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Why do I owe money in taxes this year versus last year when little has changed?
Posted on 1/22/18 at 8:23 pm
Posted on 1/22/18 at 8:23 pm
Did I miss something?
I'm in the same bracket, with more income, but also with a second child AND the child care deduction - yet I am getting thousands less back this year.
I'm using turbotax - which I've used for years. So, what am I missing? Are we all getting screwed here?
I'm in the same bracket, with more income, but also with a second child AND the child care deduction - yet I am getting thousands less back this year.
I'm using turbotax - which I've used for years. So, what am I missing? Are we all getting screwed here?
6
Posted on 1/22/18 at 8:25 pm to theunknownknight
Obama getting one last jab in before new tax laws
Posted on 1/22/18 at 8:29 pm to theunknownknight
Instead of looking at the end number (tax refund vs payment), look to see if you're actual tax liability changed or if you withheld more last year vs this year.
Posted on 1/22/18 at 8:32 pm to theunknownknight
Do you still have last years return? Compare. What went up?
Posted on 1/22/18 at 8:40 pm to Weagle25
my base pay went up but that's it - still within the same bracket. It's clear as mud - might have to go to an actual CPA on this one.
Posted on 1/22/18 at 8:58 pm to theunknownknight
Going through your 1040 and comparing it to last year should be pretty simple. Something had to have changed. Also as someone said earlier you need to be looking at tax liability (line 63) not your refund/tax owed.
If your AGI is fairly similar, then my next thought would be to check your itemized.
If your AGI is fairly similar, then my next thought would be to check your itemized.
Posted on 1/23/18 at 5:22 am to theunknownknight
The “bracket” isn’t the only thing that raises your taxes. If you make more in the same bracket as last year you still have to pay taxes on that even if you don’t meet the next bracket cutoff.
Posted on 1/23/18 at 6:34 am to theunknownknight
quote:
Why do I owe money in taxes this year versus last year when little has changed?
Could have to do with the tax law that republicans passed without reading
Posted on 1/23/18 at 6:39 am to theunknownknight
quote:
Did I miss something?
Compare every line on last year's 1040 with this year's. More than likely you just didn't have as much withheld this year as last, not as many deductions, that sort of thing.
Posted on 1/23/18 at 7:02 am to CaptainBrannigan
quote:
Could have to do with the tax law that republicans passed without reading
Well obviously you haven’t read it either because that’s actually not a possibility. That’s 2018 tax law not 2017
This post was edited on 1/23/18 at 7:05 am
Posted on 1/23/18 at 7:17 am to theunknownknight
quote:
more income
Did you increase your deductions to account for this income increase?
Posted on 1/23/18 at 7:43 am to CaptainBrannigan
quote:
Could have to do with the tax law that republicans passed without reading
Wut?
Posted on 1/23/18 at 2:12 pm to theunknownknight
quote:
my base pay went up but that's it - still within the same bracket.
Do you itemize? Did this change?
Is your additional income causing phaseouts of itemized deductions, exemptions, and credits?
Did your withholding increase enough to "keep pace" with the increased earnings?
Is your income earned pretty evenly through the year, or does it go up and down?
Posted on 1/23/18 at 2:12 pm to CaptainBrannigan
quote:
Could have to do with the tax law that republicans passed without reading
Take that crap to the Political Board
Posted on 1/23/18 at 2:51 pm to theunknownknight
quote:
might have to go to an actual CPA on this one.
Started doing this 2 years ago and it's worth it if you make over 150K per year IMO. My CPA has more than saved me what he costs.
Posted on 1/23/18 at 3:33 pm to theunknownknight
quote:
my base pay went up but that's it
yes, that would probably be it
Posted on 1/23/18 at 3:38 pm to TigerintheNO
quote:
my base pay went up but that's it
quote:
yes, that would probably be it
Yes every extra dollar is at the 25% rate, but the withholding should have been adjusted. The answer could be that simple, but I'd still take a look at the returns just to confirm.
Posted on 1/23/18 at 3:51 pm to CaptainBrannigan
quote:
ould have to do with the tax law that republicans passed without reading
Doubtful since the laws have zero implication until 2018, you dumb frick.
Posted on 1/23/18 at 6:57 pm to lsufan1971
quote:
lsufan1971
The amount of income one makes has absolutely no bearing on needing a CPA
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