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Post by papercrafteradvocate on Feb 10, 2019 2:06:25 GMT
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Post by ShesaRenegade on Feb 10, 2019 2:13:10 GMT
I usually get a refund of around $1500. This year my refund was only $450.
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Post by tracyarts on Feb 10, 2019 2:18:41 GMT
We got a 33% smaller refund this year than last year. But it was processed and deposited into our account in about 7 days. I'm not happy about it. But I expected worse.
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leeny
Pearl Clutcher
Posts: 4,754
Location: Northern California
Site Supporter
Jun 27, 2014 1:55:53 GMT
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Post by leeny on Feb 10, 2019 2:43:42 GMT
Haven't done ours yet, but helped my friend and he lost out on $5,000 on itemized deductions due to the cap in taxes paid in the new tax law.
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ellen
Pearl Clutcher
Posts: 4,734
Jun 30, 2014 12:52:45 GMT
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Post by ellen on Feb 10, 2019 2:49:03 GMT
We'll find out on Monday. I am not feeling all that optimistic.
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Post by papercrafteradvocate on Feb 10, 2019 2:57:28 GMT
We lost $3500 on federal, Could not take a single job expense related deductions (we usually have at least $12,000 or more)
We paid $1000 more to state (usually see around a $400 refund)
And local is going to be more than last year.
Close to 34% loss from previous years
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Post by stingfan on Feb 10, 2019 3:02:39 GMT
I think the article makes a good point. Looking at your refund doesn't give you the whole picture. You really need to look at your effective tax rate or the total $ you paid in taxes from one year to the next.
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sassyangel
Drama Llama
Posts: 7,456
Jun 26, 2014 23:58:32 GMT
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Post by sassyangel on Feb 10, 2019 3:13:56 GMT
We got a refund of about $115, normally we pay in about that much... so I suppose I'd rather be on this side of it. But really, coming ahead effectively $200 given our income hardly counts as a middle class tax break, IMO. Neither of us saw a pay increase when they bought it in.
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Deleted
Posts: 0
Sept 30, 2024 7:36:24 GMT
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Post by Deleted on Feb 10, 2019 3:20:08 GMT
We fared much better but our deductions in previous years were low due to a very low mortgage, interest rate, and low property taxes. The new standard deduction was much more for us.
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sassyangel
Drama Llama
Posts: 7,456
Jun 26, 2014 23:58:32 GMT
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Post by sassyangel on Feb 10, 2019 3:35:27 GMT
We lost $3500 on federal, Could not take a single job expense related deductions (we usually have at least $12,000 or more) We paid $1000 more to state (usually see around a $400 refund) And local is going to be more than last year. Close to 34% loss from previous years Ouch. That's brutal.
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Post by beepdave on Feb 10, 2019 3:53:09 GMT
I just looked at the report that TaxAct creates to compare last year to this year.
We had $1,070 less W-2 income than last year. Husband's Uber business had $1,799 more business income, so our total income was $729 over last year.
Our AGI was $596 more than last year. We had $11,300 more in standard deductions. (We have always taken the standard deduction.)
Our total tax was $1,171 less than last year and we had $1,344 less withheld. Our refund was $173 less than last year, but still over $2000.
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Post by Really Red on Feb 10, 2019 3:55:16 GMT
I think the article makes a good point. Looking at your refund doesn't give you the whole picture. You really need to look at your effective tax rate or the total $ you paid in taxes from one year to the next. The other point the article made was that the average American doesn't give a hoot about the effective tax rate or the total taxes paid, they just like their refund! I haven't done my taxes yet, but I'm a single parent with 3 kids in college, so I have a hard time imagining that I will be surprised by anything. I really hope not! I started to read this article about the Commonwealth of VA refunds and how messed up they are because of the Federal taxes, but then I just felt worn out. VA needs to return about $1B to taxpayers later this year.
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Post by revirdsuba99 on Feb 10, 2019 3:56:45 GMT
FRom the article:
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Post by Really Red on Feb 10, 2019 3:57:03 GMT
We lost $3500 on federal, Could not take a single job expense related deductions (we usually have at least $12,000 or more) We paid $1000 more to state (usually see around a $400 refund) And local is going to be more than last year. Close to 34% loss from previous years OMG. That is a lot! I am sorry.
