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HOPE AND LIFETIME LEARNING CREDITS

 
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Category : > Income Tax Filing Across The USA
Posted On : Fri Nov 26th,2010

 
HOPE AND LIFETIME LEARNING CREDITS
 

HOPE AND LIFETIME LEARNING CREDITS

For 2007, the amount of your Hope or lifetime learning credit is phased out (gradually reduced) if your modified adjusted gross income (MAGI) is between $47,000 and $57,000 ($94,000 and $114,000 if you file a joint return). You cannot claim an education credit if your MAGI is $57,000 or more ($114,000 or more if you file a joint return). This is an increase from the 2006 limits of $45,000 and $55,000 ($90,000 and $110,000 if filing a joint return).

  


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