Not every taxpayer qualifies for the credits. Besides paying education expenses of the type that actually apply under 25A's definition, another threshold requirement is that the taxpayer have a modified adjusted gross income (MAGI) for the taxable year no higher than a certain amount.24 For 2008, this amount is $48,000 for an individual and $96,000 for a married couple filing jointly in order for the taxpayer to be able to take the full credit.25 The available credit then phases out as the taxpayer's MAGI increases until at $58,000 for individuals and $116,000 for those married filing jointly, it is completely unavailable.26 C.\n It must identify an objectively verifiable measure of the increase in average tuition costs year-to-year and retailor the statutes to automatically adjust themselves based on that measurement.
Uncle Sam, Tuition Costs, and the Changing Economy: Tax Incentives for Educat... Bradley R Palmer Journal of Law and Ed
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