Federal Government Employee ISO options/ideas to minimize income and EFC on FAFSA

[mommdc]

Well, I meant it will reduce AGI, and therefore MAGI.

The link I posted provides information about MAGI:

What are the income limits for AOTC?
To claim the full credit, your MAGI, modified adjusted gross income must be $80,000 or less ($160,000 or less for married filing jointly).
You receive a reduced amount of the credit if your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married filing jointly).
You cannot claim the credit if your MAGI is over $90,000 ($180,000 for joint filers).

MAGI for most people is the amount of AGI, adjusted gross income, shown on your tax return. If you file Form 1040, you add the following amounts to AGI (line 7):

If you file Form 1040, you add the following amounts to AGI (line 38):

Foreign earned income exclusion,
Foreign housing exclusion,
Foreign housing deduction,
Exclusion of income by bona fide residents of American Samoa, or of Puerto Rico.

If you need to adjust your AGI to find your MAGI, there are worksheets in the Publication 970 to help you.

https://www.irs.gov/credits-deductions/individuals/aotc