|
|
Post by 950nancy on Apr 9, 2019 20:52:06 GMT
Our final K1 arrived at the beginning of April. They are a hassle until you get used to them and know to watch/wait for them. Our tax lady knows we will be showing up about a week before the taxes are due. Thankfully she always takes us later and knows that ours take quite a bit of time. |
|
|
|
Post by utmr on Apr 9, 2019 21:08:57 GMT
Our final K1 arrived at the beginning of April. They are a hassle until you get used to them and know to watch/wait for them. Our tax lady knows we will be showing up about a week before the taxes are due. Thankfully she always takes us later and knows that ours take quite a bit of time. I have always waited until we had all the paperwork to sit down and do the taxes. It occurred to me this year that I could just plus them into turbo tax as they arrived. Duh! So much less stressful! It took 5 minutes at a time a couple times a week and then an hour at the end to review. So much calmer than the usual marathon. I don't know why it never occurred to me to do it like that before. |
|
|
|
Post by 950nancy on Apr 9, 2019 21:32:08 GMT
Our tax lady knows we will be showing up about a week before the taxes are due. Thankfully she always takes us later and knows that ours take quite a bit of time. I have always waited until we had all the paperwork to sit down and do the taxes. It occurred to me this year that I could just plus them into turbo tax as they arrived. Duh! So much less stressful! It took 5 minutes at a time a couple times a week and then an hour at the end to review. So much calmer than the usual marathon. I don't know why it never occurred to me to do it like that before. My tax lady says we have the second thickest return she does. It is a good 3/4 to an inch thick. We haven't been able to use TT for years and the last time we did, our SSN were hacked and someone tried to get a return on our account. hahaha. Silly people. We owed thousands. No one got anything! Well, we had to pay for a service to monitor our SSNs. |
|
|
|
Post by Fairlyoddparent on Apr 9, 2019 22:02:19 GMT
We got a refund just under what we received last year. I was worried about the changes because I work from home part of the time and usually have a good amount of deductions. I will admit that taxes are easier to file without the deductions.
|
|
|
|
Post by mom on Apr 9, 2019 22:03:59 GMT
We still haven't done ours yet. Kinda scared, kinda don't give two f&cks.
|
|
pudgygroundhog
Pearl Clutcher
Posts: 4,648 
Location: The Grand Canyon
|
Post by pudgygroundhog on Apr 9, 2019 22:17:25 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? I think this affected people more who live in states like NY or CA that were impacted by the reduction of SALT. We lost a significant amount of deductions - when we itemized they were much larger than what the standard is now. We owed more this year. |
|
|
|
Post by yivit on Apr 9, 2019 23:03:41 GMT
Single and never enough to itemize here. No kids left as dependents. I can't claim the one parent plus loan for DD as o evidently make too much. She can't claim it because it's in my name (she can claim her others though). My taxable income was slightly less this year thanks to an increase on healthcare benefits. I got a refund that was ever so slightly less than last year.
DS aged off my medical this past month so my taxable income will go up this year. I probably should run the numbers and see if I need to adjust my w4. If I ever get the raise I was supposed to get last fall and get the one I'm due next month, it'll probably affect it even more (my rough guess is that adds maybe 3 paychecks to my current income).
|
|
|
|
Post by gale w on Apr 10, 2019 0:36:16 GMT
I don't know what a K1 is but we have to file by March 1st so we'd be in trouble if we had to wait for one.
|
|
|
|
Post by Crack-a-lackin on Apr 14, 2019 4:53:03 GMT
Waited until the last minute because I figured we’d have to pay. I was right...really right unfortunately. I thought maybe there was a chance I would fall into the few that benefited since I had a good year but nope. My total tax is far more than it was last last year. I would say what I’m really feeling but I’m trying not to cuss so much.
