Reply to "2020 High School players signing as Undrafted Free Agents"

roothog6610,000+ posts

@keewart posted:
You CAN'T use the credit in big income years. The income limit for the American Opportunity Tax Credit is $80,000 modified adjusted gross income. (Double that if married.) It isn't for everyone, unfortunately.

You're 100% correct and the Lifetime Learning Credit has even lower thresh holds. You can still take a deduction for qualified education expenses, though. Yet another great reason not to waste that money on classes while you're still earning big checks.

I've often wondered why they can't set it up as a scholarship, though which would make the money tax free.

6/18/204:14 PM

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