How much income can I make in order to write off my kids college tuition. Is that adjuste income or straight w- 2

[nessyone]

How much income can I make to be able to write off my kids college tuition?

[Hal_Al · Accepted solution]

It’s Modified Adjusted Gross income (MAGI) that governs. That’s usually your AGI on line 37 of form 1040 plus some rare add backs (see https://www.fool.com/knowledge-center/what-modified-adjusted-gross-income-is-and-why-its.aspx).

The most generous tax benefit is the American Opportunity Tax  Credit (AOTC). It is a tax credit (not a deduction) of as much as $2500. The credit phases out above MAGI of $80,000 for single taxpayers and $160,000 for married couples filing jointly and disappears completely above MAGI thresholds of $90,000 and $180,000, respectively.

For the Lifetime Learning Credit (LLC), the MAGI phase-out thresholds are significantly lower, at $55,000-$65,000 (single) and $110,000-$130,000 (married filing jointly). The LLC is a tax credit up to $2000.

 The Tuition and Fees Deduction (not a credit) is generally used by taxpayers who would otherwise qualify for the Lifetime Learning Credit but whose incomes are too high. The deduction has significantly higher phase-out thresholds than the Lifetime Learning Credit, at $65,000-$80,000 (single) and $130,000-$160,000 (married filing jointly). The Tuition and Fees Deduction is either $2000 or $4000 depending on your income and is an adjustment to income ("above the line" deduction) not an itemized deduction.

[re2boys]

Paying for your kids college is a personal expense.  You can't "write off" (fully deduct) the cost of their education.

However, you may be eligible for certain tax credits and benefits that help families.  See https://turbotax.intuit.com/tax-tips/college-and-education/the-lowdown-on-education-tax-breaks-/L5n9...    for limits and some details.

[nessyone]

Thanks so much for the response.

[nessyone]

Thanks so much for the response.