Toni and Beyonze are married and file jointly. During 2015, they paid tuition for their daughter's college in the amount of $23,000. If their AGI was $142,000, what is the amount of tuition deduction they are eligible for?

Question

​Toni and Beyonze are married and file jointly. During 2015, they paid tuition for their daughter's college in the amount of $23,000. If their AGI was $142,000, what is the amount of tuition deduction they are eligible for?

Quizplus · Accepted Answer

The tuition deduction is phased out for taxpayers with AGIs above certain levels. For married couples filing jointly, the phase-out begins at $160,000. Toni and Beyonze's AGI of $142,000 is below the phase-out threshold, so they are eligible for the full $2,000 tuition deduction.

​Toni and Beyonze Are Married and File Jointly

Toni and Beyonze Are Married and File Jointly