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Post by papercrafteradvocate on Feb 11, 2019 14:43:34 GMT
Papercrafteradvocate...70k in taxes you all paid? ?? Yes!!! Between hubby and I combined. SS, Medicare, state, local....That’s what is taken out of our checks—-grrrr. And that doesn’t include $6000 in union dues that is also taken out! Nor insurance.
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Post by papercrafteradvocate on Feb 11, 2019 14:46:31 GMT
I love how they are explaining the low refunds or having to pay more by saying that people either got more in their paychecks so are getting less now, or that they should have changed their withholdings so that more was taken out, resulting in paying less at tax time. Duh! The problem is that most people didn’t see an increase in their pay checks and are still getting hit at tax time. Exactly! And there's the fact that we lost the ability to deduct things we had been able to previously. Maybe it's a shame on me situation for not having paid attention to the fact that we were losing those deductions, but it's not as simple as "oh just go adjust your withholdings" as some on this thread would have you believe. Also, adjusting your withholdings is not always a simple process. I have two jobs. One of them makes you fax the W-4 in...the location I work at does not have a fax machine onsite, nor do I the ability to fax from home, so adjusting my withholding amounts takes a lot of extra steps in a life that is already kinda busy. I really wish people could wake up and look outside their privileged bubble to see that not everyone lives like they do. While the deductions are gone for federal, the tax program will have you put them in for state...however, it didn’t help us one bit—we paid $1000 more in state taxes than last year.
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Post by littlemama on Feb 11, 2019 15:02:34 GMT
Dh and I each withhold at Single-0. On our tax return, we claim both of us, plus ds. Without the educational tax credit, we would have just about broken even this year.
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Post by freecharlie on Feb 17, 2019 18:34:23 GMT
If I did it right, we will get $425 back which is much better than the $3500 we usually pay in. However, we adjusted out withholdings last year.
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Deleted
Posts: 0
Sept 30, 2024 9:25:34 GMT
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Post by Deleted on Feb 17, 2019 18:39:23 GMT
Dh and I each withhold at Single-0. On our tax return, we claim both of us, plus ds. Without the educational tax credit, we would have just about broken even this year.
This is us, except even with the educational credit, we will owe if I don't end up contributing money into an IRA. I will do that, but it makes no sense why Single and 0 for both of us would result in our still owing about $700 in taxes. I think I'm going to have DH change his with holdings to put some additional money aside for Federal.
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Post by pattyraindrops on Feb 24, 2019 7:21:58 GMT
I still have to look over everything on Monday, but so far - OUCH! Our income raised. Our federal taxes (not refund) raised 4 times as much as the raise. I keep hoping that on Monday I will have missed something big.
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Post by jcm28 on Feb 24, 2019 13:02:19 GMT
We are getting the biggest refund we’ve ever gotten. I thought we’d owe after reading the news. We had some major changes this year:my retirement, selling our home in Orlando, buying a home in S.C., moving. I always claimed zero, even when the kids were home and had $50 extra taken out. What saved us this year was I took some $ out of my retirement and had 20% withheld. So we’re getting back about 3K.
Janet
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Post by hop2 on Feb 24, 2019 13:08:19 GMT
I haven’t finished yet but I expect to pay due to the alimony. I’m prepared for that. Not really new tax code related.
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purplebee
Drama Llama
Posts: 6,790
Jun 27, 2014 20:37:34 GMT
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Post by purplebee on Feb 24, 2019 13:59:36 GMT
We did ok. Basically got back the Federal and State withholding that I paid out, almost to the penny. But...we have a farm, raise cattle and put up hay. We had some equipment and cattle depreciation plus a lot of equipment repair expenses this year. Our refund was close to what we got last year, I don't think the farm-related deductions changed much for 2018.
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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 24, 2019 14:09:45 GMT
This thread had me a little paranoid so I did mine. For federal I am getting 3x more than last year, equivalent to 1 pay check. I paid into state last year, only $73, and this year I’m get $250 back. I file married filing separate, own my house and have adult kids, so no dependants. I must be one of the lucky ones. I don’t know. Wow, even though you are filing married filing separate? That is the highest tax rate! Yeah. I worked 3/4 of 2017 in the state next door that doesn’t pay state income taxes. They took out my state taxes but I’m wondering if the way they figure it is wrong. Who knows. I’m moving to a new school next year so I’ll stop having extra taken out for state. My goal is to get as close to breaking even as possible.
