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I use the What-If Worksheet to plan for the next year's taxes. Will TurboTax 2024 be updated to account for 2025 planning after passage of the OBBBA?

 
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2 Replies

I use the What-If Worksheet to plan for the next year's taxes. Will TurboTax 2024 be updated to account for 2025 planning after passage of the OBBBA?

There has been no information about that---but it is unlikely that the 2024 software will be changed due to the newly passed tax bill.  The new tax laws have no effect on your 2024 return; they affect 2025 and 2026 or beyond.   The 2025 tax software becomes available in late November, and will require many updates as the IRS changes forms, etc. for the 2025 returns.

 

 

https://turbotax.intuit.com/tax-tips/general/taxes-2021-7-upcoming-tax-law-changes/L3xFucBvV?cid=em_...

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

I use the What-If Worksheet to plan for the next year's taxes. Will TurboTax 2024 be updated to account for 2025 planning after passage of the OBBBA?

@ProfDude 

 

In Fact....historically, the first few iterations of the new tax year's software have NOT usually contained many of the changes that occurred in the interim between years.....thus, some/many of the provisions of the OBBB may not be included until January of 2026.  So the Nov/Dec issued software may not have them.

 

Including some of those new changes before the IRS actually issues their final forms, that may be debated by the software managers in the background, but in past years, they have rarely been implemented in the software until some time in January

____________*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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