Hi, jenthn, with all the changes in the new bill, there are a lot of questions on how it will impact tax returns this year. The One Big Beautiful Bill (OBBB) has many provisions that could impact you, including:
- The OBBB makes many of the 2017 Tax Cut and Jobs Act (TCJA) tax law changes permanent while adding some temporary and permanent changes to the tax code.
- Some new tax laws of the Trump Tax Plan 2025 are in effect for your 2025 taxes (which you'll file in 2026), however, most of the changes won't take effect until 2026 and later.
- The OBBB keeps many of the TCJA tax items, including the larger Standard Deduction, elimination of personal and dependent exemptions, lower tax brackets, and elimination of, or limits on, certain itemized deductions.
- The 2025 tax law changes temporarily provide for no tax on tip or overtime income for certain workers.
And that's just the tip of the iceberg of changes included in the bill! TurboTax has a detailed article about how the tax law changes could impact you, and even includes a link to our TurboTax Tax Reform Calculator, where you can plug in information specific to your situation and see what the impacts could be.
You can find the article at this link: OBBB Tax Law Changes and How That Impacts You and you can use our reform calculator at this link: TurboTax Tax Reform Calculator
Without knowing the specifics of your unique situation, I can't advise how the new bill will impact you, but with the tools I provided above you should be able to plug in a few key numbers and determine the ultimate impact on your estimated 2025 tax return. I hope the above references help!
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