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.
By: Lindsey Perkins
|
Published: 02.28.2024
What if you expect your income to be different this year than last year?
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