Education Credit Amounts
|
Hope Credit (applies to each eligible student) |
|
|
2006* |
2007 |
|
Maximum Expenses Eligible : Maximum Credit |
100% of first $1,100 plus 50% in excess of $1,100 : maximum $1,650 |
100% of first $1,100 plus 50% in excess of $1,100 : maximum $1,650 |
|
Phaseout range
(modified AGI)** |
$45,000 - $55,000
($90,000 - $110,000 MFJ) |
$47,000 - $57,000
($94,000 - $114,000 MFJ) |
* For students attending school in the Gulf Opportunity Zone, the credit is 100% of the first $2,200 plus 50% in excess of $2,200, maximum $3,300.
** MFS filers not eligible.
|
Lifetime Learning Credit (applies to the family as a whole) |
|
|
2006* |
2007 |
|
Maximum Expenses Eligible : Maximum Credit |
20% of first $10,000 : maximum $2,000 |
No Change |
|
Phaseout range
(modified AGI)** |
$45,000 - $55,000
($90,000 - $110,000 MFJ) |
$47,000 - $57,000
($94,000 - $114,000 MFJ) |
Last Update: Dec. 7, 2006
* For students attending school in the Gulf Opportunity Zone, the credit is 40% of the first $10,000, maximum $4,000.
** MFS filers not eligible.
