@Bsch4477 - the income requirement is based on CURRENT YEAR and PRIOR YEAR MAGI....so the way I read this, if both years exceed $150,000 (single), you are ineligble for the credit but if you are above $150,000 in the current year but below $150,000 in the prior year (or vice-versa), you would still qualify since the lesser of the two is below the threshhold.
page 391:
(10) LIMITATION BASED ON MODIFIED ADJUSTED GROSS INCOME.—
“(A) IN GENERAL.—No credit shall be allowed under subsection (a) for any taxable year if—
“(i) the lesser of—
“(I) the modified adjusted gross income of the taxpayer for such taxable year, or
“(II) the modified adjusted gross income of the taxpayer for the preceding taxable year, exceeds
“(ii) the threshold amount.
“(B) THRESHOLD AMOUNT.—For purposes of subparagraph (A)(ii), the threshold amount shall be—
“(i) in the case of a joint return or a surviving spouse (as defined in section 2(a)), $300,000,
“(ii) in the case of a head of household (as defined in section 2(b)), $225,000, and
“(iii) in the case of a taxpayer not described in clause (i) or (ii), $150,000.
