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eweisman0243
New Member

The new tax law changes the medical deduction for 65+ years old to 7.5% of AGI for 2017 not the 10% shown in 2017 Sched. A when will it change to the correct percentage?

 
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Opus 17
Level 15

The new tax law changes the medical deduction for 65+ years old to 7.5% of AGI for 2017 not the 10% shown in 2017 Sched. A when will it change to the correct percentage?

The IRS has to approve final versions of the forms and instructions, then those forms have to be programmed and tested by turbotax, and then approved by the IRS.  Although the new tax law mostly only affects 2018, the parts that do affect 201 taxes will likely take several weeks to be approved.  You will be blocked from filing a return until the forms and calculations are final and approved by the IRS.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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4 Replies
DoninGA
Level 15

The new tax law changes the medical deduction for 65+ years old to 7.5% of AGI for 2017 not the 10% shown in 2017 Sched. A when will it change to the correct percentage?

In the Review section of the program after Analysis there is a screen which shows the forms and schedules included in your tax return that are not yet finalized and the estimated date when they will be available.
Zbucklyo
Level 9

The new tax law changes the medical deduction for 65+ years old to 7.5% of AGI for 2017 not the 10% shown in 2017 Sched. A when will it change to the correct percentage?

The new tax law has not yet been signed, nor has the IRS issued final versions of Schedule A that software providers like Turbotax can implement.
SweetieJean
Level 15

The new tax law changes the medical deduction for 65+ years old to 7.5% of AGI for 2017 not the 10% shown in 2017 Sched. A when will it change to the correct percentage?

Actually, the tax reform bill that just passed (but has not yet been signed) reverts it back to 7.5% for everyone for 2017 and 2018.  So stand by.
<a rel="nofollow" target="_blank" href="https://www.cnbc.com/2017/12/16/gop-tax-bill-expands-medical-expense-deduction-for-two-years.html">h...>
Opus 17
Level 15

The new tax law changes the medical deduction for 65+ years old to 7.5% of AGI for 2017 not the 10% shown in 2017 Sched. A when will it change to the correct percentage?

The IRS has to approve final versions of the forms and instructions, then those forms have to be programmed and tested by turbotax, and then approved by the IRS.  Although the new tax law mostly only affects 2018, the parts that do affect 201 taxes will likely take several weeks to be approved.  You will be blocked from filing a return until the forms and calculations are final and approved by the IRS.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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