What you should do
Keep track of the expenses you pay and compare the value of different tax credits to make sure you are maximizing your tax breaks since you can’t claim both the American Opportunity Tax Credit and the Lifetime Learning Credit in the same year. Also, plan ahead for when you pay the expenses. Whether you pay the winter semester costs in December or January could affect how much you’re able to benefit from the various tax breaks.
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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.