Do we really get $500 for 18-22 year olds? I haven’t seen that anywhere.
Do the education credits stay pretty much the same? We have two in college. Eek.
DH works for one of the companies that is doing the $1,000 bonus. I haven’t heard if that’s actually going to happen.
From the article I posted...
" 9. There's a new tax credit for non-child dependents, like elderly parents.
Taxpayers may now claim a $500 temporary credit for non-child dependents. This can apply to a number of people adults support, such as children over age 17, elderly parents or adult children with a disability."
13. By the way, you can still deduct student loan interest.
The deduction for student loan interest, which is up to $2,500 per year, is safe.
15. If you're a teacher, you can still deduct classroom supplies.
The deduction for teachers who spend their own money on school supplies was left alone. Educators can continue to deduct up to $250 to offset what they spend on classroom materials.
18. 529 savings accounts can be used in new ways.
In the past, funds invested in 529 savings accounts wasn't taxed -- but it could only be used for college expenses. Now, up to $10,000 can be distributed annually to cover the cost of sending a child to a "public, private or religious elementary or secondary school." This change is a win for Education Secretary Betsy DeVos.
19. And tuition waivers for grad students remain tax-free.
Graduate students still won't have to pay income taxes on the tuition waiver they get from their schools. Such waivers are typically awarded to teaching and research assistants."
Pretty much everything wrong for families got fixed, and it's a really family friendly bill...