ARRA New Higher Education Tax Credit

Paying for College
1

<p>Today’s newspaper indicated that the American Reinvestment and Recovery Act, also know as the stimulus package, has a new tax credit for higher education in the amount of $2,500 for tax year 2009 and 2010. Does anyone know the income limits for this tax credit for a joint return?</p>

2

<p><a href="http://talk.collegeconfidential.com/financial-aid-scholarships/652687-education-tax-credit-under-stimulus-package.html%5B/url%5D"&gt;http://talk.collegeconfidential.com/financial-aid-scholarships/652687-education-tax-credit-under-stimulus-package.html&lt;/a&gt;&lt;/p>

3

<p><a href="http://www.forbes.com/2009/02/17/college-hope-credit-personal-finance-taxes_0217_college_stimulus.html%5B/url%5D"&gt;http://www.forbes.com/2009/02/17/college-hope-credit-personal-finance-taxes_0217_college_stimulus.html&lt;/a&gt;&lt;/p>

<p>Married couples filing jointly who have modified adjusted gross income of up to $160,000 ($80,000 for single parents) can claim the full credit for 2009 and 2010. Above that income level, the credit gradually phases out, with those earning up to $180,000 ($90,000 for singles) eligible to claim a partial credit.</p>

4

<p>Wow! I can hardly believe it. We might actually qualify for something under the stimulus bill! Thanks for the info!</p>