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Tax Guy: Have kids? 5 ways the new tax law affects you

The new Tax Cuts and Jobs Act (TCJA) includes a number of changes that affect families. Here are some of the big ones.

No more personal and dependent exemption deductions

For 2018-2025, the new law eliminates personal and dependent exemption deductions, which would have been $4,150 each for 2018 under prior law.

However, for various tax provisions that make reference to persons for whom dependent exemption deductions are allowed (such as the eligibility rules for head of household filing status, the child and dependent care tax credit, the education tax credits, and child-related tax breaks for noncustodial parents after divorce, the dependent exemption deduction is still deemed to exist for 2018-2025.

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