Money Monday: Recent Maine Grad Tax Credit

Hey everyone,

A while back I wrote an blog about Opportunity Maine, an Educational Opportunity Tax Credit for recent Maine college grads. That was back in October, but now it's actually tax season and you probably want to know what to do with this opportunity! 

Okay, so here we go:

Did you graduate from a Maine college? Do you now live, work, and pay taxes in Maine? Good. Keep reading, you may be eligible for the Educational Opportunity Tax Credit. 

Opportunity Maine provides a non-refundable tax credit for Maine grads and qualifying degrees in science, technology, engineering, and math (STEM) are eligible for a refundable tax credit, according to FAME, The Finance Authority of Maine. 

Your former Spokester, Kylie Keene dug up some information about Opportunity Maine, which I decided needed to be shared with you all. She brought to my attention that to receive the Education Opportunity Tax Break, you have to jump through a bit of a hoop.

You cannot claim it online through any tax service (TurboTax, HR Block, TaxAct, etc.) or even through the Maine Revenue Service's own I-File web form. You must locate the credit worksheet yourself, fill it out by hand along with Schedule A and your entire 1040ME, and mail in your forms the old fashion way. 

Not going to lie, this will take extra and effort. However, more money in your pocket is worth the extra work, isn't it?

To locate the 1040ME and Schedule A with instructions, click here.

To locate the Maine Educational Opportunity Credit worksheet, click here.

From today (Monday, March 24) you have 23 days to file your federal and state income taxes by April 15. So, I hope this extra knowledge comes in handy and inspires you to finish up your taxes! Also, a big thanks to Kylie Keene for brining this information to my attention!

Be well, 

Lauren R.