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Message
Anyone notice a difference in their tax refund/payment this year?
Posted on 2/10/18 at 7:51 am
Posted on 2/10/18 at 7:51 am
Just curious as to how the new Trump tax plan has effected people. I haven’t done my taxes yet, but how has this year been different for you? Did you complete your taxes the same way as you’ve done in the past? Itemized or no?
2
Posted on 2/10/18 at 7:54 am to BengalBlood81
The tax cuts don't affect this year's refund. This year's refund is for last year when the old laws were still in effect.
Posted on 2/10/18 at 8:08 am to Bestbank Tiger
The above is correct. Will be interesting. The new withholding rates have only given me back an extra $7.00 per check. I know others who got much more after the change, so not sure what's affecting that. Could be because of my dependents or could be I end up getting significantly more back next year because my employer is being extremely conservative.
Posted on 2/10/18 at 8:08 am to Bestbank Tiger
quote:
The tax cuts don't affect this year's refund. This year's refund is for last year when the old laws were still in effect.
Exactly...The only noticeable change is on your current paycheck, most everyone's take-home pay has increased because the tax tables have been adjusted downward because your 2018 tax burden has been reduced because of the trump tax cuts.
Hang on to your 2017 tax filing and compare it to what you file next year for 2018...this will tell the true story of exactly what the tax cut did for you.
Posted on 2/10/18 at 8:16 am to Moots
quote:
Hang on to your 2017 tax filing and compare it to what you file next year for 2018...this will tell the true story of exactly what the tax cut did for you.
I still won't be able to get an exact measurement. I think Mississippi eliminated the bottom tax bracket this year (which resulted in a slight uptick in January).
This post was edited on 1/12/21 at 8:46 am
Posted on 2/10/18 at 8:39 am to BengalBlood81
They're taking out around $60-$80 less per paycheck for me. To help more with taxes, I took that extra money per check and upped my 401k another 2%. Also, I filed my taxes with my CPA on Monday. Their software is now able to project what your return would look like next year with the new brackets in place using your current w2 numbers for comparison, and I was pleasantly surprised. With everything like it is, according to their software my return will be almost double what it was this year. Fine with me! 
Posted on 2/10/18 at 8:41 am to RedBeardBaw
Well that’s awesome
Posted on 2/10/18 at 8:49 am to S1C EM
quote:
Could be because of my dependents
This has nothing to do with how much they withhold. It’s all about the number you put on your W-4.
quote:
could be I end up getting significantly more back next year because my employer is being extremely conservative.
Your employer doesn’t determine how much they withhold. The IRS does.
Posted on 2/10/18 at 8:56 am to Weagle25
quote:
It’s all about the number you put on your W-4.
That's exactly what I'm talking about. Perhaps I wasn't clear on that?
quote:
Your employer doesn’t determine how much they withhold. The IRS does.
I've had two employers where I made the same salary deduct differently in the same year, so not really sure how that can be entirely true. Also know others who have experienced the same thing as well. If what you say is true, then how does that work?
This post was edited on 2/10/18 at 8:57 am
Posted on 2/10/18 at 9:18 am to S1C EM
quote:
That's exactly what I'm talking about. Perhaps I wasn't clear on that?
The number on your W-4 has nothing to do with dependents.
quote:
I've had two employers where I made the same salary deduct differently in the same year, so not really sure how that can be entirely true. Also know others who have experienced the same thing as well. If what you say is true, then how does that work?
IRS releases the following table. LINK
Your employer is supposed to follow it
Posted on 2/10/18 at 9:36 am to Weagle25
quote:
The number on your W-4 has nothing to do with dependents.
Well actually, yes it does.
quote:
D Enter number of dependents (other than your spouse or yourself) you will claim on your tax return . . . . . . . . D _____
LINK
I mean, maybe we're talking semantics here, but if you're going by the worksheet on the W4, then yes, dependents are what create "allowances" (assuming you choose to invoke them on your W4, which I do). Those allowances lessen the tax withholding on each check which you balance out when you file your taxes and claim the corresponding number of dependents. And what I'm wondering is, since I'm already lessening my tax deductions on my checks by claiming child allowances, if that may be why the new tax rates aren't having a huge effect on my paychecks?
quote:
IRS releases the following table. LINK
Your employer is supposed to follow it
Okay, this I understand. But do know, they DO NOT all follow that to a 'T'. Can promise you that. I happen to know that my wife's employer does not and that they withhold at a higher rate than they are supposed to. My question is, what is the motivation for employers who don't follow that by the line? Does what they withhold go into an interest-bearing holding account until they pay their tax bill and they do this knowing that you're going to get any overages back when you file? I'm just guessing here. What are your thoughts?
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