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Is turbo tax updated to file Virginia state taxes because legislature is finishing changes? Is there going to be a new update for virginia state taxes for tax year 2018?

 
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2 Replies

Is turbo tax updated to file Virginia state taxes because legislature is finishing changes? Is there going to be a new update for virginia state taxes for tax year 2018?

After the VA state govt figures out if it will be retroactively applied to 2018, the State DOR will have to figure the process to do so, then inform the Software companies how they want it done....then the software companies would take a couple weeks to rewrite their software...and get it approved by the state DOR.

That could take 1-3 months AFTER the final bill is passed and signed.  That type of thing does not turn on a dime.

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So far

That is wishful thinking on your part...it's not law yet...whether it will be effective for 2018 taxes has not yet been established either

VA news, 8 Feb https://wtop.com/virginia/2019/02/deal-reached-for-virginia-tax-plan/ 

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"The plan set to be approved in the House and Senate next week, and approved in principle Friday morning by the Senate Finance Committee, would give many Virginians a $110 tax refund this fall, raise the standard deduction next year, avoid any cap on state deductions for property taxes, and include business tax breaks."

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"Virginia cannot process tax returns filed this year until lawmakers and the governor sort out what will become law and when any changes would be effective. Rules that set different deduction policies for state as opposed to federal returns will require Virginians use additional forms for state taxes either this year or next."

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Is turbo tax updated to file Virginia state taxes because legislature is finishing changes? Is there going to be a new update for virginia state taxes for tax year 2018?

After the VA state govt figures out if it will be retroactively applied to 2018, the State DOR will have to figure the process to do so, then inform the Software companies how they want it done....then the software companies would take a couple weeks to rewrite their software...and get it approved by the state DOR.

That could take 1-3 months AFTER the final bill is passed and signed.  That type of thing does not turn on a dime.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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