I am so grateful because we had no fucking idea what was going to happen. NOrmally we owe around $1500. But we adjusted our withholding knowing this year was going to be super fucked up. Whew
Hold up. Is the federal tax underpayment penalty fee of $10 new? Previous years, excluding last year, we had to owe and I never saw that before. lame.
This year is the one year we owe the most for Federal. Usually our state refund cancels out what we owe in Federal and we would end up with a wash. This year we'll end up paying about $1600 more. awesome* I'm just relieved it wasn't more.
Post by goldengirlz on Feb 7, 2019 21:40:16 GMT -5
This thread prompted me to work on mine a bit. Despite changing our withholdings to “single,” and therefore paying significantly more in tax throughout the year, we still owe close to the same amount — so I guess it was a net negative for us financially.
That said, we’ll get a lot more money back from the state and that should offset all but a couple thousand dollars. So our actual out of pocket isn’t bad.
Anyway. Just don’t spend it on the wall, Drumpf, and we’ll call it good. I’ll happily pay my share so more people can have food and medical care.
Not being able to write off the home office and a lot of our business expenses will seriously screw us. We haven’t run them fully- we’re still waiting for some 10-99s and W2s from H’s freelance- but last year we got back $2500, and this year it’s looking like we’ll owe about $4000 according to the online calculators. Our AGI did go up, but not by a crazy amount. It’s frustrating.
Post by mockingbird on Feb 7, 2019 22:08:15 GMT -5
We’re actually getting back more than normal - but it seems to be a combination of slightly lower income last year and the child tax credit going up to 2k per kid.
I'm filing the old fashioned (paper) way, because we owe like $800. No need to hurry that through the system. Last year we got a refund.
It is still safer to efile. Just don’t mail a check until April 15 if you want to delay paying.
Not for everyone - You can't include a cover letter if you e-file. I want them to have to physically go through the letter that says "you see this regulation here? And this revenue ruling here? And these facts? That's why these are correct. So kindly fuck off and don't hassle me for years in Kafkaesque circles about this return to just agree with everything I sent you in the first (second and third) place."
Our tax liability is only $100 more this year but we went from a refund of $500 to owing $1500 because of the changed withholding tables. I updated mine to withhold more over the summer but I should have had H change his too. And it looks like we would have had a refund if it wasn’t for the SALT cap.
I am so so so afraid. We have no savings. We are fucked if we owe way more.
Same here. I’m very nervous to do them. We had them done for us last year as we had bought a house in 2017 and were not quite sure what to do. I’m hoping I can figure out how to do them myself, as I used to, from the printed out forms we were given.
Post by karinothing on Feb 8, 2019 21:36:22 GMT -5
Just did DHs. His refund went from 3k to 700. But he also got a significant raise so hard to tell what it would have been under the old law. Deductions were almost cut in half though
Apparently the GOP might have thought that having the Treasury Department reduce withholdings would make their tax plan more popular and help them in midterms. Joke’s on them if true but what a bunch of fuckers messing with people like this.
Apparently the GOP might have thought that having the Treasury Department reduce withholdings would make their tax plan more popular and help them in midterms. Joke’s on them if true but what a bunch of fuckers messing with people like this.
i think this came up in the Tuesday thread though I’m blanking on who said it.....I like to think the rank and file at irs are not politicized. That said they also didn’t have scads of time to run these formulas, so maybe that was by design.
You are a middle class American who got hosed by the #GOPTaxScam after you were told that you would get a $4,000 tax break! How did this happen? Well the GOP did it deliberately. Stick with me through this long thread and let’s break down what they did.
Post by sillygoosegirl on Feb 10, 2019 17:16:45 GMT -5
We don't have every last document yet, but getting started on TurboTax, ours look almost the same as prior years, except for some very predictable differences (installed solar in 2017, so we got a huge one-time federal tax incentive last year). Looks like the new standard deduction is pretty similar to what our itemized deductions have been in prior years, so while we will probably get hit by the SALT limit, it should basically be a wash for us.
We got back 1400, about what we got back last year. I'm really relieved and we're going to pour it all into our meager savings. We really need to build up savings because our union's bargaining is due next year and there's some funky stuff going on with the school board. With all the teacher strikes happening, we want to be prepared, just in case.
We did ours this weekend, and I was surprised that it came out about the same as last year. Owed federal, but got a state refund that offset all but about $1000 of what we owed.
We owe about $1400, I'm assuming because the withholding amounts were changed.
Overall though we made $10k more than last year, and our total tax liability was something like $5k less this year.
Last year we owed a similar amount but we erased it by making an IRA contribution. This year I played with the numbers, and it doesn't help nearly as much.
ETA: I just looked again, and realized I was not comparing apples to apples. Our tax liability is actually around $1200 more than last year. We did earn $10k more, everything else is the same.
I changed jobs last year and also have a side business so it’s hard to compare year over year. I’ve always itemized in the past but no longer can.
We had about $25-30k more income but our tax liability was only $1,000 more than prior year. Our refund was a little over half of the prior years, due to withholding tables I suppose.
We made less, had a baby, and owe 5k more than last year. We are screwed by SALT. If I’m understanding right our State Tax + Property tax combined are capped at 10k now. I misunderstood and thought only the property tax was capped. I hate the GOP even more now and don’t want to fund a freaking wall and space force.
My STBXH did ours and we're getting a refund, but smaller than previous years.
I'm expecting this to be bad for me next year - I'll be filing as single and no longer a homeowner/paying 2 mortgages. Even with the SALT cap, it still did benefit us this year.
I also just changed my withholding to "single" rather than married, which I should have done at the beginning of the year. But this thread reminded me to change it, so it could have been worse.
I'll be in good shape, I qualify for HOH instead of married filing separate since we got screwed on the divorce being final by 7 days. That would've made a difference of about $2k. Right now TaxAct says I'll be getting a very, very small refund on state, a pretty substantial one on federal-which I'm ok with instead of owing with so many life changes.
We are getting a refund and larger than we had for the last 4 years. Child credit and also dependent care credit helped us out. I also had a pretty large bonus last year that they took a big chunk out of.
Post by 1confused1 on Feb 13, 2019 13:16:03 GMT -5
I am also getting a refund that is larger than I have had in a while. I am sure it is because I file Head of Household, I don't own my home, the child credit and dependent care credit.
Post by PatBenatar on Feb 13, 2019 14:47:29 GMT -5
Our refund is about $600 higher than last year, but my H was out on disability for 2 months, plus we had a full year of daycare unlike 2017. I was nervous though. Our financial planner said if everything stayed the same our refund would be a whopping $16 more.