- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
What happens if I file early December and then the Trump tax plan makes changes that change deductions etc. Will my return be adjusted or do I lose out? Tks. Ron.
Topics:
1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
What happens if I file early December and then the Trump tax plan makes changes that change deductions etc. Will my return be adjusted or do I lose out? Tks. Ron.
You cannot file in December. The IRS will not open the 2017 filing season until late January but has not even given a date yet pending tax law changes. There is no new law yet, but most changed are for the 2018 tax year and beyond, very few changes that would affect 2017 taxes.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
3 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
What happens if I file early December and then the Trump tax plan makes changes that change deductions etc. Will my return be adjusted or do I lose out? Tks. Ron.
You cannot file in December. The IRS will not open the 2017 filing season until late January but has not even given a date yet pending tax law changes. There is no new law yet, but most changed are for the 2018 tax year and beyond, very few changes that would affect 2017 taxes.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
What happens if I file early December and then the Trump tax plan makes changes that change deductions etc. Will my return be adjusted or do I lose out? Tks. Ron.
Do you mean early January? It is already mid-December. The answer above still stands.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
What happens if I file early December and then the Trump tax plan makes changes that change deductions etc. Will my return be adjusted or do I lose out? Tks. Ron.
If a law is passed that makes changes that are retroactive to your 2017 tax return (such as the percentage of AGI used for determining the amount of medical-expenses that are deductible) and you filed your tax return without taking that change into account, the IRS might detect the error and refund a larger amount. If they don't, you can always file an amended tax return to make the correction up to 3 years after the due date of your tax return
Still have questions?
Make a post
Or browse the Forums