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April 17, 2022
Question

Will not allow me to enter $5000 on line 7 of the M1SLC Student loan form.

  • April 17, 2022
  • 1 reply
  • 0 views
How do I get it to allow this? This is the last item I need to file, and it has never been a problem in the past. It is labeled "TP Qualified Loan Amount

1 reply

AmyC
Employee
April 18, 2022

Student Loan Credit | Minnesota Department of Revenue states: The credit amount depends on your income, loan payments, and original loan amount. The maximum credit is $500 each year or $1,000 for married couples who file a joint return (if both spouses made payments on their own qualified loans).

 

When you go through MN state program, you will be asked the questions and your answer will be limited to the $5,000 along with the line 12 preprinted $500 max credit per person.

 

If your income is too high, the line will not allow an entry and the form should be deleted from the state section. Please look at the form, line 5, you have a negative number so the instructions say to stop, you don't qualify. However, the program is trying to let you file the form without the credit. Delete the form, delete the student loan payments for the state section.

 

 

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