| | Education PlanningAmerican Opportunity and Lifetime Learning Credits
| Education credits | 2019 | 2020 |
|---|
| Maximum American Opportunity credit | $2,500 | $2,500 | | Maximum Lifetime Learning credit | $2,000 | $2,000 |
| MAGI phaseout range for American Opportunity credit | 2019 | 2020 |
|---|
| 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 | 2019 | 2020 |
|---|
| Single--phaseout threshold amount | $58,000
| $59,000 | | Single--completed phaseout amount after | $68,000 | $69,000 | | Married filing jointly--phaseout threshold amount | $116,000 | $118,000 | | Married filing jointly--completed phaseout amount after | $136,000 | $138,000 |
Coverdell education savings accounts| Coverdell ESAs | 2019 | 2020 |
|---|
| Annual contribution limit | $2,000 | $2,000 |
| MAGI phaseout range for Coverdell education savings accounts | 2019 | 2020 |
|---|
| 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 | 2019 | 2020 |
|---|
| Maximum deduction | N/A | N/A |
Deduction for student loan interest| Education loan interest deduction | 2019 | 2020 |
|---|
| Maximum deduction for interest paid on qualified education loans | $2,500 | $2,500 |
| MAGI phaseout range | 2019 | 2020 |
|---|
| 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
| $140,000
| | Married filing jointly--completed phaseout amount after | $170,000 | $170,000 |
Gift tax exclusion
| Gift tax | 2019 | 2020 |
|---|
| Annual gift tax exclusion--single individual | $15,000
| $15,000
| | Annual gift tax exclusion--joint gift | $30,000 | $30,000 | | Lump-sum gift to 529 plan--single individual | $75,000 | $75,000 | | Lump-sum gift to 529 plan--joint gift | $150,000 | $150,000 |
Kiddie tax
| Kiddie tax | 2019 | 2020 |
|---|
| Generally, children pay federal income tax at the tax rates that apply to estates and trusts on any investment income over | $2,200 | $2,200 |
U.S. savings bonds interest exclusion for college expenses| Joint returns | 2019 | 2020 |
|---|
| Phaseout threshold for joint returns | $121,600
| $123,550 | | Completed phaseout amount after | $151,600 | $153,550 |
| Other returns | 2019 | 2020 |
|---|
| Phaseout threshold for other returns | $81,100
| $82,350 | | Completed phaseout amount after | $96,100 | $97,350 |
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