By 2015 (hopefully) we'll make enough that we won't be eligible for the credit, but since it's AGI if you play your 401K right that's a joint income of almost $100k.
This is the correct way to think about it. Another point to that end - if you work in a flexible environment like a startup, a small business, a liberal type place, you might be able to negotiate other perks that could keep your AGI lower.
Example - Our 401K has a safe harbor contribution. Because of this, and the way the plan is written, it allows for a certain amount of discrimination at the discretion of management (I'm in management so privy to this info). I can have employer increase my safe harbor contribution (for just me, or anyone else I decide) from 3% of wages to at least 4% without disqualifying the plan. We need to go through certain calculations to accomplish this, and based on the calculations we might be able to go up to 5% or 6%, but it depends on many factors.
If I decide to increase the employer contribution for me, I simply decrease my wages by the same amount. Sounds like a net zero effect, so why do it you may ask? Three reasons: 1) Less wages in Box 1, Box 3, and Box 5 of my W-2 which reduces AGI and taxable income, 2) Reduced Box 3 & 5 on W-2 means reduced SS and Medicare Tax for you, 3) Most importantly for your negotiating power, Reduced Box 3 & 5 on W-2 means reduced SS and Medicare Tax for your employer.
This may not work for any of you, but I bring it up as just one example. Any reduction in wages helps both you and employer because of payroll taxes. Consider suggesting 100% health insurance premiums paid for by employer in exchange for reduced wages. Can employer pay your cell phone bill? Can employer pay directly for your transportation costs? These could all reduce your AGI while simultaneously increasing your bottom line, and your employer's bottom line.