What happens to your taxes when your kids go to college
If you’re helping your kids with their college expenses, you might qualify for a range of income tax deductions and credits, including the American Opportunity Tax Credit, the Lifetime Learning Credit and the student loan interest deduction. The tax breaks won’t offset all the costs you pay for your kids to get a good education, but they will help ease the pain on your wallet.
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2 thoughts on “9 Events When Your Taxes Drastically Change”
Just a quick question if a person has not worked for a year and she has no medical insurance does she have to pay the fee at tax time because she does not have a job
It depends on your household income and the plan year. For 2018 plans and earlier, if insurance is unaffordable to you based on your income, you may qualify for an exemption from the fee. Other exemptions are based on low income too.