 | Higher Education Figures At-a-Glance
|
2013 |
2012 |
| Coverdell education savings accounts (formerly known as education IRAs) |
|
|
| Annual contribution limit |
$2,000 |
$2,000 |
| MAGI phaseout range for Coverdell education savings accounts: |
|
|
| 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 |
|
|
| Maximum deduction |
$4,000 |
$4,000 |
| MAGI maximum for full $4,000 deduction: |
|
|
| Single |
$65,000 |
$65,000 |
| Married filing jointly |
$130,000 |
$130,000 |
| Reduced deduction available |
$2,000 |
$2,000 |
| MAGI range for $2,000 deduction: |
|
|
| Single--MAGI greater than this amount |
$65,000 |
$65,000 |
| Single--MAGI does not exceed this amount |
$80,000 |
$80,000 |
| Married filing jointly--MAGI greater than this amount |
$130,000 |
$130,000 |
| Married filing jointly--MAGI does not exceed this amount |
$160,000 |
$160,000 |
| Education loans--interest deduction |
|
|
| Maximum deduction for interest paid on qualified education loans |
$2,500 |
$2,500 |
| MAGI phaseout range: |
|
|
| Single--phaseout threshold amount |
$60,000 |
$60,000 |
| Single--completed phaseout amount after |
$75,000 |
$75,000 |
| Married filing jointly--phaseout threshold amount |
$125,000 |
$125,000 |
| Married filing jointly--completed phaseout threshold amount |
$155,000 |
$155,000 |
| Gift tax exclusion |
|
|
| Annual gift tax exclusion--single individual |
$14,000 |
$13,000 |
| Annual gift tax exclusion--joint gift |
$28,000 |
$26,000 |
| Lump-sum gift to 529 plan--single individual |
$70,000 |
$65,000 |
| Lump-sum gift to 529 plan--joint gift |
$140,000 |
$130,000 |
| American Opportunity (Hope)1 and Lifetime Learning Credits |
|
|
| Maximum Lifetime Learning credit |
$2,000 |
$2,000 |
| Maximum Hope credit |
$2,500 |
$2,500 |
| MAGI phaseout range for Lifetime Learning Credit: |
|
|
| Single--phaseout threshold amount |
$53,000 |
$52,000 |
| Single--completed phaseout amount after |
$63,000 |
$62,000 |
| Married filing jointly--phaseout threshold amount |
$107,000 |
$104,000 |
| Married filing jointly--completed phaseout threshold amount |
$127,000 |
$124,000 |
| MAGI phaseout range for Hope Credit |
|
|
| 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 threshold amount |
$180,000 |
$180,000 |
| Kiddie tax |
|
|
| Generally, children pay federal income tax at their parents' rate on any investment income over ... |
$2,000 |
$1,900 |
| U.S. savings bonds--interest exclusion for higher education expenses |
|
|
| Joint returns: |
|
|
| Phaseout threshold for joint returns |
$112,050 |
$109,250 |
| Completed phaseout amount after |
$142,050 |
$139,250 |
| Other returns: |
|
|
| Phaseout threshold for other returns |
$74,700 |
$72,850 |
| Completed phaseout amount after |
$89,700 |
$87,850 |
1 For 2009 through 2012, the Hope credit is renamed the American Opportunity tax credit.
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