Education Benefits

American opportunity credit for 2022 is gradually reduced (phased out) if taxpayers' MAGI is between $80,000 and $90,000 ($160,000 and $180,000 if Married Filing Jointly). Taxpayers cannot claim a credit if their MAGI is $90,000 or more ($180,000 or more if Married Filing Jointly). These MAGI limits will not be indexed for inflation for 2021 or later.

Lifetime learning credit for 2022 is gradually reduced (phased out) if taxpayers' MAGI is between $80,000 and $90,000 ($160,000 and $180,000 if Married Filing Jointly). Taxpayers cannot claim a credit if their MAGI is $90,000 or more ($180,000 or more if Married Filing Jointly). These MAGI limits will not be indexed for inflation for 2021 or later.

Student loan interest deduction begins to phase out for taxpayers with MAGI in excess of $70,000 ($145,000 for joint returns) and is completely phased out for taxpayers with MAGI of $85,000 or more ($175,000 or more for joint returns).