Re: How Will Tax Reform Affect My Refund Next Year...
Level 7

Get your taxes done using TurboTax

Yeah, I'm not a fan either. The new rules do not favor things that have been a part of US law for a long time. It does not favor home ownership,families, marriage,or support for local services provided by the states. It does favor estates and landlords. go figure.

 There is a tax credit , a temporary measure , that was added in which kind of replaces the personal exemptions. The exemption lowered your taxable income-this cuts down on the tax owed. It is a not refundable credit.


s of 2018, you can also claim a tax credit for dependents who are older than age 16. The TCJA provides for a Family Tax Credit now as well. It's only worth $500, but that's better than nothing. Most of the qualifying rules are the same as for the Child Tax Credit, except adult dependents don't have to have valid Social Security numbers. Your dependent will need an Adoption Taxpayer Identification Number (ATIN), however, or an Individual Taxpayer Identification Number (ITIN). 

Unfortunately, this credit is not refundable, so the most it can do is shave $500 off your tax bill for each qualifying dependent.

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.
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