We are told on the news that the new tax reforms takes effect immediately, So, why is TurboTax saying something different? What is IRS guidelines on this issue?

The Trump Administration is saying everyday in the news that the new tax reforms takes effect immediately, beginning with the current tax year (2017) filling. so, why is Turbo-tax saying something different? I will like Turbo-tax to provide guidelines and concrete information from IRS to substantiate their claims, If not, I will have to look for other Tax filling organisation.

625

Level 15

Jun 6, 2019 7:06:41 AM

<a rel="nofollow" target="_blank" href="https://www.congress.gov/bill/115th-congress/house-bill/1">https://www.congress.gov/bill/115th-congress/house-bill/1</a>

Level 15

Jun 6, 2019 7:06:42 AM

<a rel="nofollow" target="_blank" href="http://fortune.com/2017/12/20/gop-tax-bill-cuts-start/">http://fortune.com/2017/12/20/gop-tax-bill-cuts-start/</a>

Level 15

Jun 6, 2019 7:06:44 AM

Yes the new rules take effect now for your current paychecks starting in 2018. Not for 2017 returns. You should see a change in your paycheck starting in February when the new withholding tables come out.

Level 15

Jun 6, 2019 7:06:45 AM

<a rel="nofollow" target="_blank" href="https://www.forbes.com/sites/kellyphillipserb/2017/12/27/early-2018-paychecks-wont-look-much-different-until-irs-finalizes-withholding-guidance/#257ecfb73dd2">https://www.forbes.com/sites/kellyphillipserb/2017/12/27/early-2018-paychecks-wont-look-much-different-until-irs-finalizes-withholding-guidance/#257ecfb73dd2</a>
<a rel="nofollow" target="_blank" href="https://www.irs.gov/newsroom/updated-2018-withholding-tables-now-available-taxpayers-could-see-paycheck-changes-by-february">https://www.irs.gov/newsroom/updated-2018-withholding-tables-now-available-taxpayers-could-see-paycheck-changes-by-february</a>

Level 15

Jun 6, 2019 7:06:47 AM

You have not listened to a reliable news source if you heard that all of the new tax laws go into effect "immediately."

The new laws go into effect for your 2018 tax return which you will prepare and file in 2019. The one significant change for 2017 tax returns is that the medical expense threshold is now 7.5% of AGI.

https://turbotax.intuit.com/tax-tips/irs-tax-return/2017-tax-reform-legislation-what-you-should-know...

Level 15

Jun 6, 2019 7:06:48 AM

See #12 here:
<a rel="nofollow" target="_blank" href="http://money.cnn.com/2017/12/20/news/economy/republican-tax-reform-everything-you-need-to-know/index.html">http://money.cnn.com/2017/12/20/news/economy/republican-tax-reform-everything-you-need-to-know/index.html</a>

Level 15

Jun 6, 2019 7:06:50 AM

You can read the actual signed tax bill, and see where it says "for tax years beginning after Dec 31, 2017."

We are doing 2017 tax year returns now.

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We are told on the news that the new tax reforms takes effect immediately, So, why is TurboTax saying something different? What is IRS guidelines on this issue?