1

Congress is currently trying to iron out the details of comprehensive tax bill. Currently there are similar versions of the bill passed by both the House and Senate, so party leaders are trying to reconcile the two versions. It seems there is a strong possibility that the bill will pass before the end of the year.

If it does pass, will it affect my 2017 taxes or will it not take effect until 2018?

Improve this question
1
  • 1
    Please remember to use your country tag for tax questions. Thank you.
    – Chris W. Rea
    Dec 8, 2017 at 2:33

1 Answer 1

Reset to default
3

Chances are slim that they would do that retroactively, and it is currently not planned or even discussed.

However, Congress can make whatever law they want, so there is never certainty.

Improve this answer
2
  • How would it be "retroactive"? The bill might be passed in 2017.
    – Five Bagger
    Dec 8, 2017 at 2:38
  • 1
    @FiveBagger It would be effective 1/1/2017 to affect the 2017 tax year, since that's a date in the past, it'd be retroactive even if they passed it in 2017. It's not going to happen though, the IRS needs prep time and it'd be a big mess all around.
    – Hart CO
    Dec 8, 2017 at 3:23

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .