gsquaredmom
Pearl Clutcher
Posts: 4,093
Jun 26, 2014 17:43:22 GMT
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Post by gsquaredmom on Apr 8, 2019 3:05:23 GMT
And I owe money for the first time ever! Losing personal exemptions, charitable contributions, and other deductions hit us hard. I even increased my withholdings! Instead of getting about one paycheck's worth back, I owe a paycheck's worth, so it is a double hurt. I guess I will need to increase withholdings even more...
I am stunned. I thought, at worst, I would break even by increasing withholding, but Trump tax cut is a big ouch for these two teachers!
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Post by travelsoul on Apr 8, 2019 3:18:51 GMT
Sigh...we owed thousands more than last year too.
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scrappinmama
Drama Llama
Posts: 5,050
Jun 26, 2014 12:54:09 GMT
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Post by scrappinmama on Apr 8, 2019 3:19:23 GMT
Us too. We always aim to break even or pretty close to it. We can no longer itemize and that hit us hard. We owed this year for the first time in 20 years. We owed a few thousand this time. We dropped our exemptions at zero, but I expect we will owe even more because our youngest will turn 17 this year. It's so discouraging.
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garcia5050
Pearl Clutcher
Posts: 2,773 
Location: So. Calif.
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Post by garcia5050 on Apr 8, 2019 3:26:23 GMT
I did my taxes a week ago. We have always broke even. This year, we owe $3,000. We are fortunate that we have it. I wanted to mail it last week, but DH wants to wait until the last day.
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Post by MichyM on Apr 8, 2019 3:31:39 GMT
I came out with a $2k difference. Not in my favor, of course. I'm retired, my taxable income is very low. I'm 57 and don't "collect" anything yet. Thankfully, I am fine.
I feel terribly for everyone who can't manage to pay without hardship. As I get closer to "traditional" retirement age, I feel especially badly for retirees on a fixed income. No chance to "make it up" with a raise, or overtime, or whatever.
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Post by compeateropeator on Apr 8, 2019 3:31:57 GMT
I was very curious on how I would make out. I am single and have paid off my mortgage, so I really have no deductions. I have have used the standard deduction for the last few years. I have gotten roughly the same amount back for the last 5 plus years. I did not increase my withholdings last year. I got back about 20.00 less, but I paid in about 800.00 less in withholdings. So I guess I am one of the few who did okay with the changes. I also submitted my taxes around the 28th of March and received my Federal refund on April 4th, so it was processed really quickly. Sorry to to those who have been adversely affected by the changes.  |
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gsquaredmom
Pearl Clutcher
Posts: 4,093
Jun 26, 2014 17:43:22 GMT
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Post by gsquaredmom on Apr 8, 2019 3:41:25 GMT
I am going to have to see if I can set up a payment plan. My husband was injured by a student, so he's been off work on disability reduced pay for several weeks. He just went back, so we won't see a check for at least a month. Uggh.
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Post by revirdsuba99 on Apr 8, 2019 4:07:07 GMT
I am going to have to see if I can set up a payment plan. My husband was injured by a student, so he's been off work on disability reduced pay for several weeks. He just went back, so we won't see a check for at least a month. Uggh. Their interest is high..... Penalties are worse. Sorry about that. |
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stittsygirl
Pearl Clutcher
Posts: 3,601
Location: In the leaves and rain.
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Post by stittsygirl on Apr 8, 2019 6:09:50 GMT
I’m meeting with the tax specialist tomorrow, and hoping our liability this year is only four-figures  . ETA: Yes! Only four figures and under $5000 - I’ll take it  . |
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peppermintpatty
Pearl Clutcher
Refupea #1345
Posts: 3,970
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Post by peppermintpatty on Apr 8, 2019 11:32:32 GMT
Most people don't know this (I didn't) but there are 3 boxes for witholding. The last one is something like "married witholding at a higher rate". You need to do check that. Our accountant neighbor said that if you don't, you are only witholding $24K for BOTH of you. When you check it, you are taking out enough taxes for $24K for each of you. After you do that, you need to check your amounts to make sure that you are holding back enough and you can adjust with additional money taken out.