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Post by msdintz on Feb 24, 2019 14:51:43 GMT
We claim married zero. Last year we had a refund of about 1900. This year we owed 2000 with no other changes to our situation than the new tax law. Only thing that saved my bacon was the education credits we received for the kids. Time to adjust our withholding. But I will say that I noticed NO increase in our take home pay this year and our company was not handing out any extra bonuses this year. Glad for the people who made out with the new tax plan but it seems to not be working out well for people like us.
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scrapngranny
Pearl Clutcher
Only slightly senile
Posts: 4,821
Jun 25, 2014 23:21:30 GMT
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Post by scrapngranny on Feb 24, 2019 16:07:37 GMT
We had to pay $300 this year. In the past we have either had a refund or broke even. We are retired so our income is fairly static from year to year. I believe this is an indication of how most middle class taxpayers will fair this year.
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Post by gardengoddess on Feb 24, 2019 16:10:41 GMT
Broke even and that is after I adjusted both of our withholding amounts.
Most of our friends aren't seeing refunds this year. If looks like the more you make, the better off you are with this "tax reform".
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Post by KelleeM on Feb 24, 2019 16:44:35 GMT
So we had our taxes done on Friday. Our federal refund is about $200 less than the additional money I calculated to have deducted starting last January. I’m glad my dd, who works for the IRS, told me to check.
Our accountant always says how awful Turbo Tax (and similar programs) is. I ran our numbers through Turbo Tax last week and the totals matched exactly what he came up with! We’ll continue to have him do our taxes because we’d rather support a small business.
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Post by redshoes on Feb 24, 2019 21:32:36 GMT
So we had our taxes done on Friday. Our federal refund is about $200 less than the additional money I calculated to have deducted starting last January. I’m glad my dd, who works for the IRS, told me to check. Our accountant ant always says how awful Turbo Tax (and similar programs) is. I ran our numbers through Turbo Tax last week and the totals matched exactly what he came up with! We’ll continue to have him do our taxes because we’d rather support a small business. Why is Turbo Tax awful? I've been using it for 20 years and haven't had any problems....I'll caveat that by saying I am an accountant, so I generally check every number!
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Post by KelleeM on Feb 24, 2019 22:11:15 GMT
So we had our taxes done on Friday. Our federal refund is about $200 less than the additional money I calculated to have deducted starting last January. I’m glad my dd, who works for the IRS, told me to check. Our accountant ant always says how awful Turbo Tax (and similar programs) is. I ran our numbers through Turbo Tax last week and the totals matched exactly what he came up with! We’ll continue to have him do our taxes because we’d rather support a small business. Why is Turbo Tax awful? I've been using it for 20 years and haven't had any problems....I'll caveat that by saying I am an accountant, so I generally check every number! I suspect he thinks that ordinary people will miss things doing taxes with Turbo Tax. Or maybe he just wants people to think it’s bad so he’ll continue to get their business...I don’t really know. I had used it for years and then when we bought our home we went to him. He had referred us to our realtor, and in some way profited by us buying our home, so he did our taxes at no cost that year.
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Post by dillydally on Feb 24, 2019 22:14:48 GMT
So we had our taxes done on Friday. Our federal refund is about $200 less than the additional money I calculated to have deducted starting last January. I’m glad my dd, who works for the IRS, told me to check. Our accountant ant always says how awful Turbo Tax (and similar programs) is. I ran our numbers through Turbo Tax last week and the totals matched exactly what he came up with! We’ll continue to have him do our taxes because we’d rather support a small business. Why is Turbo Tax awful? I've been using it for 20 years and haven't had any problems....I'll caveat that by saying I am an accountant, so I generally check every number! I was thinking the same - I'm a CPA but I am NOT a tax CPA (drives my dad crazy that I can't answer tax questions for him . We are using a CPA now due to some complexities with DH's income, but for years we used Turbo Tax. But, like you said, I checked the numbers and researched the rules; I'm guessing most folks just drop numbers in (for example, the useless 1098-T form!)
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snyder
Pearl Clutcher
Posts: 4,285
Location: Colorado
Apr 26, 2017 6:14:47 GMT
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Post by snyder on Feb 24, 2019 22:25:20 GMT
This thread had me a little paranoid so I did mine. For federal I am getting 3x more than last year, equivalent to 1 pay check. I paid into state last year, only $73, and this year I’m get $250 back. I file married filing separate, own my house and have adult kids, so no dependants. I must be one of the lucky ones. I don’t know. Wow, even though you are filing married filing separate? That is the highest tax rate! They changed that. Married separate is the same as single, so not the worst bracket.
