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Education
What are the income limits for LLC?
- For TY2018, the amount of your LLC is gradually reduced (phased out) if your MAGI is between $57,000 and $67,000 ($114,000 and $134,000 if you file a joint return).
- You can’t claim the credit if your MAGI is $67,000 or more ($134,000 or more if you file a joint return).
The amount of the credit is 20 percent of the first $10,000 of qualified education expenses, or a maximum of $2,000 per return. The LLC is not refundable. So, you can use the credit to pay any tax you owe, but you won’t receive any of the credit back as a refund.
June 1, 2019
8:28 AM