Solved: Is there any reason to hold off filing my taxes because of changes to the tax laws due to incoming new president??
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Is there any reason to hold off filing my taxes because of changes to the tax laws due to incoming new president??

 
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Level 15

Is there any reason to hold off filing my taxes because of changes to the tax laws due to incoming new president??

No, that is not a reason to delay filing your tax return.  But it is not really a good idea to rush into filing early.

The IRS will start processing returns on January 23, 2017.  Until then, any returns that have been e-filed will sit there on the server.  Please be sure you really have all the information needed to file your return, such as your W-2 (NOT your last pay stub) or 1099’s, healthcare forms, etc.  Employers and financial institutions have until January 31 to issue W-2’s, 1099’s, 1098’s, etc.In some instances, they will not even be sent until sometime in February.  Some state forms are not yet available, which is yet another reason to be patient and wait awhile to file.  Filing too early and discovering you have errors and omissions will cause you more aggravation than having to wait.  If you are seeking the Earned Income Credit or Additional Child Tax Credit, the IRS will not issue your refund before February 15, 2017, which means it cannot arrive in your account before February 27, 2017 or later.

https://ttlc.intuit.com/questions/1908854-irs-forms-availability-table-for-turbotax-individual-perso...

For the availability of forms for state returns, see this:

https://ttlc.intuit.com/questions/1908857-forms-availability-table-for-turbotax-state-except-busines...


**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.**

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2 Replies
Level 15

Is there any reason to hold off filing my taxes because of changes to the tax laws due to incoming new president??

No, that is not a reason to delay filing your tax return.  But it is not really a good idea to rush into filing early.

The IRS will start processing returns on January 23, 2017.  Until then, any returns that have been e-filed will sit there on the server.  Please be sure you really have all the information needed to file your return, such as your W-2 (NOT your last pay stub) or 1099’s, healthcare forms, etc.  Employers and financial institutions have until January 31 to issue W-2’s, 1099’s, 1098’s, etc.In some instances, they will not even be sent until sometime in February.  Some state forms are not yet available, which is yet another reason to be patient and wait awhile to file.  Filing too early and discovering you have errors and omissions will cause you more aggravation than having to wait.  If you are seeking the Earned Income Credit or Additional Child Tax Credit, the IRS will not issue your refund before February 15, 2017, which means it cannot arrive in your account before February 27, 2017 or later.

https://ttlc.intuit.com/questions/1908854-irs-forms-availability-table-for-turbotax-individual-perso...

For the availability of forms for state returns, see this:

https://ttlc.intuit.com/questions/1908857-forms-availability-table-for-turbotax-state-except-busines...


**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.**

View solution in original post

Alumni
Alumni

Is there any reason to hold off filing my taxes because of changes to the tax laws due to incoming new president??

It's always impossible to conjecture about what the Congress and President would do on taxes but I seriously doubt any significant change would be retroactive to 2016.

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