UGH Taxes :(

Ours weren’t that bad. But yeah, we lost about $1100. I already have an extra $50 a pay period taken out of my check. Without that we would have been either owed or just broken even. We did not see any increase in our paychecks.

I just did ours - we still got a refund but I did notice that DH made $12K LESS this year than last. We don't itemise so I think that helped (a lot of the changes seemed to be for itemisers)

Yuck - I'm sorry your tax return was a painful one. I'm doing ours tomorrow. I've been putting it off this year as I dread seeing the possible changes.

I am prepared to have to pay. My paycheck did not go up, in fact my net pay went down $8. I have $100 extra taken out for the alimony per pay period but I have no idea if it’s enough. I had the same extra taken out when I was married because EX blamed me & my salary when we were in a higher tax bracket. So he made me adjust my with holding to cover it. He did not adjust his with holdings at all despite the fact that most of our income was his. So when the divorce was final he got slammed for the taxes he didn’t with hold from his own salary. Last year I had a refund but I did not have alimony to account for.

I had nothing to itemize last year so I doubt I will this year. I can’t think of anything. I only spent $200 over what I set aside in my FSA for medical expenses so that isn’t enough to deduct.

I might not hear back from my accountant until I get the K1 forms though. She won’t want to do my taxes until I get them.

Ugh. I'm sorry - that really does suck.

I'm not seeing our CPA until later in March. But I don't expect good news.

Mine was about the same. I have always had the standard deduction because I don't have enough to itemize.

We owed a lot more than we did last year. My tax guy said that many of his clients owed for the first time, or owed more than normal.

I haven’t encountered anyone that is paying more this year. Everyone I’ve spoken to is either right about the same as previous years or getting more back then expected.

As I said on a previous post, we usually try to come as close as possible to break even. Since the kids haven’t been in the picture as dependents we’ve always gotten back a very small refund. Last year we owed 100.00 and this year we are getting back 100.00, so we are happy about that. Our itemized deductions haven’t been enough to claim them the past few years and this year was no exception. We both made a small amount more than last year due to raises and didn’t change our deductions. I was a little concerned but had looked at the tables and figured we’d come close like always and luckily I was correct.

I’m sorry to those that are owing more. I know it’s frustrating. The year we bought a house and had our first child we thought we’d get back a large refund and we ended up owing 1200.00. Our income that year was just in that sweet spot that put us into the higher tax bracket and it really hurt. After that happened I was pretty vigilant about looking at the tables every year to make sure our deductions were where they should be for us to try and break even.

We owe this time, for the first time ever. It sucks. It's a combination of DH making more, along with being out on disability for a little while and no taxes coming out of the 80% of his pay he received during that time, and on top of that not being able to claim the usual deductions. Our guy didn't call us back right away after we dropped our stuff off and we had a feeling this was going to happen, and sure enough, we owe.

There are two "windfalls" of sorts heading my way from my employer that will more than cover the bill but, it really sucks.

My mom had hers done and they had the wrong code input somewhere and the system was showing she was going to owe $73K and she about fell out. My dad passed in August and that money all got moved into her name and she was really worried that she was going to owe a lot, but not $73K!! She ended up with a refund, thankfully.

I was dreading it too being a single income, middle class household in a state with high property taxes. Discovered a few other deductions were not allowed I hadn't heard about. I did a little analysis...
My AGI went up 12%
Deductions allowed went down 22%
taxable income was up 40%
and my total tax was up 28%

I still received a refund, but it was down 36% from last year. I know I am better off than a lot of families that really need some of those deductions. But yea, tax cuts my butt. And not to mention inflating the deficit a few more trillion.

If your circumstances (income/deductions/children etc) are the same as last year and your results are totally different, that is telling.

I would be curious to see someone(s) put last year's numbers through this years new rules and "tax break" and see the difference.

Exactly this!  I think you need to enter last years income into this years tax model and compare the difference in your tax liability to truly determine if the new law is  good or bad for your personal situation.  We received a refund that was 300.00 more than last years refund, however, our income was significantly less than last year.  We have always itemized but were not able to this year, the standard deduction was more than our itemized deductions.  We have no dependents other than ourselves.