This page uses JavaScript. Your browser either does not support JavaScript or you have it turned off. To see this page properly please use a JavaScript enabled browser.

For updated†hours of operation, support and†information regarding Coronavirus (COVID-19), click here.

U1 Go to main content Search
U1 Internet Banking
Tax Reform - What You Need to Know

Tax reform is here … how will it affect you this tax season? About 42% of surveyed taxpayers don’t know if the new tax law will benefit them. Universal 1 Credit Union is here to help, providing you with information about the new tax laws and keeping you up to date.

Don’t worry, TurboTax Has You Covered Universal 1 Credit Union TurboTax

TurboTax is always up to date with the latest forms and 100% accurate calculations. With TurboTax, you can file your taxes with complete confidence – and get your biggest possible refund, guaranteed. AND, as a credit union member you can save up to $15 on TurboTax federal products. Click here to access TurboTax and your savings!

For now, here are three of the most important changes:

1. Your Tax Bracket Might Have Changed

The seven tax brackets found in the former law remain, but a number of tax rates are lower. The income thresholds at which the rates apply also change. That means you can decrease your tax burden with deductions that place you in a lower tax bracket.

2. Families Find Relief

This most recent tax reform effort doubled the Child Tax Credit from $1,000 to $2,000. If you’re saving for your kids’ education via a 529 plan, this creates an opportunity to increase your contribution — tax-free — without trying to find those funds in your current budget.

3. Some Eliminations and Deductions Fade

Contrary to the interpretation of some people, the tax reform change did not immediately do away with the tax penalty that accompanies non-participation in a health plan. Since the window for such participation is now closed, if you find yourself outside of a plan looking in on tax penalties, your best bet is to determine a payment strategy. Universal 1 Credit Union can help.

As always, consult with your tax professional for additional information and advice. 

Click Here to Save on TurboTax and Get Your Maximum Refund!

Go to main navigation
U1 has a few links to external sites but does not operate them.
The credit union is not responsible for their content, and site security and privacy policies may differ.
U1 does not represent you or the third party if both enter into a transaction.