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Beginning in 2004, the amount of qualified
education expenses you can take into account when figuring your
above-the-line tuition and fees deduction increases from $3,000 to $4,000
if your modified adjusted gross income (MAGI) is not more than $65,000
($130,000 if you are married filing jointly).
If your MAGI
is more than $65,000 ($130,000), but not more than $80,000 ($160,000 if
you are married filing jointly), your maximum tuition and fees deduction
will be $2,000.
No tuition and
fees deduction will be allowed if your MAGI is more than $80,000
($160,000). |
