Fillable 2019 Schedule M1SLC, Student Loan Credit (Minnesota Department of Revenue)

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2019 Schedule M1SLC, Student Loan Credit (Minnesota Department of Revenue)

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1 Total amount you paid toward your own qualied student loans in 2019.
Do not include amounts you paid toward another individual’s loans. ..................... 1
2 Your federal adjusted gross income (from line 1 of Form M1). If you are married and ling
a joint return, enter your joint federal adjusted gross income in columns A and B .......... 2
3 Subtract $10,000 from line 2. If zero or less, enter 0 .................................. 3
4 Mulply line 3 by 10% (0.10) ..................................................... 4
5 Subtract line 4 from line 1. (If the result in a column is zero or less, STOP in that column.) ... 5
6 Enter your total earned income such as wages, salaries, ps, and net earnings from self-
employment (see instrucons). If zero or less STOP HERE. You do not qualify .............. 6
7 Enter the lesser of $5,000 or the amount of qualied student loan used to
pay for your postsecondary educaon (see instrucons) ............................... 7
8 Mulply line 7 by 10% (0.10)
...................................................... 8
9 Enter the amount of interest you paid in 2019 on qualied student loans
used to pay for your postsecondary educaon (from box 1 of federal Form 1098-E)......... 9
10 Add lines 8 and 9 ............................................................. 10
11 Enter the lesser of line 5, 6, or 10 ................................................ 11
12 Maximum credit is $500 per person .............................................. 12
13
Amount from line 11 or line 12, whichever is less
....................................
13
14 Full-year residents: Enter the amount from line 13.
Part-year residents: If you are not ling a joint return, mulply the amount on line 13
by line 24 of Schedule M1NR. If you are ling a joint return, see instrucons. ............ 14
15 Add line 14 from columns A and B. Enter the result here and on line 6 of Schedule M1C ....................... 15
Include this schedule when you le Form M1. Keep a copy for your records.
2019 Schedule M1SLC, Student Loan Credit
Your First Name and Inial Last Name Social Security Number
Spouse’s First Name and Inial Last Name Social Security Number
A B
Taxpayer Spouse
9995
*191391*
To claim this credit, you must be a full- or part-year Minnesota resident.
500 500
Am I eligible?
You may be eligible for the Student Loan Credit if both of the following are true:
• You have taxable earned income.
• Youmadepaymentstowardyourownqualiededucationloansduringtheyear.
What is a qualied educaon loan?
Qualiededucationloansincludeloansusedforthecostofattendanceataneligiblepostsecondarycollegeoruniversity.Thisdoesnotin-
cludeloansfromarelativeoraqualiedemployerplan.
Can I claim payments I made toward someone else’s loans?
No.Youmayonlyqualifyforthecreditbasedonyourowneligiblepaymentstowardyourownqualiededucationloans.
Do I need proof?
Yes.Savecanceledchecksandkeepadetailedrecordfromtheinstitutionyoumakepaymentstoforyourqualiedloans.Wemayaskyouto
show these records if we have questions.
Line Instrucons
Round amounts to the nearest whole dollar.
Line 1
Entertheamountyoupaidin2019towardqualiededucationloanstakenouttopayforyourpostsecondaryeducation.Includepayments
made toward principal and interest.
Ifyouaremarried,lingajointreturn,andmadepaymentstowardloanstakenouttopayforeachspouse’spostsecondaryeducation,enter
theamountyoupaidtowardeachspouse’sloansintheappropriatecolumn.
Example for married couples ling a joint return:Youpaid$3,000towardloanstakenouttopayforyourpostsecondaryeducationand
$2,500towardyourspouse’sloans.Youwillenter$3,000incolumnA,and$2,500incolumnB.
Line 2
Enteryourfederaladjustedgrossincome(FAGI)fromline1ofFormM1.
Ifyouaremarriedandlingajointreturn,enteryourjointFAGIincolumnAandcolumnB.
Line 6
Enteryourtotalearnedincomefrom2019.Thisamountisthetotalofyourwages,salaries,tips,andotheremployeecompensationreported
inbox1offederalFormW-2plusyournetearningsfromself-employment.
Line 7
Enterthetotalamountofqualiededucationloanstakenoutforyourpostsecondaryeducation.Thisistheoriginalamountofyourquali-
ededucationloans,includingamountspreviouslypaidandamountsnotyetpaid.Donotincludeloanstakenoutforsomeoneelse’scollege
education expenses.
Line 14
Full-year Minnesota residents: Enter the amount from line 13.
Part-year Minnesota residents:
• Ifyouarenotlingajointreturn,multiplytheamountonline13byline24ofScheduleM1NR,Nonresidents/Part-Year Residents.
• Ifyouarelingajointreturn,completeaseparateScheduleM1NRforeachspousewhoqualiesforthiscredit.Ifyouhaveajointincome
source(suchasajointinvestmentaccount)ordeductions(suchasmovingexpenses),use50%oftheincomeordeductiononeachspouse’s
separateScheduleM1NR.Useonlythatspouse’sincomeontheScheduleM1NRyouprepareforthespouse.UsetheseparateSchedules
M1NRtocompletetheWorksheetforLine14below.
2019 Schedule M1SLC Instructions
Worksheet for Line 14 — Married Part-Year Resident(s) Filing Joint
A B
Taxpayer Spouse
1
Enter the amount from line 13
..........................................................
2 Entertheamountfromline24oftheseparateScheduleM1NRpreparedusing
onlythatspouse’sincome.Donotentermorethan1.00000.
Ifyouareafull-yearresident,enter1.00000 ..............................................
3 Multiplystep1bystep2.Entertheresulthereandonline14intheappropriatecolumn...........
Forms and Informaon
• Website:www.revenue.state.mn.us
• Email: individual.incometax@state.mn.us
• Phone:651-296-3781or1-800-652-9094(toll-free)
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2019 Schedule M1SLC, Student Loan Credit (Minnesota Department of Revenue)

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Completed 29 July 2020

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