based on modified adjusted gross income (1) In general Subsection (a) shall not apply to a taxpayer for the taxable year if the modified adjusted gross income of the taxpayer for the taxable year exceeds $50,000 ($75,000 in the case of a joint return and one-half of such amount in the case of a married individual filing a separate return). (2) Modified adjusted gross income For purposes of paragraph (1), the term modified adjusted gross income means adjusted gross income— (A) determined without regard to sections 86, 893, 911, 931, and 933, and (B) increased by the amount of interest received or accrued by the taxpayer during the taxable year which is exempt from tax. (3) Inflation adjustment (A) In general In the case of any taxable year beginning after 2018, each dollar amount referred to in paragraph (1) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section (1)(f)(3) of the Internal Revenue Code of 1986 for the calendar year in which the taxable year begins, by substituting 2017 for 1992 . (B) Rounding If any amount as adjusted under clause (i) is not a multiple of $50, such amount shall be rounded to the nearest multiple of $50. (c) Eligible individual (1) In general The term eligible individual means, with respect to any taxable year, an individual who— (A) has attained the age of 18 as of the last day of such taxable year, and (B) is a citizen or lawful permanent resident (within the meaning of section 7701(b)(6)) as of the last day of such taxable year. (2) Certain individuals not eligible For purposes of paragraph (1), an individual described in any of the following provisions of this title for the preceding taxable year shall not be treated as an eligible individual for the taxable year: (A) An individual who is a student (as defined in section 152(f)(2)) for the taxable year or the immediately preceding taxable year. (B) An individual who is a taxpayer described in subsection (c), (d), or (e) of section 6402 for the