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sassyangel
Drama Llama
Posts: 7,456
Jun 26, 2014 23:58:32 GMT
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Post by sassyangel on Feb 10, 2019 3:58:37 GMT
I think the article makes a good point. Looking at your refund doesn't give you the whole picture. You really need to look at your effective tax rate or the total $ you paid in taxes from one year to the next. The other point the article made was that the average American doesn't give a hoot about the effective tax rate or the total taxes paid, they just like their refund! I haven't done my taxes yet, but I'm a single parent with 3 kids in college, so I have a hard time imagining that I will be surprised by anything. I really hope not! I started to read this article about the Commonwealth of VA refunds and how messed up they are because of the Federal taxes, but then I just felt worn out. VA needs to return about $1B to taxpayers later this year. Exactly. And most Americans won't get into the nuances of effective tax rates and total $ paid. For them, the refund (lessened or lack of) will be all they need to know. I don't think that's abnormal.
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sassyangel
Drama Llama
Posts: 7,456
Jun 26, 2014 23:58:32 GMT
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Post by sassyangel on Feb 10, 2019 4:02:57 GMT
Wow. That's a huge difference. :/ As DINKs we've never gotten the kind of refunds our friends with kids get, so I've never really counted on a huge refund. If anything, our refunds have been steadily decreasing over the years - till the last two years we finally paid in.
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PaperAngel
Prolific Pea
Posts: 7,799
Jun 27, 2014 23:04:06 GMT
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Post by PaperAngel on Feb 10, 2019 4:39:38 GMT
What? It's not even April yet?
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Post by SockMonkey on Feb 10, 2019 4:51:17 GMT
We paid significantly more this year (about $2500 to federal ).
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Post by 950nancy on Feb 10, 2019 5:04:57 GMT
I have no idea yet. We have paid in a lot in the past few years. We have five different income sources and one of them goes straight to taxes. Two of the others have quite a bit of extra money taken out and our retirement checks also have some extra taken out. We haven't itemized for years since that didn't help us, so we will see what happens this year.
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trollie
Pearl Clutcher
Posts: 3,580
Jul 2, 2014 22:14:02 GMT
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Post by trollie on Feb 10, 2019 5:50:33 GMT
Paid MORE.
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seaexplore
Prolific Pea
Posts: 8,789
Apr 25, 2015 23:57:30 GMT
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Post by seaexplore on Feb 10, 2019 5:54:01 GMT
Got almost all of it back. I thought for sure we would owe.
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Deleted
Posts: 0
Sept 30, 2024 7:36:24 GMT
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Post by Deleted on Feb 10, 2019 6:17:26 GMT
Got about $500 more this year than last year. Came in slightly under $4,000 between state and federal. DH made more too.
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Post by quinlove on Feb 10, 2019 7:11:59 GMT
I’m too afraid to do it. 😬
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Post by KelleeM on Feb 10, 2019 11:00:20 GMT
We haven’t done ours yet. My dd works for the IRS and told us last January to go on to IRS.gov and use the tax calculator to see what it said about our liability. I did and then increased my weekly deduction for Federal taxes by a set $ amount. Had I not we should have squeaked by barely. I’m hoping we get a little bit back but am not counting on it.
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Post by papercrafteradvocate on Feb 10, 2019 12:10:46 GMT
We lost $3500 on federal, Could not take a single job expense related deductions (we usually have at least $12,000 or more) We paid $1000 more to state (usually see around a $400 refund) And local is going to be more than last year. Close to 34% loss from previous years Ouch. That's brutal. The loss of deductions —-grrrrr.
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Post by kluski on Feb 10, 2019 12:18:26 GMT
Now I’m afraid to get them done.
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ddly
Pearl Clutcher
Posts: 4,019
Jul 10, 2014 19:36:28 GMT
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Post by ddly on Feb 10, 2019 12:26:08 GMT
Haven’t done mine. I try to break even. My exdh always counted on a big refund to pay, or I should say catch up on, bills. Since my divorce I don’t count on a refund. Now that Ive remarried, I file separately and that hurts. DH owes back taxes and I don’t want to get tangled up in that.
Last year I had to pay into State. I hope I remedied that for this year.
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Post by Sharon on Feb 10, 2019 13:27:47 GMT
We did wonderful! Last year, we paid $5,000 in estimated taxes and still owed. We haven't been able to itemize for years. The standard deductions is higher than our deductions we could itemize. We've owed over $1,000 for several years. This year we're getting over $1,000 back. My take home also increased about $60 every two weeks with the tax reduction. Win-Win situation!
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Post by crazy4scraps on Feb 10, 2019 15:09:50 GMT
What? It's not even April yet? There are a lot of people who intentionally have more taken out of their paychecks to make sure they will not have to pay in and will get a refund. Those people tend to file really early because they anticipate getting money back.
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Post by yivit on Feb 10, 2019 15:38:02 GMT
I got a whopping $11 more back this year than last.
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