Education-related tax benefits. (Fast Tax Facts 2002).

EDUCATION-RELATED TAX BENEFITS

Deduction for Qualified Higher Education Costs

Calendar Year  Single AGI     MFJ AGI    Deduction

2002-03           $65,000 *  $130,000 *     $3,000
2004-05            65,000     130,000        4,000
2004-05            80,000 *   160,000 *      2,000

* Taxpayers with AGI above these thresholds are not entitled to a
deduction.
Coverdell Educational Savings Accounts


Annual Contribution Limit    $2,000
Income eligibility
MFJ                        $190,000 *
Single                      $95,000

* As a couple's income increases from $190,000 to $220,000, their
contribution limit phases out.
Qualified Tuition Programs


Deduct $3,000 in higher education expenses
Beginning income phase-out range:

Single                                       $50,000
MFJ                                         $100,000

Student Loan Deductions

* Deduct interest for life of loan
Beginning income phase-out range:

Single                                       $50,000
MFJ                                         $100,000