23 Feb 2022 Key Numbers- Education Planning
American Opportunity and Lifetime Learning Credits
| Education credits | 2021 | 2022 |
|---|---|---|
| Maximum American Opportunity credit | $2,500 | $2,500 |
| Maximum Lifetime Learning credit | $2,000 | $2,000 |
| MAGI phaseout range for American Opportunity credit | 2021 | 2022 |
|---|---|---|
| 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 credit | 2021 | 2022 |
|---|---|---|
| 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 ESAs | 2021 | 2022 |
|---|---|---|
| Annual contribution limit | $2,000 | $2,000 |
| MAGI phaseout range for Coverdell education savings accounts | 2021 | 2022 |
|---|---|---|
| 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 expenses | 2021 | 2022 |
|---|---|---|
| Maximum deduction | N/A | N/A |
| MAGI maximum for full $4,000 deduction | 2021 | 2022 |
|---|---|---|
| Single | N/A | N/A |
| Married filing jointly | N/A | N/A |
| MAGI range for $2,000 deduction | 2021 | 2022 |
|---|---|---|
| Single–MAGI greater than this amount: | N/A | N/A |
| Single–MAGI does not exceed this amount: | N/A | N/A |
| Married filing jointly–MAGI greater than this amount: | N/A | N/A |
| Married filing jointly–MAGI does not exceed this amount: | N/A | N/A |
Deduction for student loan interest
| Education loan interest deduction | 2021 | 2022 |
|---|---|---|
| Maximum deduction for interest paid on qualified education loans | $2,500 | $2,500 |
| MAGI phaseout range | 2021 | 2022 |
|---|---|---|
| Single–phaseout threshold amount | $70,000 | $70,000 |
| Single–completed phaseout amount after | $85,000 | $85,000 |
| Married filing jointly–phaseout threshold amount | $140,000 | $145,000 |
| Married filing jointly–completed phaseout amount after | $170,000 | $175,000 |
Gift tax exclusion
| Gift tax | 2021 | 2022 |
|---|---|---|
| Annual gift tax exclusion–single individual | $15,000 | $16,000 |
| Annual gift tax exclusion–joint gift | $30,000 | $32,000 |
| Lump-sum gift to 529 plan–single individual | $75,000 | $80,000 |
| Lump-sum gift to 529 plan–joint gift | $150,000 | $160,000 |
Kiddie tax
| Kiddie tax | 2021 | 2022 |
|---|---|---|
| Children’s unearned income over this amount generally taxed at parents’ tax rates | $2,200 | $2,300 |
U.S. savings bonds interest exclusion for college expenses
| Joint returns | 2021 | 2022 |
|---|---|---|
| Phaseout threshold for joint returns | $124,800 | $128,650 |
| Completed phaseout amount after | $154,800 | $158,650 |
| Other returns | 2021 | 2022 |
|---|---|---|
| Phaseout threshold for other returns | $83,200 | $85,800 |
| Completed phaseout amount after | $98,200 | $100,800 |
This information was developed by Broadridge, an independent third party. It is general in nature, is not a complete statement of all information necessary for making an investment decision, and is not a recommendation or a solicitation to buy or sell any security. Investments and strategies mentioned may not be suitable for all investors. Past performance may not be indicative of future results.
Prepared by Broadridge Advisor Solutions Copyright 2022.