What are the income limits for the AOTC?
- To claim the full credit, your modified adjusted gross income (MAGI) must be $80,000 or less ($160,000 or less for married filing jointly).
- You receive a reduced amount of the credit if your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married filing jointly).
- You cannot claim the credit if your MAGI is over $90,000 ($180,000 for joint filers).
What are the income limits for Lifetime Learning Credit?
- For TY2020, the amount of your LLC is gradually reduced (phased out) if your MAGI is between $59,000 and $69,000 ($118,000 and $138,000 if you file a joint return).
- You can’t claim the credit if your MAGI is $69,000 or more ($138,000 or more if you file a joint return).
What are the income limits for the Tuition and fees deduction?
- Taxpayers with a 2020 MAGI up to $65,000 ($130,000 if married filing jointly) may claim a maximum $4,000 deduction.
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