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2018 Tax Law: In Congress

Congress wants to take a stab at consolidating current education tax breaks. Among the potential ideas: Enhancing the American Opportunity Tax Credit while repealing the lifetime learning credit, the tuition deduction and the write-off for the student loan interest. Barring new contributions into Coverdell savings accounts. Eliminating the rule that allows many Series EE and Series I savings bonds owners to cash in their bonds tax-free if they use the money to pay for college education. And expanding 529 college savings accounts to cover vocational or career training.

Expect discussion of some of these ideas over the next few months or so as the House tries to keep taxes on voters’ minds just in time for election season.

By | 2020-08-18T17:24:00+00:00 June 8th, 2018|Uncategorized|0 Comments

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