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QUICK TAX FACTS Education Tax Incentives - Deductions
Tuition & Fees Deduction
Student Loan Interest Deduction
Tax Benefit Above the line deduction
Above the line deduction
2009 Annual Limit $4,000 per return $2,500 per return Qualifying Education Undergraduate and Graduate
Undergraduate and Graduate
Other Rules and Requirements Cannot be combined
Must be at least half-time student
with other education items
Loan must be for education
2009 Modified AGI Phase-Out Ranges Beginning
Ending
Beginning
Ending
Filing Status Married Filing Joint $130,000 $160,000 $120,000 $150,000 Qualifying Widow(er) 65,000 80,000 60,000 75,000 Single 65,000 80,000 60,000 75,000 Head of Household 65,000 80,000 60,000 75,000 Married Filing Separate Do not qualify
Do not qualify
Education Tax Incentives - Credits HOPE Credit
American Opportunity Credit (new)
Lifetime Learning Credit
(only for Midwestern Disaster Area)
Tax Benefit Tax Credit, 40% Refundable
Tax Credit, Non-refundable
Tax Credit, Non-refundable
2009 Annual Limit $2,500 per student $2,000 per student $3,600 per student Qualifying Education First Four Years of Undergraduate
Undergraduate and Graduate
First Two Years of Undergraduate
Unlimited number of years
Other Rules and Requirements Must be at least half-time student
Degree or Non-degree Program
Only for students attending institutions
Credit can be shifted to student
Credit can be shifted to student
in Midwestern disaster area
(May elect in lieu of Amer. Opp. Credit)
2009 Modified AGI Phase-Out Ranges Beginning
Ending
Beginning
Ending
Beginning
Ending
Filing Status Married Filing Joint $160,000 $180,000 $100,000 $120,000 $100,000 $120,000 Qualifying Widow(er) 80,000 90,000 50,000 60,000 50,000 60,000 Single 80,000 90,000 50,000 60,000 50,000 60,000 Head of Household 80,000 90,000 50,000 60,000 50,000 60,000 Married Filing Separate Do not qualify
Do not qualify
Do not qualify
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