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peppermintpatty
Pearl Clutcher
Refupea #1345
Posts: 3,970
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Post by peppermintpatty on Apr 8, 2019 11:34:12 GMT
I was very curious on how I would make out. I am single and have paid off my mortgage, so I really have no deductions. I have have used the standard deduction for the last few years. I have gotten roughly the same amount back for the last 5 plus years. I did not increase my withholdings last year. I got back about 20.00 less, but I paid in about 800.00 less in withholdings. So I guess I am one of the few who did okay with the changes. I also submitted my taxes around the 28th of March and received my Federal refund on April 4th, so it was processed really quickly. Sorry to to those who have been adversely affected by the changes. You are in the minority. The only person I know that this benefited is a woman who is self-employed (just started so she isn't making much). Everyone else got clobbered. |
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Post by liya on Apr 8, 2019 11:37:36 GMT
I did my taxes yesterday too and noticed a big difference. While I do not have to pay my refund was negligent compared to last year. I did not file yet because I though I made an error and wanted to go over it again. Now I'm pretty sure there is no error just the good ole' government keeping their share.
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Post by christine58 on Apr 8, 2019 11:45:29 GMT
I am going to have to see if I can set up a payment plan. My husband was injured by a student, so he's been off work on disability reduced pay for several weeks. He just went back, so we won't see a check for at least a month. Uggh. You can BUT it's way more $$$ in the long run. They charge interest etc. I had to do this about 10 years ago. If you do decide to set up a payment...pay a BIG chunk upfront if you can. |
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ellen
Pearl Clutcher
Posts: 4,777
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Post by ellen on Apr 8, 2019 11:57:32 GMT
Our experience was similar. It put a few bucks more in my pocket with each paycheck, but it didn't come close to coming out even at the end. I upped my 403b contribution and I'm glad I flexed out a generous amount for this year. We are also a two teacher family.
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Post by sabrinae on Apr 8, 2019 12:05:18 GMT
We had a similar outcome. We ended up paying about $1100 more in federal taxes this year. Thankfully we had enough taken out but it’s because I have additional money taken out of each paycheck
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Deleted
Posts: 0
Nov 2, 2024 5:35:50 GMT
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Post by Deleted on Apr 8, 2019 12:50:18 GMT
We are getting a refund for the first time in years. Compare your total tax - not just what you owe - to prior years. We paid far less in tax.
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QueenoftheSloths
Drama Llama
Member Since January 2004, 2,698 forum posts PeaNut Number: 122614 PeaBoard Title: StuckOnPeas
Posts: 5,955
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Post by QueenoftheSloths on Apr 8, 2019 12:56:10 GMT
Our taxes were so confusing this year I couldn't do them myself and I have ALWAYS done our own. But I have a new job this year where I am considered an independant contractor, so apparently that means I am a business and that makes things SO much more difficult.
Most of DH's income is a pension with no taxes taken out, so he has to prepay estimated tax throughout the year, and so probably because of that we came out about the same this year as last year.
Except for the $300 It cost for a pro to do the taxes!
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Post by pjynx on Apr 8, 2019 12:58:52 GMT
Compare your total tax - not just what you owe - to prior years. We paid far less in tax. This ^ exactly. Because of changes in withholdings, deductions, tax rates, etc, just comparing the bottom line doesn't give you a true comparison. It's important to compare year-over-year tax liability as a better comparison rather than straight-up refunds or balance due. Or better yet (because income varies from year to year), compare the % of your tax liability divided by total income, from one year to another. That's where you can really compare apples to apples. Pam |
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Post by redshoes on Apr 8, 2019 13:03:12 GMT
And I owe money for the first time ever! Losing personal exemptions, charitable contributions, and other deductions hit us hard. I even increased my withholdings! Instead of getting about one paycheck's worth back, I owe a paycheck's worth, so it is a double hurt. I guess I will need to increase withholdings even more... I am stunned. I thought, at worst, I would break even by increasing withholding, but Trump tax cut is a big ouch for these two teachers! I understand losing personal exemptions but why would you lose charitable contributions? Did the new standard deduction levels come out more than your itemized items? |
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Post by monklady123 on Apr 8, 2019 13:12:27 GMT
I did my taxes a week ago. We have always broke even. This year, we owe $3,000. We are fortunate that we have it. I wanted to mail it last week, but DH wants to wait until the last day. We ended up owing also, and my dh said the same thing. He'll pay it at the very last second, his own little passive-aggressive protest (his words)... I'll let him know that he's not the only one!  Both of my kids did get something back, which I'm happy for. Of course both are making very little...one is a student and works part-time, and the other is a volunteer through the Presbyterian Mission Agency and makes only a stipend. |
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Post by Spongemom Scrappants on Apr 8, 2019 13:20:43 GMT
Taxes are a four-letter word in my house this year. We got slammed partly due to our situation changing and partly due to the tax law changes. I feel your pain.