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Post by Ryann on Feb 24, 2019 22:40:04 GMT
We lost 10k in deductions this year. We usually get a 2-4k refund from federal, this year we owe 2k. Luckily the state owes us more than that, so we'll be in the positive overall. I adjusted my withholding last summer to help offset the effects of the new tax laws, but I thought the outcome would be better than it is for 2018. I'm keeping the same withholding for this year, so we should only owe around $100 to federal when filing for 2019. Sigh.
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Post by carly1030 on Feb 24, 2019 22:49:14 GMT
I just finished everything out, checks off in the mail. Oh and get this...my state sent me 1099-G's THIS YEAR for the last 4 years that we received state refunds and I HAD TO CLAIM ALL OF THEM AS TAXABLE INCOME!!!!!! and because I filed using Turbo Tax, when calculating the state return, I would have also had to have included on my 2018 federal as taxable income a state refund from 2018 if I were to have gotten one (we owed $1000). I swear to all that is holy this tax shit is for the birds. We paid over $70,000 in taxes out of our paychecks. And my hubby worked out of state for a part of the year, and those state taxes we paid don't count towards taxes paid in our home state, even though they are reciprocal, but we had to count ALL of his income as taxable in our home state---but could not use the other state tax paid to offset. Such a racket. I sometimes think these people doing the W2 for my hubby's work really are not doing it right. I just feel so screwed at tax time. You should be willing to pay 3 times that, you know universal healthcare and all.
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tincin
Drama Llama
Posts: 5,378
Jul 25, 2014 4:55:32 GMT
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Post by tincin on Feb 24, 2019 23:04:15 GMT
I took about a $1400 hit. Thanks to the asshole in chief.
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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 25, 2019 3:34:42 GMT
I just finished everything out, checks off in the mail. Oh and get this...my state sent me 1099-G's THIS YEAR for the last 4 years that we received state refunds and I HAD TO CLAIM ALL OF THEM AS TAXABLE INCOME!!!!!! and because I filed using Turbo Tax, when calculating the state return, I would have also had to have included on my 2018 federal as taxable income a state refund from 2018 if I were to have gotten one (we owed $1000). I swear to all that is holy this tax shit is for the birds. We paid over $70,000 in taxes out of our paychecks. And my hubby worked out of state for a part of the year, and those state taxes we paid don't count towards taxes paid in our home state, even though they are reciprocal, but we had to count ALL of his income as taxable in our home state---but could not use the other state tax paid to offset. Such a racket. I sometimes think these people doing the W2 for my hubby's work really are not doing it right. I just feel so screwed at tax time. You should be willing to pay 3 times that, you know universal healthcare and all. *eyeroll* As someone who has paid taxes in countries with and without universal health care, I can tell you I was overall financially better off in the one that had universal health care. Without question.
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teddyw
Drama Llama
Posts: 7,053
Jun 29, 2014 1:56:04 GMT
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Post by teddyw on Feb 25, 2019 4:48:14 GMT
I work part time for 2 companies. Neither one withholds federal tax so I always owe. One of them decided to stop withholding city income tax so I’ll owe that too. I’m hoping having 2 kids in college will help a little but who knows.
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Post by Belia on Feb 25, 2019 4:55:02 GMT
We took a HUGE hit. I just sent them in tonight, so I haven't had a chance to think through the differences. Our refund went down about 65%. Our deductions went from $53k to $28k. Our credits went down maybe 30%. We had almost $8k in taxes that we were not able to deduct because of the new tax law.
I'm not very educated about this kind of stuff, so you might think I'm stupid, but I thought the $10,000 cap on deducting taxes only applied to property taxes. So I thought we'd be ok, because our property taxes are just below that amount. But the $10k cap applies to property taxes + state taxes, which put us well over the cap and left us high and dry. On top of that, in the past we've been able to deduct ALL of our taxes paid PLUS taken the standard exemption (?) for us and the kids. This year, because we itemized, our standard exemption was zero. We're still getting a refund, because we're both Married Zero, which gives the government that no-interest loan, but that's just the way I've been comfortable doing it.
Like I said, maybe you guys understood all of this, but I didn't. I could not believe how different our 2017 was from 2018. Thanks for nothing, Paul Ryan.
