Tax Break |
Description |
AGI Limitations |
| Dependency Credits for dependents under age 17 | $400 per child; ($500 per child in 1999),$50 less per $1,000 above AGI limitations. | Single: $75,000 Joint: $100,000 |
| HOPE Scholarship | $1,500 credit for first two years of post-secondary education | Single: $40,000 -$50,000 Joint: $80,000 - $100,000 |
| Lifetime Learning Credit | 20% of first $5,000 ($10,000 in 2003). $1,000 in total ($2,000 in total in 2003) | Single: $40,000 -$50,000 Joint: $80,000 - $100,000 |
| IRA Contributions | Tax-deductible $2,000/yr. max | Eligibility increases in stages Single:
Increase from $25,000 to $40,000 in 2005 Joint: Increase from $40,000 to $80,000 in 2007 |
| Student Loan Deductions | Interest deduction of $1,000 for 1998; increasing $500/yr to $2,500 | Single: $40,000 to $55,000 Joint: $60,000 to $75,000 |
| IRA for Non-Participant Spouse | Tax-deductible $2,000/yr max | Joint: $150,000 |