What are the income limits for the Hope and Lifetime Learning credits in 2006?

The income limits for both the Hope and Lifetime Learning credits have increased for 2006. Specifically, if your modified adjusted gross income for the 2006 tax year was between $45,000 and $55,000 (if you are filing as single, head of household or a widow or widower) or between $90,000 and $110,000 (if you are married filing jointly), you will have to review Form 8863 to determine the reduced amount of the credit you can claim. If your modified adjusted gross income is over the $55,000 or $110,000 limits, you cannot claim any credit at all (because the credits are totally phased out).