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Impact of tax changes on filing amended returns... Client…

Impact of tax changes on...
Impact of tax changes on filing amended returns... Client filed a 2016 tax return on time in 2017. If the tax laws change significantly, which laws apply when amended returns are filed... the tax laws in effect when the return was originally filed, or the tax laws in effect when the amended return is filed?For example, assume that the SALT (state and local tax) deduction is completely repealed. Client itemized deductions and used the SALT deduction on the original return 2016 tax return. One year after the SALT deduction repeal, client amends 2016 state tax return with a higher state tax liability. Can client also amend 2016 federal tax return to claim a larger state tax deduction after the SALT deduction repeal is in effect?
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11/13/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,989
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The amended return will follow the laws in effect during the tax year the return was filed.

In your example, amending a 2016 tax return in a subsequent year will follow the laws in effect in 2016.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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Customer reply replied 6 months ago
Clarification: Client submits state and federal tax filing extension requests each year, along with extension tax payments. No additional taxes will be due; instead, tax refunds are expected. Three years later, client submits tax return and requests that refunds are applied to following tax year.For example, for tax year 2013, Client filed state and federal tax extensions with tax payments in 2014. Three years later, in 2017, Client filed 2013 tax returns in time to receive tax refunds, which were applied to tax year 2014.Question #1: Since the 2013 state tax return was filed in 2017, are those 2013 state taxes considered paid in 2017, and therefore deductible on Schedule A for tax year 2017?Question #2: Since the 2013 state return was filed in 2017, the state will send a 2017 Form 1099-G for the amount of the 2013 state/local income tax refund... Should this amount appear on Form 1040 Line 10 for tax year 2017?Question #3: If the answer to Question #1 is YES (2017) and #2 is YES (2017), should Client rush to file tax years 2014, 2015 and 2016 BEFORE the end of 2017? Referring back to the original question, assume that the SALT (state and local tax) deduction is completely repealed effective 2018.

State taxes are deductible in the year paid--2017.

State refund is entered for the year received--2017.

All returns should be filed in 2017 in anticipation of SALT being completely repealed effective 2018.

Please take a moment to rate my answer since that is the only way I receive credit for answering you.

Thank you.

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Customer reply replied 6 months ago
Thanks for the clarification. Back to the original question, which tax laws would be in effect if Client files 2014/2015/2016 returns in 2017, and then amends any of those state returns in 2018, in a manner that increases or decreases state tax refund amounts? Would those state taxes then be considered fully paid and/or received in 2018, or is there a formula to determine the amounts applicable to 2017 vs. 2018?

As I initially mentioned, the amended return would follow the tax laws in effect for the tax year you are amending.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,989
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Thank you for the positive rating of my answer. It is very much appreciated.

Enjoy the rest of your week!

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