The new tax law will be for the 2017 tax year, with the standard married deduction of 24K. Why is Turbotax calculating my standard deduction as only 12.7K?

jgfquantum · ‎June 4, 2019

xmasbaby0 · ‎June 4, 2019

TurboTax is using the law in effect for a 2017 tax return on your 2017 return. The new 24K standard deduction will be on your 2018 return that you will file next year in 2019. Very few of the changes affect your 2017 return. Any changes that do affect your 2017 return will happen when the IRS finalizes its forms and then TurboTax will be able to finalize its forms. (Most notably the 7.5.% medical expense threshold).

**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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xmasbaby0 · ‎June 4, 2019

TurboTax is using the law in effect for a 2017 tax return on your 2017 return. The new 24K standard deduction will be on your 2018 return that you will file next year in 2019. Very few of the changes affect your 2017 return. Any changes that do affect your 2017 return will happen when the IRS finalizes its forms and then TurboTax will be able to finalize its forms. (Most notably the 7.5.% medical expense threshold).

**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.**

jgfquantum · ‎June 4, 2019

Thank you very much! The media really confused the issue by saying that it is "effective 2017."

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The new tax law will be for the 2017 tax year, with the standard married deduction of 24K. Why is Turbotax calculating my standard deduction as only 12.7K?