Thursday, March 11, 2010
The increases for 2007 and 2008 will make the important education credits accessible to more taxpayers.
For 2007, the amount of your Hope or Lifetime Learning credit is gradually reduced if your modified adjusted gross income is between $47,000 and $57,000 (between $94,000 and $114,000 if you file a joint return).
The credits are important tax breaks for people pursuing higher educations or financing higher educations for family members.
In 2006, the limits were between $45,000 and $55,000 for single taxpayers and between $90,000 and $110,000 for married couples filing jointly.
In 2008, the limits will rise again, to between $48,000 and $58,000 for singles and between $96,000 and $106,000 for joint filers.
For more information, see Chapters 2 and 3 in Publication 970, Tax Benefits for Education.
Published Dec. 6, 2007
