what is irs limit on income for education deduction
All credits and deductions carry limits. Some carry a specific dollar limit. For example, the child tax credit cannot exceed $1,000 for each child. Other credits and deductions are limited by your income. For example, you can typically claim charitable deductions up to 50 percent of your adjusted gross income. Still other credits and deductions have specific limits for taxpayers whose adjusted gross income falls within certain ranges.