Wagering Losses |
Deductible to extent of gains( if itemizing deductions) |
Deduction limited to 90 % of losses, only to extent of gains( if itemizing deductions) |
Slightly less favorable for gamblers. |
Inclusion of Postsecondary Credentialing Expenses in 529 Accounts |
529 accounts were limited to higher education and K-12 tuition. |
Now include expenses for recognized postsecondary credential programs, including fees, testing, and continuing education. |
Individuals can use 529 funds taxfree for a broader range of education expenses, including credentialing and continuing education, increasing flexibility for career advancement and retraining. |
Expansion of 529 Account Qualified Expenses |
529 accounts could be used for tuition( up to $ 10,000 / year) at K-12 schools. |
Expanded to include more K-12 expenses( curriculum, tutoring, testing, therapies), and the limit is increased to $ 20,000 / year. |
Individuals( parents / beneficiaries) can use 529 funds for a wider array of K-12 educational expenses, with a higher annual cap, enhancing taxadvantaged education savings. |
Tax Credit for Contributions to Scholarship Granting Organizations |
No federal credit for contributions to K-12 scholarship organizations. |
New $ 1,700 federal credit for individual contributions to state-approved scholarship granting organizations for K-12 students. |
Incentivizes charitable giving to education. |