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Posted on 1/23/19 at 1:58 pm to Flanders
quote:
I claimed 0 as well.
you filing married or single?
I'm just waiting for my wife's W2s to get in and turbo tax has me at $6K+, obviously wife will bring that number down, but she makes a little less than half of what I do.
I created a tax excel spreadsheet and seems as though I'll get about 2-3K back. Standard deduction too.
ETA: She claimed 0 as well and added an extra $20/paycheck to make sure we didn't have to owe substantial amount of money.
This post was edited on 1/23/19 at 2:03 pm
Posted on 1/23/19 at 3:21 pm to gaetti15
More per paycheck but I won’t know if I owe or not until everything is gathered and given to my CPA
Posted on 1/23/19 at 4:38 pm to gaetti15
filed as single
Posted on 1/23/19 at 7:02 pm to Flanders
quote:
filed as single
that would do it.
I believe when I ran my numbers as single at my current income, without my wifes, I would owe a bunch.
Posted on 1/24/19 at 5:55 am to gaetti15
quote:
ETA: She claimed 0 as well
We’re ina similar boat... will be getting around $4k back. Are you planning on adjusting your allowances?
Posted on 1/24/19 at 11:38 am to Oenophile Brah
quote:
With the $10k SALT cap the only other major deduction is mortgage insurance which leaves $14k needed to itemize.
Mortgage interest, or mortgage insurance?
Most people (not all, but most) that hit the 10K SALT cap probably make too much to claim any deduction for mortgage insurance.
For joint couples, the two big drivers to itemize are going to be mortgage interest and charitable contributions. For single people who own homes, it will likely be easier to hit the itemize threshhold.
Posted on 1/24/19 at 11:42 am to meeple
I've come around to not really caring about the interest free loan the government is getting.
The amount of interest I could have earned doesn't move the needle for me, but if it's a relatively easy adjustment on your W4 then why not.
In my case, I already start in the hole with my wife and I both claiming 1 and then deductions bring me over to refund land. Not sure how much I really want to dial that in. We used to do 2 but that took a lot of deductions to counter.
The amount of interest I could have earned doesn't move the needle for me, but if it's a relatively easy adjustment on your W4 then why not.
In my case, I already start in the hole with my wife and I both claiming 1 and then deductions bring me over to refund land. Not sure how much I really want to dial that in. We used to do 2 but that took a lot of deductions to counter.
This post was edited on 1/24/19 at 11:45 am
Posted on 1/24/19 at 12:57 pm to Puffoluffagus
Single no kids
Income increased $22K over 2017
Overall $2K more in federal income tax
Live in a no income tax state.
Works for me.
Income increased $22K over 2017
Overall $2K more in federal income tax
Live in a no income tax state.
Works for me.
Posted on 1/24/19 at 3:12 pm to LSUFanHouston
quote:
Mortgage interest, or mortgage insurance?
Yeah, I fouled up there. I meant mortgage interest as we don't even have mortgage insurance.
It will be interesting to see if we come out ahead with this tax plan. Obviously the standard deduction is higher and rates lower, but we're losing quite a bit with the SALT cap.
Posted on 1/24/19 at 4:56 pm to Teddy Ruxpin
Charitable donations are counted towards the 24k SALT requirement?
Posted on 1/24/19 at 7:48 pm to Puffoluffagus
Everything stayed the same and yet I owe more.
Posted on 1/25/19 at 7:06 am to Puffoluffagus
20% pass through deduction should save me a ton.
Posted on 1/25/19 at 10:00 am to TheOcean
quote:
20% pass through deduction should save me a ton.
Just remember that's on the lower of business income OR taxable income before the QBI deduction.
I've seen several situations where the actual percentage deduction off business income is a lot less than 20 percent due to high levels of itemized and/or "page 1" deductions. (Which I guess we can't call page 1 deductions anymore, lol)
Posted on 1/25/19 at 10:32 am to Mingo Was His NameO
I would also be curious to know if he input the information in to the calculator accurately compared to what actually came back on his W2
Posted on 1/25/19 at 4:39 pm to meeple
quote:
We’re ina similar boat... will be getting around $4k back. Are you planning on adjusting your allowances?
yah that's the plan.
The calculations are pretty straightforward so will probably try and use excel solver to figure out what I should do.
When I was single I used to claim 2 to try and minimize me giving the government free monies, but with the tax law change I wanted to make sure I didn't get any unwanted surprises
Posted on 1/25/19 at 6:04 pm to gaetti15
I owe a pretty sizable amount but I'm not 'surprised' by it. Long-term I think a simpler tax code is better so I'm glad Trump pushed it through.
Posted on 1/25/19 at 6:30 pm to saderade
quote:
More per paycheck but I won’t know if I owe or not until everything is gathered and given to my CPA
File single as well... and i usually get back around $4,000.
However with the new tax laws... I was getting back about $400 extra per month on my checks... and with the new deduction going up a bunch... I'm curious how this will all work out in the end.
Posted on 1/25/19 at 9:00 pm to Lawyered
Isn’t the child tax credit $2k instead of $1k now? Did all of the other changes offset that?
Posted on 1/29/19 at 2:05 pm to Puffoluffagus
Finally got started looking at this year's taxes.
Last year I got a $2,900 refund but that was by far the biggest itemization we have ever had or will have.
When the new tax laws went into effect, I redid my witholdings to get closer to $0-500 refund. My take home went up a bit. Even after doing this, it looks like I'll be around $2,500 refund this year.
So, overall I think I'm pretty happy with it.
Last year I got a $2,900 refund but that was by far the biggest itemization we have ever had or will have.
When the new tax laws went into effect, I redid my witholdings to get closer to $0-500 refund. My take home went up a bit. Even after doing this, it looks like I'll be around $2,500 refund this year.
So, overall I think I'm pretty happy with it.
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