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What are the income limits for claiming the tax credit?

To receive the full tax credit under the extended provisions of the Act,  the buyers must have a "modified adjusted gross income" (MAGI) of less than $125,000 for single filers, and $225,000 for married taxpayers filing a joint return. However, for single filers with a MAGI between $125,000 and $145,000 the tax credit phases out gradually. The phase-out level for married taxpayers is between $225,000 and $245,000.


     

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