Here are the key income phaseout levels for this year and last year.
| American Opportunity Tax Credit | 2023 | 2022 |
|---|---|---|
| Single / Head of household | $80,000 – 90,000 | $80,000 – 90,000 |
| Joint | $160,000 – 180,000 | $160,000 – 180,000 |
| Married filing separately (MFS) | $0 | $0 |
| Child Tax Credit ($2,000 Per Child) | 2023 | 2022 |
|---|---|---|
| Single / Head of household | $200,000 – 240,000 | $200,000 – 240,000 |
| Joint | $400,000 – 440,000 | $400,000 – 440,000 |
| Married filing separately | $200,000 – 240,000 | $200,000 – 240,000 |
| Family Tax Credit | 2023 | 2022 |
|---|---|---|
| $500/dependent non-qualifying CTC | same as child tax credit | same as child tax credit |
| Savings Bond Interest Exclusion | 2023 | 2022 |
|---|---|---|
| Single / Head of household | $91,850 – 106,850 | $85,800 – 100,800 |
| Joint | $137,800 – 167,800 | $128,650 – 158,650 |
| Married filing separately | $0 | $0 |
* Adjusted or modified adjusted gross income.
| Education Loan Interest Deduction | 2023 | 2022 |
|---|---|---|
| Single / Head of household | $75,000 – 90,000 | $70,000 – 85,000 |
| Joint | $155,000 – 185,000 | $145,000 – 175,000 |
| Married filing separately | $0 | $0 |
| Education Savings Accounts | 2023 | 2022 |
|---|---|---|
| Single / Head of household / MFS | $95,000 – 110,000 | $95,000 – 110,000 |
| Joint | $190,000 – 220,000 | $190,000 – 220,000 |
| Lifetime Learning Credit | 2023 | 2022 |
|---|---|---|
| Single / Head of household | $80,000 – 90,000 | $80,000 – 90,000 |
| Joint | $160,000 – 180,000 | $160,000 – 180,000 |
| Married filing separately | $0 | $0 |
| IRA Deductibility (With Company Pension) | 2023 | 2022 |
|---|---|---|
| Single / Head of household | $73,000 – 83,000 | $68,000 – 78,000 |
| Joint | $116,000 – 136,000 | $109,000 – 129,000 |
| Married filing separately | $0 – 10,000 | $0 – 10,000 |
| When spouse has company pension | $218,000 – 228,000 | $204,000 – 214,000 |
| Itemized Deductions | 2023 | 2022 |
|---|---|---|
| Single | no phaseout | no phaseout |
| Joint returns & surviving spouses | no phaseout | no phaseout |
| Married filing separately | no phaseout | no phaseout |
| Head of household | no phaseout | no phaseout |
| Roth IRA Eligibility | 2023 | 2022 |
|---|---|---|
| Single / Head of household | $138,000 – 153,000 | $129,000 – 144,000 |
| Joint | $218,000 – 228,000 | $204,000 – 214,000 |
| Married filing separately | $0 – 10,000 | $0 – 10,000 |
| Rollover of regular IRA to Roth IRA | No income limit | No income limit |
Contact us for more information.