Started By
Message

re: Anyone else see a big difference in tax returns this year?

Posted on 2/5/19 at 9:41 pm to
Posted by Obtuse1
Westside Bodymore Yo
Member since Sep 2016
31114 posts
Posted on 2/5/19 at 9:41 pm to
quote:

The SALT limit is gonna hurt.


It is killing us. C'set la vie.
Posted by yellowfin
Coastal Bar
Member since May 2006
99034 posts
Posted on 2/5/19 at 9:41 pm to
People lie on the internet and aren’t smart enough to realize it’s easy to figure out
Posted by fallguy_1978
Best States #50
Member since Feb 2018
53809 posts
Posted on 2/5/19 at 9:42 pm to
First year we are getting a little back in 7 or 8 years. We usually owe.
Posted by lsunurse
Member since Dec 2005
129146 posts
Posted on 2/5/19 at 9:46 pm to
I was able to attribute my change to a couple of things besides the obvious tax changes.

We made more in 2018 than 2017(husband got a 15% raise)
He sold more in stock options in 2018 than 2017
Past couple years I was able to deduct tuition costs from going back to school.

Posted by mmmmmbeeer
ATL
Member since Nov 2014
10189 posts
Posted on 2/5/19 at 9:49 pm to
quote:

He must be thinking of EVERYTHING taken out of his check. Federal, state, etc.


Based on Georgia state tax rates, a single person with no dependents making $60k/yr has a taxable income of $48k with roughly $18k going to federal, state, and FICA.

Still waaayyy too much for a person only making $60k.
Posted by fallguy_1978
Best States #50
Member since Feb 2018
53809 posts
Posted on 2/5/19 at 9:49 pm to
I try to get ours around $0 for federal. We usually get a refund from state.

I think we owed about 1k or $1500 the past 7 or 8 years.

We are getting a refund this year from both. We made more money last year but doubling the standard deduction and child tax credit helped us.
This post was edited on 2/5/19 at 9:51 pm
Posted by RogerTheShrubber
Juneau, AK
Member since Jan 2009
299716 posts
Posted on 2/5/19 at 9:56 pm to
I did much better this year, tax liability was much lower I don't owe this year...
Posted by fallguy_1978
Best States #50
Member since Feb 2018
53809 posts
Posted on 2/5/19 at 9:57 pm to
Yeah it's nice not to owe. I went back and double checked mine
This post was edited on 2/5/19 at 9:57 pm
Posted by Sidicous
NELA
Member since Aug 2015
19296 posts
Posted on 2/5/19 at 10:00 pm to
quote:

No, you subsidized much larger tax cuts for folks who make millions of dollars per year. Oh, and corporations.

Don't worry, we've been hearing for 39 years that that money you're giving to the rich will eventually trickle back down...I'm sure it will happen any year now. Be a little more patient.
You didn't hear Gov. Coumo of NY yesterday did you? He admitted the top 31% of earners in NY pay more than 48% of the total taxes in NY. The rich are paying MORE than their share, 17% more.

He also admitted the high taxation is driving the high earners out of the state too. And when a high earner leaves it is much more harmful to the taxbase than any others leaving.
Posted by bee Rye
New orleans
Member since Jan 2006
34623 posts
Posted on 2/5/19 at 10:00 pm to
quote:

We normally get some money back from federal and state. Have owed in the past and would rather they take out more and get a small refund. This year we owe for federal and are getting a much smaller refund from our state. But at least the refund will cover our federal tax bill and still leave us $500. I was a little bummed. Was expecting our usual refund and was gonna pay off some debts with it.


There is so much wrong with this, poor girl
Posted by Sun God
Member since Jul 2009
52786 posts
Posted on 2/5/19 at 10:01 pm to
So upper middle and middle class folks with kids are getting more back? Weird, nobody predicted that.

Is this where I bring up 2023
Posted by hashtag
Comfy, AF
Member since Aug 2005
33906 posts
Posted on 2/5/19 at 10:03 pm to
I normally do a midyear check of my tax situation. At that point I can increase my savings to reduce taxable income (more in HSA, 401k, etc). Or worst case, I let them take out more per check to even out. I can normally get my state within $50 and federal a few hundred.

If you do this annually, you can make your tax season way less stressful.
This post was edited on 2/5/19 at 10:04 pm
Posted by lsunurse
Member since Dec 2005
129146 posts
Posted on 2/5/19 at 10:16 pm to
quote:

There is so much wrong with this, poor girl



What, you gonna tell about all the tens of dollars I could have made in interest on the refund we usually get since we’ve been married?

I’m horrible at saving money. I’ve owed $$$$ to the IRS before cause of not withholding enough and it sucked. I would just rather get the lump amount every February and stick it in our savings or pay off debts. It’s not like I go on shopping sprees with our tax refunds.

But yes....I do know I haven’t been cheated. I made more money and paid less in taxes in 2018. I’m happy about that. I have medical bills I was gonna throw that refund at, so I couldn’t help but be a little bummed when that didn’t happen.
Posted by 50_Tiger
Arlington TX
Member since Jan 2016
43528 posts
Posted on 2/5/19 at 10:18 pm to
There’s zero chance he paid 18k in federal taxes.

I made more than that and didn’t pay that much
Posted by fallguy_1978
Best States #50
Member since Feb 2018
53809 posts
Posted on 2/5/19 at 10:19 pm to
quote:

I normally do a midyear check of my tax situation

We just have a lot more write offs at the state level (private school, aftercare, summer camps etc). I could change our withholdings but I just haven't bothered the past 7 or 8 years
Posted by fallguy_1978
Best States #50
Member since Feb 2018
53809 posts
Posted on 2/5/19 at 10:20 pm to
quote:

So upper middle and middle class folks with kids are getting more back? Weird, nobody predicted that. 

Yep. But it only helped the rich and businesses according to Dems.
Posted by mikelbr
Baton Rouge
Member since Apr 2008
49099 posts
Posted on 2/5/19 at 10:22 pm to
All you faqbutts make fun of my bazillion kids. The kid credit went up. Woo bigger fed return this year! Suck it, kidless(on purpose) fricks.

Now let me go back to paying 3k a month for them shitbiscuits.
This post was edited on 2/5/19 at 10:26 pm
Posted by TH03
Mogadishu
Member since Dec 2008
172004 posts
Posted on 2/5/19 at 10:24 pm to
quote:

making right at 60k in a small town... i can't believe i paid like 18k in taxes...


You're paying taxes wrong.
Posted by 50_Tiger
Arlington TX
Member since Jan 2016
43528 posts
Posted on 2/5/19 at 10:27 pm to
Sounds like a net negative there Mikee
Posted by mikelbr
Baton Rouge
Member since Apr 2008
49099 posts
Posted on 2/5/19 at 10:28 pm to
Yea I started the sentence bragging and ended up sobbing.
first pageprev pagePage 2 of 8Next pagelast page

Back to top
logoFollow TigerDroppings for LSU Football News
Follow us on X, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookXInstagram