Tax Tips & Calculators |
Education Credit Amounts
| American Opportunity Credit (applies to each eligible student) | ||
2010 |
2011 |
|
| Maximum Expenses Eligible : Maximum Credit | 100% of first $2,000, plus 25% of next $2,000 | 100% of first $2,000 plus 25% of next $2,000 |
| Maximum Credit | $2,500 | $2,500 |
| Refundable | 40% of credit (up to $1,000)** | 40% of credit (up to $1,000)** |
| Phaseout range(modified AGI)* | $80,000 - $90,000 ($160,000 - $180,000 MFJ) |
$80,000 - $90,000 ($160,000 - $180,000 MFJ) |
*MFS filers not eligible.
**The credit is not refundable if claimed by a student who is subject to the kiddie tax.
**The credit is not refundable if claimed by a student who is subject to the kiddie tax.
| Lifetime Learning Credit (applies to the family as a whole) | ||
2010 |
2011 |
|
| Maximum Expenses Eligible | 20% of first $10,000 | 20% of first $10,000 |
| Maximim Credit | $2,000 | $2,000 |
| Phaseout range (modified AGI)* |
$50,000 - $60,000 ($100,000 - $120,000 MFJ) |
$50,000 - $60,000 ($100,000 - $120,000 MFJ) |
*MFS filers not eligible.
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