Education Tax Breaks - Lifetime education tax credit, Hope tax credit and education deductions comparison table

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This page last updated on February 1, 2003

Education Tax Breaks
Education Tax Credits & Deduction Comparisons

	HOPE Credit	Lifetime Learning Credit	Education Deduction
Description	Annual federal tax credit for first two years of college -- limit $1,500	Annual federal tax credit for any year of college -- maximum $1,000	Federal deduction against income of up to $3,000
Expense Deadline	12/31/2002	12/31/2002	12/31/2002
Qualified Expenses include Room & Board?	No	No	No
Qualified Expenses include Elementary & Secondary School?	No	No	No
AGI Phase-outs or Limits?	$41,000-$51,000 Single $82,000-$102,000 MFJ	$41,000-$51,000 Single $82,000-$102,000 MFJ	$65,000 Single $130,000 MFJ

NOTE: The table includes only some of the basic facts about education credits and deductions to account for in tax preparation and income tax planning and is not a complete list.. For more detailed information on college savings plan options, check with your tax professional. You may also find additional information at the following resources:

TaxPlanet's Guide to Education Credits or the Education Deduction

Quicken's Education Tax Breaks

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Education Tax Breaks Education Tax Credits & Deduction Comparisons

Education Tax Breaks
Education Tax Credits & Deduction Comparisons