Tuition expenses with AGI above 200K

[RWG1950]

It is my understanding that a couple (MFJ) having an AGI over 200K & paying college tuition for a dependent child are
essentially out of luck when it comes to AOC & LLC credits and/or the tuition deduction.
Just want to make sure I'm not missing something.
Thanks for comments.

[Rapid Robert]

There is a great resource out there, it is called TheTaxBook. According to their handy chart (which I suspect you can find similar info in the IRS publication), the MFJ phaseouts for the three education tax benefits you mention are:

$ 160,000 – $ 180,000
(MFJ)
$ 116,000 – $ 136,000
(MFJ)
$ 130,000 – $ 160,000
(MFJ)

The dependent child might be able to claim the non-refundable credit on their own return if the parents do not claim, but generally the student already has no tax liability, so a non refundable credit is worthless.

The only items on the chart where there is no AGI phaseout are Penalty-Free IRA Distributions and Qualified Tuition Programs (QTP).

[Dude]

Its a great time for these folks to look into maxing out 401k contributions. Market is low and if they max out they may get below phase out for education credits (Depending how far above 200k their income is)

[RWG1950]

Quick Bob : Thanks for your reply. Prior to my post on this, I had reviewed the TTB & the related IRS pubs.
I'm a senior & in recent years have had fairly limited occasion to work with cases involving such tuition issues.
As stated, I just wanted to make sure that I wasn't missing something that would turn out to be embarrassingly obvious.
I enjoy reading your posts and replies. Could've done without the "great resource" comment though.

[Rapid Robert]

Prior to my post on this, I had reviewed the TTB & the related IRS pubs.

It's usually a good idea to mention what resources you have already consulted when asking a "did I miss anything" type of question - saves time all around.