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Briefing Room Polls (Guests Welcome!) => The Briefingroom Polls => Topic started by: Weird Tolkienish Figure on February 02, 2019, 05:43:37 pm

Title: What is your 2018 return looking like this year vs. last year?
Post by: Weird Tolkienish Figure on February 02, 2019, 05:43:37 pm: I'm getting way less than last year because of f this. Of course I live in a high tax state.

But I'm not happy.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: Applewood on February 02, 2019, 05:50:22 pm: Don't know for sure yet, but I believe I might owe, thanks to Trump and his "tax reform."
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: Elderberry on February 02, 2019, 06:13:39 pm: Get money back? Why that's foolish. Why give the govt any of your hard earned money until you have too, and only as much as you have to. I plan to send them my tax check on April 15, as usual, and not before.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: Taxcontrol on February 02, 2019, 06:25:57 pm: Having to pay in about $3K. Several factors contribute to that - kids no longer deductible, wife's job not collecting enough from her pay check and making too much money.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: InHeavenThereIsNoBeer on February 03, 2019, 05:11:36 am: Quote from: Elderberry on February 02, 2019, 06:13:39 pm
Get money back? Why that's foolish. Why give the govt any of your hard earned money until you have too, and only as much as you have to. I plan to send them my tax check on April 15, as usual, and not before.

It can save you from a penalty if you have unexpected income the following year and you don't make estimated payments.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: Drago on February 03, 2019, 07:09:46 am: "I'm getting more back."??
"I'm getting less back"??

It's not about how much you are getting back, it is about how much you are paying.(Withholding tables were adjusted by the IRS so refunds may be less). (And/or your "effective tax rate" if you made substantially more or less $ this year).
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: Elderberry on February 03, 2019, 07:23:30 pm: Quote from: InHeavenThereIsNoBeer on February 03, 2019, 05:11:36 am
It can save you from a penalty if you have unexpected income the following year and you don't make estimated payments.

I was much better before they came up with that darn underpayment penalty. Before you could file, but not pay on April 15, file exemptions until they ran out, and then send the payment after you received the 3rd demand letter. You would not be penalized and only charged interest.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: libertybele on February 05, 2019, 01:59:34 pm: Heaven't filed yet. This is February. It is likely that we'll owe, so I won't figure out taxes till closer to the April 15 deadline.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: Sanguine on February 05, 2019, 03:02:09 pm: Mine looks about the same.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: andy58-in-nh on February 05, 2019, 03:25:00 pm: I'm paying instead of getting a refund. We lost our itemized deductions, and personal exemptions no longer exist. The standard deduction was doubled, but didn't nearly make up for the loss of the deductions we used to be able to take (primarily: home mortgage interest and state and local taxes).
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: Sanguine on February 05, 2019, 03:30:51 pm: @corbe, this poll would be more meaningful if respondents would also indicate if they are living in a blue state or a red state.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: corbe on February 05, 2019, 03:48:37 pm: @Weird Tolkienish Figure see suggestion above.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: ABX on February 12, 2019, 09:40:52 pm: Paying about the same because I have a good accountant. I try to keep it as close to 0 as possible but I would rather pay a little than get a refund.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: catfish1957 on February 21, 2019, 08:51:36 am: Always barely underpay.

Nothing gets my blood pressure up quicker than being reminded I have funded this criminial government to the tune of $1.2M in my lifetime
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: libertybele on March 18, 2019, 11:18:18 pm: Live in a Red State. We are getting a very small refund this year. We entered into retirement, so our earnings are less and thankfully for now our tax bracket is lower.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: Hoodat on March 18, 2019, 11:33:36 pm: Biggest refund ever. I'm kicking myself for letting the government have that money interest-free over the course of 2018. I just redid my W-4.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: LadyLiberty on March 18, 2019, 11:46:29 pm: We are retired also, so the only real difference in income when comparing 2017 to 2018 was the booming stock market caused an RMD to go up -- so naturally we were going to owe more than in 2017. I opened up TurboTax 2017 and changed the entry on the 2017 RMD to the 2018 RMD to see what would have happened under the "old rules," and the difference would have been $3600+ more than what we owed under the new plan.

Even though we "double dipped" on real estate taxes by paying both 2017's and 2018's bill in 2018, we did not have enough other deductions to get us over the threshold and ended up taking the standard deduction (used the standard deduction in 2017 also). House is paid off so no mortgage deduction.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: MajorClay on March 19, 2019, 12:18:46 am: Got more. Live in Red state. Also had larger paychecks all year.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: Wingnut on March 19, 2019, 12:25:21 am: I had about $3100. withheld. I will receive $2839 back as a refund. I need to look at that this year. I hate the Gov using my money tax free.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: Idaho_Cowboy on March 19, 2019, 04:33:55 am: I lent less of my money to the government at 0% interest than I did last year. 888high58888 :patriot:
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: Applewood on March 25, 2019, 05:32:23 pm: Well, I finally got around to seeing my tax guy this morning. I don't owe as I had expected, but I also didn't get a refund either. A good result, considering I had expected to owe big time. And really, even though it looks nice getting that nice deposit into my account in May or June or whenever refunds are issued -- why should Uncle Sam be holding onto my money interest-free for a year? Best to end up with zero!
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: Bigun on March 25, 2019, 05:42:54 pm: Paid $2756 last year in addition to withholdings. This year the bill due is $427. I live in a red state, fully retired, and the income and withholding were virtually the exact same both years.
Title: Re: What is your 2018 return looking like this year vs. last year?
Post by: mountaineer on March 29, 2019, 11:08:26 pm: Our federal tax obligation was 6% lower this year, compared to last year. Federal and state combined were 9.2% lower.