reduce the amount of your income subject to tax by up to 4,000. The program has a lifetime credit cap of $25,000. The revised program is available if you obtained an associate, bachelor’s, or graduate degree from any accredited community college, college, or university after December 31, 2007. The new SLRTC program provides an annual refundable tax credit of up to $2,500 to eligible Mainers who are repaying student loans and who live and work in Maine. Breadcrumb The Lifetime Learning Tax Credit The American Opportunity Tax Credit Tax Deductions - Tuition and Fees Student Loan Interest Deduction Qualified. ![]() ![]() if withdrawn for qualified educational expenses before the child is age 30. The Student Loan Repayment Tax Credit (SLTC) replaces the Educational Opportunity Tax Credit (EOTC) – often referred to as Opportunity Maine – for tax years beginning on or after January 1, 2022. If beneficiary does not attend college, the beneficiary can be changed to a. You can deduct up to 4,000 of qualified tuition and related expenses if your modified adjusted gross income (MAGI) is not more than 80,000 (160,000 if you. ![]()
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