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Started By
Message
One Big Beautiful Bill = larger tax refunds for most
Posted on 1/28/26 at 8:32 am
Posted on 1/28/26 at 8:32 am
Treasury Secretary Scott Bessent is predicting a "gigantic" tax refund season for many Americans as key provisions of President Trump's "One Big Beautiful Bill Act" take effect for the first time.
Partially due to the fact that it went into effect mid-year last year and most people didn’t adjust their withholdings and were overpaying their estimated taxes.
Partially due to the fact that it went into effect mid-year last year and most people didn’t adjust their withholdings and were overpaying their estimated taxes.
5
Posted on 1/28/26 at 9:02 am to BayouNation
Mine will be largest I’ve ever received due to SALT increase
Posted on 1/28/26 at 9:27 pm to BayouNation
Here comes Inflation upward pressure…
Posted on 1/28/26 at 9:44 pm to BayouNation
Isn't the family income cap like 120K?
Posted on 1/29/26 at 2:11 am to BayouNation
I’m staring this down:
$31,500 standard deduction
+$23,500 401k deduction
+$19,650 overtime tax deduction (yes, this is the premium portion only)
=$74,650 in total deductions.
+$4,400 child tax credit (x2)
This will be our first refund in a while, and it should be a doozy.
ETA: Edited to correct the credit/deduction mistake
$31,500 standard deduction
+$23,500 401k deduction
+$19,650 overtime tax deduction (yes, this is the premium portion only)
=$74,650 in total deductions.
+$4,400 child tax credit (x2)
This will be our first refund in a while, and it should be a doozy.
ETA: Edited to correct the credit/deduction mistake
This post was edited on 1/29/26 at 4:11 pm
Posted on 1/29/26 at 7:11 am to CecilShortsHisPants
quote:
I’m staring this down: $31,500 standard deduction +$23,500 401k deduction +$4,400 child tax credit (2x) +$19,650 overtime tax deduction =$79,050 in total deductions. This will be our first refund in a while, and it should be a doozy.
I’ve never factored in my 401k because it’s pretax when considering deductions.
I’m not taking the standard deduction for the 1st time in years and hope to owe nothing or get a small refund. Tired of writing checks after claiming zero and none every year.
Posted on 1/29/26 at 8:28 am to CecilShortsHisPants
quote:You're mixing credits with deductions. Deductions reduce your taxable income, while credits are applied at the end to your taxes owed. The way you've stated it, you're underestimating the benefit of the child tax credits. Not trying to be nit-picky, but you're doing better than you think you are.
$31,500 standard deduction
+$23,500 401k deduction
+$4,400 child tax credit (2x)
+$19,650 overtime tax deduction
=$79,050 in total deductions.
Posted on 1/29/26 at 8:49 am to Bacchus
im not sure how this really helps middle america.
if i paid 10k in taxes last year, im sure i will pay somewhat close to that again. the 1500 deduction increase wont do much.
or am i wrong?
if i paid 10k in taxes last year, im sure i will pay somewhat close to that again. the 1500 deduction increase wont do much.
or am i wrong?
Posted on 1/29/26 at 9:22 am to FMtTXtiger
quote:
im not sure how this really helps middle america. if i paid 10k in taxes last year, im sure i will pay somewhat close to that again. the 1500 deduction increase wont do much. or am i wrong?
It’s going to vary widely by family. You take a plant baw he should max the overtime and if his wife is a server then they will be able to use that also. Two salaried folks with low taxes, modest house with low rates will probably still take the standard deduction and not benefit from the no tax on overtime, salt tax or mortgage interest benefits.
Posted on 1/29/26 at 9:52 am to Bacchus
quote:
+$19,650 overtime tax deduction
Not saying you're wrong, but you may want to double check this. You don't get to claim all overtime; you only get to claim the extra pay that you got because it was overtime.
For you to have roughly $20k in overtime deduction, assuming the standard time and a half, that means you worked $60k in OT. Again, certainly possible, and kudos for you if so, but just want to make sure you don't have any unpleasant surprises
Posted on 1/29/26 at 9:53 am to FMtTXtiger
quote:
im not sure how this really helps middle america.
If you work significant overtime, receive significant compensation in tips, or purchased a brand new vehicle, you're likely to see a marked decrease in your tax liability.
If none of those things apply to you, you'll likely see a very, very modest decrease in your tax liability.
Posted on 1/29/26 at 10:18 am to Joshjrn
quote:
If you work significant overtime, receive significant compensation in tips, or purchased a brand new vehicle, you're likely to see a marked decrease in your tax liability. If none of those things apply to you, you'll likely see a very, very modest decrease in your tax liability.
I put the numbers in one of the tax websites and it said I’ll be getting a $500 return. Better than owing $7500 to 10k. Figured it would be a little more but I had additional income on a 1099 that I will claim that’s about 7500 for the year.
Standard $31,500
Itemized will be around 70k, depending how hard I want to dig into my local sales tax. Trying to pull mine and my wife’s Amazon sales tax for the year but I’m afraid to see the outcome
This post was edited on 1/29/26 at 10:25 am
Posted on 1/29/26 at 10:28 am to Rize
I just hope we don't owe anything. We haven't gotten a federal refund in a long time.
Posted on 1/29/26 at 12:07 pm to BayouNation
About the same income as last year, when I paid $10k in federal taxes. This year I get a $3000 refund. I itemized last year also but this year the SALT increase helped me out
Posted on 1/30/26 at 11:38 am to vistajay
quote:
About the same income as last year, when I paid $10k in federal taxes. This year I get a $3000 refund. I itemized last year also but this year the SALT increase helped me out
Seems like a 13k swing to the good. I’d take that in a heartbeat.
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