turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Am I not eligible for American Opportunity Credit and Other Education Tax Credits if I loewer my AGI?

My income is 190K this year shown in W2, I am not eligible for American Opportunity Credit and Other Education Tax Credits???  If I lower my AGI, am I eligible for the this? I have two children who went to college last year..and I have paid their tuition about $30K...

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Best answer

Accepted Solutions

Am I not eligible for American Opportunity Credit and Other Education Tax Credits if I loewer my AGI?

You would have to lower your AGI below $180,000 to get any credit. 

View solution in original post

DavidD66
Expert Alumni

Am I not eligible for American Opportunity Credit and Other Education Tax Credits if I loewer my AGI?

If your W-2 Box 1 wages are $190,000 you would have to have at least $10,000 ($30,000 to receive the full credit) in "Adjustments to Income" on Schedule 1, page 2 or Form 1040.  

What are the income limits for AOTC?

  • To claim the full credit, your modified adjusted gross income (MAGI) must be $80,000 or less ($160,000 or less for married filing jointly).
  • You receive a reduced amount of the credit if your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married filing jointly).
  • You cannot claim the credit if your MAGI is over $90,000 ($180,000 for joint filers).

MAGI for most people is the amount of adjusted gross income (AGI), shown on your tax return. If you file Form 1040, you add the following amounts to your AGI:

  • Foreign earned income exclusion,
  • Foreign housing exclusion,
  • Foreign housing deduction,
  • Exclusion of income by bona fide residents of American Samoa, or of Puerto Rico.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies

Am I not eligible for American Opportunity Credit and Other Education Tax Credits if I loewer my AGI?

You would have to lower your AGI below $180,000 to get any credit. 

DavidD66
Expert Alumni

Am I not eligible for American Opportunity Credit and Other Education Tax Credits if I loewer my AGI?

If your W-2 Box 1 wages are $190,000 you would have to have at least $10,000 ($30,000 to receive the full credit) in "Adjustments to Income" on Schedule 1, page 2 or Form 1040.  

What are the income limits for AOTC?

  • To claim the full credit, your modified adjusted gross income (MAGI) must be $80,000 or less ($160,000 or less for married filing jointly).
  • You receive a reduced amount of the credit if your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married filing jointly).
  • You cannot claim the credit if your MAGI is over $90,000 ($180,000 for joint filers).

MAGI for most people is the amount of adjusted gross income (AGI), shown on your tax return. If you file Form 1040, you add the following amounts to your AGI:

  • Foreign earned income exclusion,
  • Foreign housing exclusion,
  • Foreign housing deduction,
  • Exclusion of income by bona fide residents of American Samoa, or of Puerto Rico.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies