What are the income limits & phaseout for 2023 & 2024?

Income Limits & Phaseout (for 2023 and 2024): the credit starts phasing out at an increased MAGI of $80,000 ($160,000 for joint filers) and 100% phaseout occurs at a MAGI of $90,000 ($180,000 for married filing jointly) in 2023 and 2024. How to Claim: Determine your eligibility, credit amount, and claim the credit by filling out IRS Form 8863.

Are education tax credits still available in 2023 & 2024?

The good news is that if you’re paying for school (for yourself or others), there are a number of education tax credits and deductions still available to you in 2023 and 2024. I’ll cover each in detail. The American Opportunity Tax Credit (AOTC) is the major student tax credit available.

What tax credits are available for 2023?

For 2023, there are two tax credits available to help you offset the costs of higher education by reducing the amount of your income tax. They are the American opportunity credit and the lifetime learning credit. This chapter discusses the lifetime learning credit. The American opportunity credit is discussed in chapter 2. This chapter explains: