How much less than $136,000 is your Modified Adjusted Gross income (MAGI)? The LLC is phased out between MAGI of $116,000 and $136,000. So, for example if your MAGI is $135,000. you only get 1/20 of the maximum $2000 credit (1/20 x 2000 = $100). If your MAGI is $117,000. you get 19/20 x 2000 = $1900.
The Tuition and Fees deduction (TFD) is not phased out. Under $130,000 MAGI, you get a $4000 deduction. Between $130,000 and $160,000, your get $2000.
