"Educational Opportunity Tax Credit - Employer/Employee Affidavit for Line 4 of the Educational Opportunity Tax Credit - Loan Payment Schedule" - Maine

Educational Opportunity Tax Credit - Employer/Employee Affidavit for Line 4 of the Educational Opportunity Tax Credit - Loan Payment Schedule is a legal document that was released by the Maine Department of Administrative and Financial Services - a government authority operating within Maine.

Form Details:

  • Released on December 1, 2020;
  • The latest edition currently provided by the Maine Department of Administrative and Financial Services;
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Download a fillable version of the form by clicking the link below or browse more documents and templates provided by the Maine Department of Administrative and Financial Services.

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2020 Educational Opportunity Tax Credit - Employer/Employee Affi davit
for line 4 of the 2020 Educational Opportunity Tax Credit - Loan Payment Schedule
For tax year 01/01/2020 to 12/31/2020 or _______________________ , 2020 to ________________________
Name of Taxpayer (graduate/employee): ___________________________________
SSN: _____________________________
Employer name: ______________________________________________________
EIN/SSN: _________________________
Name of Degree: ______________________________________________________
This Affi davit must be completed and signed by the taxpayer named above and signed by the taxpayer's employer when claiming the
Educational Opportunity Tax Credit in the case where both the employee and employer of the taxpayer have made payments on eligible
education loans, directly to the lender, during the tax year. Enclose the completed and signed Affi davit and the applicable Worksheet
with your Maine income tax return for which you are claiming the Educational Opportunity Tax Credit.
Failure to attach a signed Affi davit to a tax return may result in denial of the EOTC. See page two for more information.
1.
Eligible Education Loan Payments paid directly to the lender
a.
Enter the total amount of the employee's eligible student loan payments due during 2020 ............. 1a _________________
(from the Educational Opportunity Tax Credit - Loan Payment Schedule, line 3B)
b.
Amount of the employee's eligible student loan payment amounts paid by the employer
during 2020. (Multiply the total amount paid by the employer by the ratio on the Educational
Opportunity Tax Credit - Loan Payment Schedule, line 2c) .............................................................. 1b _________________
c.
Enter the total amount of the employee's eligible student loan payment amounts paid by the
employee during 2020 (from the Educational Opportunity Tax Credit - Loan Payment Schedule,
line 3C) .............................................................................................................................................. 1c _________________
d.
Enter the total amount of the employee's benchmark loan payment amount during 2020
(from the Educational Opportunity Tax Credit - Loan Payment Schedule, line 3A) .......................... 1d _________________
2.
Employer Eligible Education Loan Payments. Enter line 1a or line 1b, whichever is smaller. .........
2 __________________
Also enter this amount on the Educational Opportunity Tax Credit Worksheet for Employers, line 1
3.
Enter the amount from line 1a, 1c, or 1d, whichever is smallest. ................................................................
3 __________________
4.
Subtract line 1b from line 1a. If less than or equal to zero, enter $0. .......................................................
4 __________________
5.
Employee Eligible Education Loan Payments. Enter line 3 or line 4, whichever is smaller. Also enter
this amount on the Educational Opportunity Tax Credit - Loan Payment Schedule, line 4. .....................
5 __________________
NOTE: To claim the Educational Opportunity Tax Credit, you must complete the Educational Opportunity Tax Credit Worksheet for Individuals
or the Educational Opportunity Tax Credit Worksheet for Employers.
Under penalties of perjury, I declare that I have examined this Affi davit and accompanying worksheets and statements, and to the best
of my knowledge and belief, they are true, correct and complete. Declaration of the employer (other than the employee) is based on all
information of which the employer has any knowledge.
Employer signature: ________________________________________________
Date: _____________________________
Employee signature: ________________________________________________
Date: _____________________________
Revised: December 2020
1
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2020 Educational Opportunity Tax Credit - Employer/Employee Affi davit
for line 4 of the 2020 Educational Opportunity Tax Credit - Loan Payment Schedule
For tax year 01/01/2020 to 12/31/2020 or _______________________ , 2020 to ________________________
Name of Taxpayer (graduate/employee): ___________________________________
SSN: _____________________________
Employer name: ______________________________________________________
EIN/SSN: _________________________
Name of Degree: ______________________________________________________
