Totals may not add exactly due to rounding. Totals may not add exactly due to rounding. Income is defined as adjusted gross income for taxpayers filing jointly with two dependents.
Pell grants are for families of four with one child in college.
Eligibility for tax credit is determined by tuition less all grants, scholarships, and other tax-free educational assistance. The Brookings Institution. Taxable family income is defined as adjusted gross income for taxpayer filing jointly with two dependents. Pell grants are for families of four with one child in college. Eligibility for tax credit is determined by tuition less all grants, scholarships, and other tax-free educational assistance.