Use the calculator below to estimate the Educational Opportunity Tax Credit amount for which you may be eligible based on the 2015 Educational Opportunity Tax Credit Worksheet guidelines. Please Note: Opportunity Maine is not affiliated with Maine Revenue Services and therefore the actual tax credit you receive from Maine Revenue Services may differ from the estimate below.
You can choose to print a pre-populated EOTC Worksheet based on the results received from this calculator. Please Note: If you choose to print the pre-populated EOTC worksheet you may still have to manually fill in fields such as your social security number and possibly others regarding unused prior year tax credits. Double check that all needed fields of the form are completed before submitting the EOTC worksheet with your income tax return.
If you prefer, you can download and print a paper version of Maine Revenue Services’ 2015 Educational Opportunity Tax Credit Worksheet and fill it in manually.
You must then submit your EOTC Worksheet along with your personal 1040ME Maine state income tax return. Please Note: Maine Revenue Services may request supporting documentation for the Educational Opportunity Tax Credit, including, but not limited to the following: a copy of your college transcript, proof of the education loans that qualify for the credit, proof of the education loan payments made by you or your employer during the tax year.
Feel free to contact us with questions you may have regarding the EOTC calculations or details about the program. The FAQ section of our website may answer many of the questions you have about the program.
Please Note: We cannot offer tax advice. The information on this website is intended to be used as a general guide. For specific tax questions, we recommend you contact Maine Revenue Services at 207-626-8475 or consult with a professional tax advisor.
Educational Opportunity Tax Credit Flyer
EOTC Flyer PDF
Educational Opportunity Tax Credit for Employers Flyer
EOTC for Employers Flyer PDF
2015 EOTC Worksheet for Resident Individuals
2015 EOTC Worksheet for Employers
Educational Opportunity Tax Credit Qualified STEM Degrees
New England Board of Higher Education Tuition Break Program
NASFAA Tax Breaks for Higher Education
Maine Revenue Service – Individual Income Tax (1040ME)
IRS Tax Benefits for Education
IRS Education Credits
IRS Tuition and Fee Deductions
*Based on tax law for tax year 2015. The 2016 calculator will be forthcoming.
Maine Revenue Services may request supporting documentation including, but not limited to, the following: a copy of your college transcript, proof of the educational loans that qualify for the credit, proof of the educational loan payments made by you or your employer during the year.
If you graduated in 2008 or 2009, the benchmark loan payment is the amount stated in the Opportunity Maine Contract you signed with your college or university. If you do not have a copy of the contract, contact your school's financial aid office for a statement indicating the benchmark loan payment for the year in which you graduated. The Benchmark Loan Payment Request Form can be used for this purpose.
Unfortunately, students graduating before 2008 are not eligible for this tax credit.
Please make sure the number of months you entered for qualifying loan payments is less than or equal to the number of months you worked in Maine and were a Maine resident.
Credits earned after 2007 must be less than or equal to your total credits.
Monthly benchmark loan payment cannot equal zero dollars
Monthly loan payment due cannot equal zero dollars
Monthly loan payment paid cannot equal zero dollars
For a month to be considered eligible, you must have been a resident of Maine. You cannot select more months of work in Maine than you were a Maine resident.
To be eligible for this credit, you cannot have earned more than 30 credits at non-Maine community-colleges, colleges, or universities.
To be eligible for this credit, the school you graduated from must be in Maine.
Persons whose employers have made all of their loan payments are not eligble for this tax credit.
Since your employer only paid some of your loan payments, you may be eligible for a credit. You will need to call the Maine Revenue Service at 626-8475 to obtain the special credit worksheet to calculate your credit.
Persons graduating with a qualifying STEM degree (list here) are eligible for a fully refundable tax credit.
Please Note: If you began your college studies out of state and transferred to a Maine college or university prior to December 31, 2012, you are not eligible for this tax credit.
Persons with credit hours earned toward their degree at an accredited non-Maine college or university prior to 2008 are not eligible for the Educational Opportunity Tax Credit.
If you earned all credits in Maine, you are eligible to receive 100% of the tax credit and a 1 will be entered into #11.
If you earned up to 30 credits at an accredited non-Maine school, you may be eligible for 75% of the EOTC if you earned a bachelor's degree and 50% if you earned an associate's degree. .75 or .50 will be entered into #11 respectively.
Please Note: The data you enter into this form is not saved or stored by Opportunity Maine in any way. Your social security number must be added to the form before it is submitted to the Maine Revenue Services. If you choose not to enter it digitally, you must enter it in writing. You also may need to add information in line 13 regarding carrying forward unused credit from previous years.