Some tax law changes may retroactively affect your taxes – to your benefit. Find out if and when you should amend and refile your taxes.
You pay income and capital gains taxes on any income earned or gains received, respectively. In order to lower this overall tax liability, Congress has created several tax breaks (more formally known as tax credits and tax deductions) to entice taxpayers to make certain desirable actions. In so doing, you're able to reduce your tax liability.
However, times change and with them, so do tax laws. Most recently, during a tax reform enacted at the end of 2017, certain tax breaks have been changed, extended or even added. This impacted taxes not only now and in the future, but also in the past.
If the list below sounds intimidating, have no fear because TurboTax tracks over 350 tax deductions and credits to ensure you get the biggest tax refund. But before we get there, we'll walk through some of the tax break changes and when it's worthwhile to file an amended return.
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