When do you anticipate updating the planners in TT 2016 and 2017 and the actual handling of the medical expense deduction in TT 2017 for the new tax law?

[johnp793]

With the "Jobs and Tax Cut" bill now all but a law, we need to be able to calculate its impact on both our 2017 taxes and on our 2018 taxes.  Plus, with the changed floor for the medical expense deduction, it will be necessary to change the actual calculation of the 2017 taxes.  When do you anticipate having these changes in place?  It would be really great if the 2016 planner could be updated in time to permit any last minute changes before the end of this year.

[xmasbaby0]

It would be really great if they could do that.  TurboTax has to wait until the IRS finalizes all the forms when the law actually is signed -- the President has not yet signed it.  When the IRS finalizes those forms then TurboTax can update the software to comply with the tax laws.

[TonyL · Accepted solution]

Most of the changes in the tax bill will not effect your 2017 income taxes, which are due this upcoming April 2018, but the income you make in 2018 that are due in April 2019. If anything needs to be updated in TurboTax, we will do it as soon as we get the information from the IRS.

[johnp793]

The change in the medical deductions floor will affect 2017 taxes.  Any idea how long it will take the  IRS to react?

[TonyL]

You are correct as these take effect in 2017. Our team will be working as quickly as possible to update the program when we can. I can't give any timeframe for how long it will take the IRS to react.

[TaxGuyBill]

Unless they recently updated it, the 2017 software has still been using 7.5%.