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Post by karinec on Feb 25, 2019 5:07:56 GMT
Getting a whopping $63 back from the Feds this year. Under last year’s tax structure I would have gotten back $1600. Color me pissed off.
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Post by carly1030 on Feb 25, 2019 13:37:15 GMT
You should be willing to pay 3 times that, you know universal healthcare and all. *eyeroll* As someone who has paid taxes in countries with and without universal health care, I can tell you I was overall financially better off in the one that had universal health care. Without question. Why would you bother with coming back to one who doesn't have universal healthcare if it was so wonderful?
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Post by 950nancy on Feb 25, 2019 14:43:44 GMT
So we had our taxes done on Friday. Our federal refund is about $200 less than the additional money I calculated to have deducted starting last January. I’m glad my dd, who works for the IRS, told me to check. Our accountant ant always says how awful Turbo Tax (and similar programs) is. I ran our numbers through Turbo Tax last week and the totals matched exactly what he came up with! We’ll continue to have him do our taxes because we’d rather support a small business. Why is Turbo Tax awful? I've been using it for 20 years and haven't had any problems....I'll caveat that by saying I am an accountant, so I generally check every number! Ours was hacked. We go to an accountant now. Turbo Tax had to pay for a security check for a year for us, but now we have to pay $15 bucks a month for it. They have tried to use our SS numbers for several years.
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Post by redshoes on Feb 25, 2019 18:41:55 GMT
Why is Turbo Tax awful? I've been using it for 20 years and haven't had any problems....I'll caveat that by saying I am an accountant, so I generally check every number! Ours was hacked. We go to an accountant now. Turbo Tax had to pay for a security check for a year for us, but now we have to pay $15 bucks a month for it. They have tried to use our SS numbers for several years. I'm sorry that happened to you...I'm sure it was a big pain to deal with.
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Post by allison1954 on Feb 25, 2019 18:44:23 GMT
We took a HUGE hit. I just sent them in tonight, so I haven't had a chance to think through the differences. Our refund went down about 65%. Our deductions went from $53k to $28k. Our credits went down maybe 30%. We had almost $8k in taxes that we were not able to deduct because of the new tax law. I'm not very educated about this kind of stuff, so you might think I'm stupid, but I thought the $10,000 cap on deducting taxes only applied to property taxes. So I thought we'd be ok, because our property taxes are just below that amount. But the $10k cap applies to property taxes + state taxes, which put us well over the cap and left us high and dry. On top of that, in the past we've been able to deduct ALL of our taxes paid PLUS taken the standard exemption (?) for us and the kids. This year, because we itemized, our standard exemption was zero. We're still getting a refund, because we're both Married Zero, which gives the government that no-interest loan, but that's just the way I've been comfortable doing it. Like I said, maybe you guys understood all of this, but I didn't. I could not believe how different our 2017 was from 2018. Thanks for nothing, Paul Ryan. Not getting personal exemptions has nothing to do with whether you itemize or not, they went away for everyone.
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Post by FuzzyMutt on Feb 25, 2019 19:31:11 GMT
I just finished everything out, checks off in the mail. Oh and get this...my state sent me 1099-G's THIS YEAR for the last 4 years that we received state refunds and I HAD TO CLAIM ALL OF THEM AS TAXABLE INCOME!!!!!! and because I filed using Turbo Tax, when calculating the state return, I would have also had to have included on my 2018 federal as taxable income a state refund from 2018 if I were to have gotten one (we owed $1000). I swear to all that is holy this tax shit is for the birds. We paid over $70,000 in taxes out of our paychecks. And my hubby worked out of state for a part of the year, and those state taxes we paid don't count towards taxes paid in our home state, even though they are reciprocal, but we had to count ALL of his income as taxable in our home state---but could not use the other state tax paid to offset. Such a racket. I sometimes think these people doing the W2 for my hubby's work really are not doing it right. I just feel so screwed at tax time. I got massively screwed for tax year 2015. I worked in 3 states and changed jobs after 12 years (laid off with severance.) The severance was useful to prepare my house for sale (wrong market wrong time therefore barely cleared what I owed after paying 6 months of mortgage for an empty house and rent in new location. Moving expense deductions totally changed that year, but I didn't know it. So I managed to make the most I ever made in my life, pay out the tail in taxes and get nothing in return. I'm scared to file this year. I made less than I have in over 10 years, (small annual raise, but overtime was taken away halfway through 2018) and really nothing has changed. Logic tells me that I shouldn't be worried... but I am.
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