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Post by crafty on Apr 8, 2019 13:26:25 GMT
I compared our total tax. We faired far worse this year than in the past.  |
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Post by sabrinae on Apr 8, 2019 13:34:26 GMT
We are getting a refund for the first time in years. Compare your total tax - not just what you owe - to prior years. We paid far less in tax. I did. We paid $1100 more in federal taxes this year and had nearly identical income. The loss of personal exemptions and changes to deduction hurt us. |
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breetheflea
Drama Llama
Posts: 6,460
Location: PNW
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Post by breetheflea on Apr 8, 2019 13:43:02 GMT
My taxes stayed about the same. Now I'm paranoid I did something wrong  Like used the wrong year of Turbo Tax or something. |
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Kerri W
Pearl Clutcher
Posts: 3,791
Location: Kentucky
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Post by Kerri W on Apr 8, 2019 13:46:52 GMT
I compared our total tax. We faired far worse this year than in the past. Ditto. DH's income is more than 75% commission which is taxed very high-like 40% or something. There is no way around our getting a huge refund every year. Not this year. We are paying about $5000. |
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Judy26
Pearl Clutcher
MOTFY Bitchy Nursemaid
Posts: 2,974
Location: NW PA
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Post by Judy26 on Apr 8, 2019 14:06:14 GMT
I’m not sure hoe the stars aligned for us but we usually owe a few thousand and this year got about the same amount back. I prefer to break even or owe a bit. I don’t like giving the government an interest free loan every year.
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Post by librarylady on Apr 8, 2019 14:07:47 GMT
We have no mortgage and have not since 2004.
DH is retired and I am retired. Our income has not varied for the past 8 years (when both became retired), except
for income from some investment accounts and that varies each year.
We have extra taken out of all our retirement funds.
We had to pay $1330 more in taxes this time. In the past we have received about that much in a refund each year.
Psychologically it is disheartening. I had to take the money from savings account to pay.
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Post by cadoodlebug on Apr 8, 2019 14:40:06 GMT
I compared our total tax. We faired far worse this year than in the past. Ditto. DH's income is more than 75% commission which is taxed very high-like 40% or something. There is no way around our getting a huge refund every year. Not this year. We are paying about $5000. Could you explain this? 100% of my DH's income is commission. Income is income.  |
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Kerri W
Pearl Clutcher
Posts: 3,791
Location: Kentucky
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Post by Kerri W on Apr 8, 2019 14:44:39 GMT
Ditto. DH's income is more than 75% commission which is taxed very high-like 40% or something. There is no way around our getting a huge refund every year. Not this year. We are paying about $5000. Could you explain this? 100% of my DH's income is commission. Income is income. I feel like your DH Is a realtor? Does he receive a 1099? My DH is a salaried employee who also makes commission. He receives a W2, not a 1099. I can't speak to the validity of this source, but this is a good explanation as I understand it... How Commission is Taxed |
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NoWomanNoCry
Drama Llama
Posts: 5,856
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Post by NoWomanNoCry on Apr 8, 2019 14:45:24 GMT
We got screwed also...like really bad. I’m still pissy about it.
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Like used the wrong year of Turbo Tax or something. 
