You will qualify based on the Modified Adjusted Gross Income (MAGI) which is the lesser of the two years. For example: You are a single filer and had a MAGI of $145,000 in 2023 but expect to make $155,000 in 2024. The single-filer limit is $150,000. Your MAGI for 2023 is the lower of the two years, and that is what you will use to determine if your income qualifies. Since one of the years is below the $150,000 threshold, your income qualifies for the tax credit.
What if you expect your income to be different this year than last year?
Related Articles:
Driving towards a less perfect union?
On July 4, 2026, the U.S. will celebrate the 250th anniversary of the Declaration of Independence. This provides us with a once-in-a-lifetime opportunity to reflect on the state of our nation, where we have been, and where we are going. Eleven years after the Declaration of Independence was signed, the[…]
Is the U.S. sacrificing its automakers for oil?
2026 started out with a bang. Early in January, U.S. forces seized Venezuelan President Nicolás Maduro and his wife, Cilia Flores, arresting them for narcoterrorism. Public statements quickly revealed that the underlying objective of the attack was to gain access to Venezuela’s vast oil reserves. Abroad, the U.S. is pursuing[…]
