781970
our income is below $180,000. why can't I deduct college education expenses?
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It depends on the type of credit you are taking. The credits and deductions available have different income limitations and phase-outs.
American Opportunity Credit - Your modified adjusted gross income is $90,000 ($180,000 if married filing jointly) or less (The credit is reduced between $80,000 and $90,000 ($160,000 and $180,000).
Lifetime Learning Credit - The credit is reduced between $56,000 and $66,000 ($112,000 and $132,000).
Tuition and Fees Deduction - Your modified adjusted gross income (MAGI) can't be more than $80,000 ($160,000 if filing a joint return).
See the TurboTax FAQs below for information on the income thresholds for the education credits. Click "See entire answer" for the full page views.
https://ttlc.intuit.com/replies/5358150
It depends on the type of credit you are taking. The credits and deductions available have different income limitations and phase-outs.
American Opportunity Credit - Your modified adjusted gross income is $90,000 ($180,000 if married filing jointly) or less (The credit is reduced between $80,000 and $90,000 ($160,000 and $180,000).
Lifetime Learning Credit - The credit is reduced between $56,000 and $66,000 ($112,000 and $132,000).
Tuition and Fees Deduction - Your modified adjusted gross income (MAGI) can't be more than $80,000 ($160,000 if filing a joint return).
See the TurboTax FAQs below for information on the income thresholds for the education credits. Click "See entire answer" for the full page views.
https://ttlc.intuit.com/replies/5358150
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