| | | | | Education Planning
American Opportunity and Lifetime Learning Credits
Education credits | 2023 | 2024 |
---|
Maximum American Opportunity credit | $2,500 | $2,500 | Maximum Lifetime Learning credit | $2,000 | $2,000 |
MAGI phaseout range for American Opportunity credit | 2023 | 2024 |
---|
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 credit | 2023 | 2024 |
---|
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 ESAs | 2023 | 2024 |
---|
Annual contribution limit | $2,000 | $2,000 |
MAGI phaseout range for Coverdell education savings
accounts | 2023 | 2024 |
---|
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 expenses | 2023 | 2024 |
---|
Maximum deduction | N/A | N/A |
MAGI maximum for full $4,000 deduction | 2023 | 2024 |
---|
Single | N/A | N/A | Married filing
jointly | N/A | N/A |
MAGI range for $2,000 deduction | 2023 | 2024 |
---|
Single--MAGI greater than this amount: | N/A | N/A | Single--MAGI does not exceed this
amount: | N/A | N/A | Married filing jointly--MAGI greater
than this amount: | N/A | N/A | Married filing jointly--MAGI does not
exceed this amount: | N/A | N/A |
Deduction for student loan interest
Education loan interest deduction | 2023 | 2024 |
---|
Maximum deduction for interest paid on qualified education
loans | $2,500 | $2,500 |
MAGI phaseout range | 2023 | 2024 |
---|
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 tax | 2023 | 2024 |
---|
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 tax | 2023 | 2024 |
---|
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 returns | 2023 | 2024 |
---|
Phaseout threshold for joint returns | $137,800 | $145,200 | Completed phaseout amount after | $167,800 | $175,200 |
Other returns | 2023 | 2024 |
---|
Phaseout threshold for other returns | $91,850 | $96,800 | Completed phaseout amount after | $106,850 | $111,800 |
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Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional.
LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.
This communication is strictly intended for individuals residing in the state(s) of AZ, CA, CO, FL, ID, ME, MT, NV, OR, TN, TX and WI. No offers may be made or accepted from any resident outside the specific states referenced. | Prepared by Broadridge Advisor Solutions Copyright 2024. | | |