For 2020 tax year, taxpayers must meet the following income requirements to be eligible for the Tuition and Fees Deduction:
- Taxpayers with a modified adjusted gross income of $65,000 or less ($130,000 if married filing jointly) may claim a maximum $4,000 deduction.
- Taxpayers with a modified adjusted gross income between $65,001 and $80,000 ($130,001 and $160,000) may claim a maximum $2,000 deduction.
Modified adjusted Gross Income can be defined as your household's adjusted gross income with any tax-exempt interest income and certain deductions added back. The Internal Revenue Service (IRS) uses MAGI to establish if you qualify for certain tax benefits.
For MAGI calculation please check What Is the Difference Between AGI and MAGI on Your Taxes?
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