Education Credit Amounts
Hope Credit (applies to each eligible student) |
||
2007 |
2008 |
|
Maximum Expenses Eligible : Maximum Credit |
100% of first $1,100 plus 50% in excess of $1,100 : maximum $1,650 |
100% of first $1,200 plus 50% in excess of $1,200 : maximum $1,800 |
Phaseout range (modified AGI)* |
$47,000 - $57,000 ($94,000 - $114,000 MFJ) |
$48,000 - $58,000 ($96,000 - $116,000 MFJ) |
*MFS filers not eligible.
Lifetime Learning Credit (applies to the family as a whole) |
||
2007 |
2008 |
|
Maximum Expenses Eligible : Maximum Credit |
20% of first $10,000 : maximum $2,000 |
No change |
Phaseout range (modified AGI)* |
$47,000 - $57,000 ($94,000 - $114,000 MFJ) |
$48,000 - $58,000 ($96,000 - $116,000 MFJ) |
*MFS filers not eligible.