This article by Dr. Halem seemed very timely as we hit the Labor Day weekend and all too soon will be staring Halloween and Thanksgiving in the face. I really liked what she said about keeping you informed after your mediation is finished.
Here are a few highlights and a link to the entire article along with reminder that help is available if you get stuck with a question.
The Tax Reform Law Impacts Families
Dr. Lynne C. Halem is the director at the Centre for Mediation & Dispute Resolution in Wellesley, MA
Helping you stay informed, even after mediation has ended, is a central part of CMDR’S long-term mission.
Child Tax Credit:
For children under 17, single parents earning up to $200,000 can receive a credit of $2,000 per child. This is a major improvement. Prior law limited parental earnings to $75,000 and provided a credit of only $1,000 per child.
529 Education Plans:
The new law allows parents to draw up to $10,000/year from 529 Plan(s) for pre-college private schooling or, say, tutoring. There is still no limitation on the amount of money to be drawn from 529 Plans for qualified college expenses.
Other Education Provisions:
You can still deduct student loan interest of up to $2,500/year. The Lifetime Learning deduction is also still in effect.”