Earlier this month, a friend shared this meme on Facebook:As seen on FBI'm not sure where it originated, but the meme has clearly made the rounds. The student loan interest remains in place, and there is no tax deduction for private school tuition. Under the House and Senate proposals, most above-the-line deductions, including the deduction for student loan interest, would have been eliminated. In the final version, however, the deduction for student loan interest was retained with the current cap of $2,500 (more on the student loan interest deduction here). Neither the earnings nor distributions in 529 plans are taxable for federal purposes so long as the plan is used for qualified educational expenses (more on traditional 529 plans here).

Source: Forbes April 27, 2018 16:01 UTC