From private HS to college ... value of tax benefits?

Paying for College
1

<p>How does best calculate the net costs for a family who will see one child leaving high school next Fall. In this case, the family is currently paying 18,000 per year for a private high school, and will probably have a net cost (after merit aid) of $25,000, including the transportation, books, and fees. </p>

<p>Considering an income in the $150 to $200,000 range, what is the best number they could use to evaluate the value of tax credits or deductions?</p>

2

<p>The actual amount of income makes a huge difference. For couples filing jointly the American Opportunity Tax credit income limit is MAGI $180k, the Lifetime learning $120k, Tuition and fees deduction at $160k.</p>