topic Big Beautiful Bill in Get your taxes done using TurboTax

Big Beautiful Bill

shamari11-11 — Wed, 06 Aug 2025 17:52:17 GMT

How will the BBB affect low income earners?

Re: Big Beautiful Bill

evelynm — Wed, 06 Aug 2025 17:57:15 GMT

As a low-income taxpayer, you can take advantage of certain tax credits and deductions that can give you a significant break on your taxes.

There are tax breaks specifically for low-income filers, including credits and deductions for having children or making retirement contributions.
You can get a Retirement Savings Contribution Credit if you're a low-income taxpayer contributing to retirement plans, with the credit ranging from 10% to 50% of the first $2,000 you contribute.
The Earned Income Credit (EIC) is a refundable credit allowing you to receive a refund even if the credit exceeds your tax owed.

Here is a link for further details: Tax tips for low income filers

Re: Big Beautiful Bill

shamari11-11 — Wed, 06 Aug 2025 18:12:20 GMT

What's going to happen to Pell Grants for college students for next tax year?

Re: Big Beautiful Bill

evelynm — Wed, 06 Aug 2025 18:19:22 GMT

The One Big Beautiful Bill that passed includes permanently extending tax cuts from the Tax Cuts and Jobs Act, including reforms for Pell Grants and student loans.

Here are links to help that are frequently updated:
Pell Grants TurboTax
BBB TurboTax Blog