This Affi davit must be completed and signed by the taxpayer named above and signed by the taxpayer's employer when claiming the
Educational Opportunity Tax Credit in the case where both the employee and employer of the taxpayer have made payments on eligible
education loans, directly to the lender, during the tax year. Enclose the completed and signed Affi davit and the applicable Worksheet
with your Maine income tax return for which you are claiming the Educational Opportunity Tax Credit.
Failure to attach a signed Affi davit to a tax return may result in denial of the EOTC. See page two for more information.
1.
Eligible Education Loan Payments paid directly to the lender
a.
Enter the total amount of the employee's eligible student loan payments due during 2020 ............. 1a _________________
(from the Educational Opportunity Tax Credit - Loan Payment Schedule, line 3B)
b.
Amount of the employee's eligible student loan payment amounts paid by the employer
during 2020. (Multiply the total amount paid by the employer by the ratio on the Educational
Opportunity Tax Credit - Loan Payment Schedule, line 2c) .............................................................. 1b _________________
c.
Enter the total amount of the employee's eligible student loan payment amounts paid by the
employee during 2020 (from the Educational Opportunity Tax Credit - Loan Payment Schedule,
line 3C) .............................................................................................................................................. 1c _________________
d.
Enter the total amount of the employee's benchmark loan payment amount during 2020
(from the Educational Opportunity Tax Credit - Loan Payment Schedule, line 3A) .......................... 1d _________________
2.
Employer Eligible Education Loan Payments. Enter line 1a or line 1b, whichever is smaller. .........
2 __________________
Also enter this amount on the Educational Opportunity Tax Credit Worksheet for Employers, line 1
3.
Enter the amount from line 1a, 1c, or 1d, whichever is smallest. ................................................................
3 __________________
4.
Subtract line 1b from line 1a. If less than or equal to zero, enter $0. .......................................................
4 __________________
5.
Employee Eligible Education Loan Payments. Enter line 3 or line 4, whichever is smaller. Also enter
this amount on the Educational Opportunity Tax Credit - Loan Payment Schedule, line 4. .....................
5 __________________
NOTE: To claim the Educational Opportunity Tax Credit, you must complete the Educational Opportunity Tax Credit Worksheet for Individuals
or the Educational Opportunity Tax Credit Worksheet for Employers.
Under penalties of perjury, I declare that I have examined this Affi davit and accompanying worksheets and statements, and to the best
of my knowledge and belief, they are true, correct and complete. Declaration of the employer (other than the employee) is based on all
information of which the employer has any knowledge.
Employer signature: ________________________________________________
Date: _____________________________
Employee signature: ________________________________________________
Date: _____________________________
Revised: December 2020
1
2020 Educational Opportunity Tax Credit - Employer/Employee Affi davit
This Affi davit must be completed and signed by the taxpayer (employee) and the taxpayer's employer when claiming the Educational
Opportunity Tax Credit (EOTC) in the case where both the employee and employer have made payments on eligible education loans
directly to the lender during the tax year. The Affi davit is used to calculate the eligible loan payment amounts that may be used to calculate
the EOTC. The completed and signed Affi davit and the applicable Worksheet(s) must be included with your Maine income tax return
for which you are claiming the EOTC. For more information, see the Educational Opportunity Tax Credit Worksheet(s) available at www.
maine.gov/revenue/tax-return-forms.
The Affi davit serves to certify the eligible monthly loan payment amounts paid by both employee and employer during the tax year. Failure
to attach a signed Affi davit to a tax return may result in denial of the EOTC.
The sum of the EOTC claimed by you and your employer may not exceed the aggregate eligible education loan payment amount due
during the tax year.
Payments made by your employer directly to the lender reduce the EOTC the employee may claim.
The employee credit is further limited by the benchmark loan payment.
For example, assume the required 2020 monthly loan payments were $380 per month or $4,560 for the entire year. The employer paid
$2,400 during the year and the employee also paid $2,400 during the year. The employer may claim the entire amount paid ($2,400)
because the amount is less than the loan payment amount due ($4,560). The employee would be eligible to claim $2,160, the least of
the remaining loan payment amount due ($4,560 - $2,400 = $2,160), the amount paid ($2,400), and the benchmark loan payment amount
($367 x 12 = $4,404). For more information on the individual credit, see the Educational Opportunity Tax Credit Worksheet for Maine
Resident and Part-year Resident Individuals.
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