Pension Corporation of America
Wealth Management
Pension Corporation of America
2133 Luray Avenue
Cincinnati, OH 45206
513-281-3366
fax 513-281-1799
wealthmanagement@pencorp.com
www.pencorp.com
 
 




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


Advisory Services Offered Through PCA Investment Advisory Services, Inc.
Securities Offered Through L.M Kohn & Company 10151 Carver Road, Ste. 100., Cincinnati, OH 45242
Member FINRA/SIPC And a Registered Broker-Dealer not affiliated with PCA Investment Advisory Services, Inc.
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2024.