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Dumb question- does tax reform kick in 2017 or 2018?

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  • Dumb question- does tax reform kick in 2017 or 2018?

    Sorry for dumb question, my accountant tells me that tax reform provisions are kicking in for 2018 taxes and 2017 provisions remain the same. I was specifically referring to AMT raise to $1M for MFJ. Is he correct? Thanks in advance.

  • #2
    Yes, he is correct.

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    • #3
      When the tax plan was first unveiled, there was talk of making reform retroactive to Jan 1, 2017, but most of the final bill takes effect in 2018.

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      • #4
        Most of the major ones are 2018.  There are a few provisions (e.g., lower threshold for claiming medical deductions) that kick in in 2017.

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