Tax Cuts and Jobs Act Resources

Image of the US individual income tax return form - form 1040

The Financial Security for All Community of Practice has compiled the following list of informational resources related to the Tax Cuts and Jobs Act:

 Tax Cuts and Jobs Act Legislation

Background Information: Land-Grant Universities

Background Information: Other 

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Why Should I File an Income Tax Return if I Don’t Owe Any Money?

Even if you don’t owe any taxes, you may qualify for tax credits that would result in a refund.

For example, the Earned Income Tax Credit (EITC) and Child Tax Credit both provide refundable tax credits. This means that, if the amount of a refundable tax credit is more than the amount of taxes due, the difference will be given back to you as a tax refund.

By not filing a tax return, an individual is missing out on the …

Can You Make a Tax-Free 529 Plan Contribution Larger Than the Annual Gift Tax Exclusion?

Although the IRS typically allows people to gift no more than $14,000 a year (2017 figure) to another person without a federal gift tax, you can contribute up to $70,000 to a 529 plan in one year. A special tax law allows you to aggregate five years of the allowable $14,000 annual gift-tax exclusion (5 x $14,000 = $70,000) to jump-start a 529 plan.

While you will not be able to make any further gifts to the 529 plan for …