|
|
gsquaredmom
Pearl Clutcher
Posts: 4,093
Jun 26, 2014 17:43:22 GMT
|
Post by gsquaredmom on Apr 14, 2019 5:28:37 GMT
Waited until the last minute because I figured we’d have to pay. I was right...really right unfortunately. I thought maybe there was a chance I would fall into the few that benefited since I had a good year but nope. My total tax is far more than it was last last year. I would say what I’m really feeling but I’m trying not to cuss so much. My total taxes paid just about doubled. I am waiting until tomorrow to make a payment arrangement and hit send. Then I need to make sure we add extra dollars withheld from each check. A lot less of our money will flow into the economy. |
|
|
|
Post by lbp on Apr 15, 2019 14:42:45 GMT
My refund is almost double what it was last year!!
|
|
Deleted
Posts: 0
Nov 2, 2024 7:27:34 GMT
|
Post by Deleted on Apr 15, 2019 15:04:41 GMT
Just wrote out checks for a client. Over 2.5 million paid with their extension. Hope it makes someone feel better.
|
|
|
|
Post by crazy4scraps on Apr 15, 2019 15:22:17 GMT
We have an accountant that we use year round for our businesses so we knew what was coming and adjusted withholding accordingly early last year. I’d have to look at our previous years’ returns to see if we paid more or less in total.
|
|
Sarah*H
Pearl Clutcher
Posts: 4,019
|
Post by Sarah*H on Apr 15, 2019 15:23:44 GMT
Who and why would feel better about this? Was the client Amazon?
|
|
Deleted
Posts: 0
Nov 2, 2024 7:27:34 GMT
|
Post by Deleted on Apr 15, 2019 15:51:30 GMT
Who and why would feel better about this? Was the client Amazon? No. Doesn't everyone claim Amazon doesn't pay taxes. A little tax season levity . Carry on..... |
|
|
|
Post by utmr on Apr 15, 2019 16:22:06 GMT
Well. I finished everything up and submitted on Sunday 4/7. With DH bitching for weeks about it being "so late.". And sure enough. On Friday April frickin 12, we got an amended 1099. So I had to prepare an amended return yesterday and now have to go stand in line at the post office this afternoon to mail it.
Never again will I submit it early.
On the plus side we are getting another $56 back.
|
|
|
|
Post by jeremysgirl on Apr 15, 2019 16:39:16 GMT
My effective tax rate went up by 0.14%. And I did not change tax brackets. So no tax cut for us.
|
|
|
|
Post by mom on Apr 15, 2019 16:42:57 GMT
Found out yesterday we got will get a refund - nothing big, but last year we had to pay in so I am happy.
|
|
|
|
Post by stingfan on Apr 15, 2019 16:45:16 GMT
Our effective rate went up by 1% with only a slight increase in income. I'm not sure which tax law change impacted us the most. Our itemized deductions last year were less than this year's standard deduction. I think it may have to do with the elimination of deductions for unreimbursed employment expenses (for W-2 employees). My dh is in that situation, so we lost out on that.
|
|
Deleted
Posts: 0
Nov 2, 2024 7:27:34 GMT
|
Post by Deleted on Apr 15, 2019 17:00:14 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. While that may be a way to evaluate the bottom line, for most people the bottom line for them is their refunds - or lack of. When they’re suddenly paying in, after years of getting refunds, that’s their bottom line in evaluating how much this tax hurts them. Because most people aren’t fortunate enough to have money sitting around to pay these back taxes they now suddenly owe, like people who are accustomed to paying in each year might do. We paid more. Without even looking at our last years tax returns to confirm, I know that for sure. Yes this. Terrifed. Doing taxes tonight. |
|
|
|
Post by betty on Apr 17, 2019 4:21:20 GMT
Late to the game... I tried to finish ours up yesterday but couldn't find some receipts for our rental property. I knew we were getting a refund so no panic about paying but I wanted them DONE!
Income increased by only $700, tax owed remained about the same but our refund is $2000 more than last year
And we had about $17 more each week in paychecks. DH and I always joke that the weekly increase just about pays our water bill each month.
Last year we got the smallest refund of our married lives and worried about owing this year.
|
|
