Company Logo

LivingStone Wealth Planning

T. Spencer Metcalf, MBA, CFP®
President
104 Whitsett Street
Greenville, SC 29601
864-520-8000
spencer@livingstonewealth.com
www.livingstonewealth.com

T. Spencer Metcalf's Profile Picture

July 26, 2018

2018 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
Refer a friend To find out more click here

Cetera Wealth Partners is a region of Cetera Advisor Networks. Registered representative offering securities and advisory services through Cetera Advisor Networks LLC., member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser.  Cetera is under separate ownership from any other named entity.  


Confidentiality Notice: This email transmission and its attachments, if any, are confidential and intended only for the use of particular persons and entities. They may also be work product and/or protected by the attorney-client privilege or other privileges. Delivery to someone other than the intended recipient(s) shall not be deemed to waive any privilege. Review, distribution, storage, transmittal or other use of the email and any attachment by an unintended recipient is expressly prohibited. If you are not the named addressee (or its agent) or this email has been addressed to you in error, please immediately notify the sender by reply email and permanently delete the email and its attachments

Prepared by Broadridge Advisor Solutions Copyright 2024.