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Leonard Golub, CFA, MBA
Fiduciary Advisor
3355 West Alabama Street
Suite 275
Houston, TX 77098
713-874-1444
info@newcapitalmgmt.com
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November 27, 2023

2024 Key Numbers
 

Education Planning

American Opportunity and Lifetime Learning Credits

Education credits20232024
Maximum American Opportunity credit$2,500$2,500
Maximum Lifetime Learning credit$2,000$2,000
MAGI phaseout range for American Opportunity credit20232024
Single--phaseout threshold amount$80,000$80,000
Single--completed phaseout amount after$90,000$90,000
Married filing jointly--phaseout threshold amount$160,000$160,000
Married filing jointly--completed phaseout amount after$180,000$180,000
MAGI phaseout range for Lifetime Learning credit20232024
Single--phaseout threshold amount$80,000$80,000
Single--completed phaseout amount after$90,000$90,000
Married filing jointly--phaseout threshold amount$160,000$160,000
Married filing jointly--completed phaseout amount after$180,000$180,000

Coverdell education savings accounts

Coverdell ESAs20232024
Annual contribution limit$2,000$2,000
MAGI phaseout range for Coverdell education savings accounts20232024
Single--phaseout threshold amount$95,000$95,000
Single--completed phaseout amount after$110,000$110,000
Married filing jointly--phaseout threshold amount$190,000$190,000
Married filing jointly--completed phaseout threshold amount$220,000$220,000

Deduction for qualified higher education expenses

Higher education expenses20232024
Maximum deductionN/AN/A
MAGI maximum for full $4,000 deduction20232024
SingleN/AN/A
Married filing jointlyN/AN/A
MAGI range for $2,000 deduction20232024
Single--MAGI greater than this amount:N/AN/A
Single--MAGI does not exceed this amount:N/AN/A
Married filing jointly--MAGI greater than this amount:N/AN/A
Married filing jointly--MAGI does not exceed this amount:N/AN/A

Deduction for student loan interest

Education loan interest deduction20232024
Maximum deduction for interest paid on qualified education loans$2,500$2,500
MAGI phaseout range20232024
Single--phaseout threshold amount$75,000 $80,000
Single--completed phaseout amount after$90,000$95,000
Married filing jointly--phaseout threshold amount$155,000 $165,000
Married filing jointly--completed phaseout amount after$185,000$195,000

Gift tax exclusion

Gift tax20232024
Annual gift tax exclusion--single individual$17,000 $18,000
Annual gift tax exclusion--joint gift$34,000$36,000
Lump-sum gift to 529 plan--single individual$85,000$90,000
Lump-sum gift to 529 plan--joint gift$170,000$180,000

Kiddie tax

Kiddie tax20232024
Children's unearned income over this amount generally taxed at parents' tax rates$2,500$2,600

U.S. savings bonds interest exclusion for college expenses

Joint returns20232024
Phaseout threshold for joint returns$137,800$145,200
Completed phaseout amount after$167,800$175,200
Other returns20232024
Phaseout threshold for other returns$91,850$96,800
Completed phaseout amount after$106,850$111,800
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The information contained herein is based on sources believed to be reliable, but its accuracy cannot be guaranteed. The articles, information, calculators, and opinions presented herein are for general information only and are not intended to provide specific advice or recommendations for any individual. New Capital Management does not provide tax, accounting, or legal advice. All decisions regarding the tax or legal implications of your investments and finances should be made with your tax or legal advisor. New Capital Management is not a bank, mortgage lender, or broker. Nothing herein should be construed as an offer or commitment to lend. Any calculations are provided as educational tools, are hypothetical in nature, depend wholly on information you provide, do not assume the effects of all pertinent factors, and are not intended to provide investment advice or serve as a financial plan.



This communication is strictly intended for individuals residing in the state(s) of TX. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2024.