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).
What is the LLC worth?

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.

https://www.irs.gov/credits-deductions/individuals/llc