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Higher Education Recapture Prior Year Credit

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Higher Education commissionmay request additional documentation supporting your claim for this or subsequent tax. will result in the revocation of the credit and the recapture of the credit pursuant to 10-740 of the Tax. they have not received the Maryland credit in a prior year; and (2.

1040 – Recapture of Education Credit – Recapture of an education credit. You may owe this tax if you claimed an education credit in an earlier year, and either tax-free educational assistance or a refund of qualified expenses was received in 2018 for the student.

The amount entered will be included in the Tax on Form 1040, Line 44, and the amount of the additional tax from the recapture of the education credit will be printed on the margin with the notation ‘ECR.’ In the event that Form 1098-T, Box 6, shows an adjustment to scholarships or grants for a prior year.

The credit recapture amount is essentially equal to the accelerated credit claimed for all taxable years prior to the year of noncompliance, plus interest at the IRS established rate. The amount is reduced in the last five years of the compliance period since the accelerated credit is being earned at that point.

student loan debt relief tax Credit: The Student Loan debt relief tax credit may be claimed on Form 502CR by certain qualified taxpayers in the amount certified by the Maryland Higher Education Commission. Note: A copy of the required certification from the Maryland Higher Education Commission must be included with Form 502CR.

The original credit minus the refigured credit is the amount that has to be recaptured. The recaptured amount is added to tax in the year the tuition refund was received. The recapture tax is included in Line 44 of Form 1040.(The recapture amount and "ECR" is entered in the space next to line 44.) The original return from the prior year does not change. If the taxpayer took the tuition and fees deduction, you have to refigure the deduction as if taxpayer had received the refund of tuition in.