Check your MAGI. Also make sure you run the
TurboTax Education Optimizer.
TT does not run it automatically.
How much can I deduct?
The deduction is $0, $2,000 or $4,000 depending on your Modified Adjusted Gross Income (MAGI).
- $4,000 deduction for MAGI of $65,000 or less ($130,000 or less for joint returns).
- $2,000 deduction for MAGI between $65,001 and $80,000 (between $130,001 and $160,000 for joint returns).
- $0 if your MAGI exceeds these limits.
