I have child that is in college. What tax breaks are available for a household of 100k+
As a household with a child in college, there are several tax breaks you may be eligible for: 1. American Opportunity Credit: This credit provides up to $2,500 per eligible student for the first four years of post-secondary education. To qualify, your modified adjusted gross income (MAGI) must be below $180,000 (or $90,000 for single filers). 2. Lifetime Learning Credit: This credit offers up to $2,000 per tax return for qualified education expenses, including tuition and fees. Unlike the American Opportunity Credit, there is no limit on the number of years you can claim this credit. The MAGI limit for this credit is $138,000 (or $69,000 for single filers). 3. Tuition and Fees Deduction: If you don't qualify for the above credits, you may be able to deduct up to $4,000 in qualified education expenses. The MAGI limit for this deduction is $160,000 (or $80,000 for single filers). 4. Student Loan Interest Deduction: If you're paying interest on student loans, you may be able to deduct up to $2,500 in interest paid. The MAGI limit for this deduction is $85,000 (or $170,000 for joint filers). Remember to review the specific eligibility requirements and consult with a tax professional to ensure you qualify for these tax breaks and to maximize your potential savings.
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