Beginning in 2018, the new Tax Cuts and Jobs Act (TCJA) suspends personal exemptions. How will this impact an individual's tax liability? What other changes does the new tax law provide which might mitigate an increase or decrease in the amount of tax owed due to the elimination of personal exemptions? Consider any changes to other credits or deductions related to claiming a dependent.

First, watch the following video which outlines the tests an individual needs to meet to be considered either a qualifying child or a qualifying relative. https://www.youtube.com/watch?v=1lIL7aKYbBs

Next, go to the IRS website (irs.gov) and search for Publication 501 Exemptions, Standard Deduction, and Filing Information. Take a closer look at the five tests that must be met for a child to be a qualifying child. Using what you have read in the IRS publication and other research on this change, describe a scenario of who might be affected by the recent tax reform changes as it relates to personal exemptions and dependent credits.