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