Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

What's New This Year

Taxes and Credits

Education Benefits

American opportunity credit is reduced for taxpayers with modified adjusted gross income in excess of $80,000 ($160,000 for a joint return).

Lifetime learning credit is reduced for taxpayers with modified adjusted gross income in excess of $54,000 ($108,000) for a joint return.

Student loan interest deduction begins to phase out for taxpayers with modified adjusted gross income in excess of $65,000 ($130,000 for joint returns) and is completely phased out for taxpayers with MAGI of $80,000 or more ($160,000 or more for joint returns).