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jloberg1-
New Member

Will my 2017 tax return fall under the new GOP tax plan?

 
4 Replies
xmasbaby0
Level 15

Will my 2017 tax return fall under the new GOP tax plan?

No.  There are only a few changes for 2017--the medical deduction threshold is 7.5% instead of 10% of AGI.  The real changes will happen when you file for 2018.
**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.**
jloberg1-
New Member

Will my 2017 tax return fall under the new GOP tax plan?

<a rel="nofollow" target="_blank" href="https://www.msn.com/en-us/money/personalfinance/make-these-5-moves-now-before-the-new-tax-law-kicks-...>

News like this made me believe the new rules will apply for my 2017 tax calculations.
TaxGuyBill
Level 9

Will my 2017 tax return fall under the new GOP tax plan?

That is because some of those items change for 2018, so doing those in 2017 (before the changes take effect) will work out better for many people.
TaxGuyBill
Level 9

Will my 2017 tax return fall under the new GOP tax plan?

As xmasbaby pointed out, most things don't take effect until 2018 (tax returns filed early in 2019).

The few noteworthy items I noticed that do affect 2017 (but don't affect most people) are (1) 7.5% limit for Medical Expenses (down from 10%), (2) Increased Section 179 limits for business assets, and (3) 100% Bonus depreciation for newly purchased business assets after September 27th, 2017 (and it is allowed for newly purchased "used" property).

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