Listed below are the educational related tax benefit annual limits. Some things to remember when reviewing theses limits:
1. No double dipping. You may not use the same educational expense for more than one tax benefit.
2. Income limits apply. Many of these benefits are subject to income limits. Please review the phase out article to see if they apply to your situation.
3. Not all expenses qualify. Each credit has criteria as to what educational expenses qualify for its use. Remember to review your expenses against these limitations.
|American Opportunity Credit (AOC) maximum amount||$2,500|
|Lifetime Learning Credit maximum amount||$2,000|
|Student loan interest deduction (maximum)|
Tuition and Fees Deduction (maximum)
|Education Savings Account Limits||Amount|
|Coverdell Education Savings Account contribution limit||$2,000|