Clarification on new tax laws

[BlueThorness]

How do the new tax laws affect a single person who has two student dependents (17 and 21-years-old) and makes around $56,000?

[melj1]

The tax rates for 2022 are lower than for 2021 and the standard deduction will increase. These will have the impact of lowering your taxes but, just marginally. You would be eligible for credits on energy saving vehicles or installations to your home.  

[SoCalGal22]

Great Question @BlueThorness!

These are the primary areas that the new bill could affect your family:

Clean Vehicle Credit

Energy Credits on Home

Solar Energy Credits

Extended Affordable Care Health Care Subsidies

Caps on Medicare out-of-pocket expenses for prescription drugs

Corporate Tax Changes

https://ttlc.intuit.com/turbotax-support/en-us/help-article/energy-tax-credits-deductions/inflation-...

https://proconnect.intuit.com/taxprocenter/tax-law-and-news/what-you-need-to-know-about-the-inflatio...

And this is regarding the Student Loan Forgiveness Program:

https://proconnect.intuit.com/taxprocenter/tax-law-and-news/student-loan-debt-relief-and-what-it-mea...

If your children are still in school, they may not be paying back student loans just yet.  But an important tax law to keep track of if anyone is graduating or leaving school soon. 

Do these help in any way?  Please let me know if you are looking for more detail on any one of these.