Individual tax credits Flashcards
1
Q
American Opportunity Tax Credit
A
Available only for full time students.
$2000 of tuition and course materials + 20% of next $2000 of expenses.
AGI Phase out: $80k-$90k/$160k-$180k
2
Q
Lifetime Learning Credit
A
20% of expenses up to $10,000
AGI Phase out: $80k-$90k/$160k-$180k
3
Q
Adoption credit
A
Qualified expenses of adopting a child up to $14,440
MAGI phase out: $216,660-$256,600
