Anyone nervous to do their taxes?

[mich311e]

We got kicked in the teeth hard! We got back 2800 last year and owe 6900 this year with little income change. Obviously not a fan of the changes. Hopefully the next administration will reverse them.

OUCH!

 

[wishuponastar1984]

I just did the Turbo Tax calculator for this year and boy did my refund go down! I usually get like $1500 but this year it's looking like $88 without changing my withholdings or anything.

Maybe they did that, but I only got about $10 more in my paycheck per month so I still seem to be losing out on the deal.

You have to look at all factors, not just what was your refund. Did you compare the actual tax expense year over year? Do you have less eligible dependents? Did you change jobs? Did you have a change in marital status? Did you fill out a new W-4? Did you make a significant amount more in income? Did you have any large capital gains from he sale of stocks? Do you live in a state with high state taxes?

Your refund amount is irrelevant. That is just a return of the overage you paid out. It has no impact on what is your actual tax expense for the year.

 

[smiths02]

I did ours last night and with the child care tax credit, our federal effective tax rate went down about 2% since last year. Without the child tax credit it would have been the same effective tax rate. We still owe because we deliberately under-withhold (I'd rather make interest on my money than give it to the government early) but it's consistent with past years. One "oops" is that I stopped getting tax receipts for my charitable donations (non-cash donations of goods) since I knew we wouldn't be itemizing for our federal taxes, totally forgetting that it was still to our benefit to itemize on our state taxes. So I missed out on a few hundred dollars in deductions.

It looks like in GA, you cannot itemize on state if you do not itemize on Federal. Boo!
I'm just going to have to feel good about myself for the charitable contributions in 2018. That, plus we have less stuff around the house, and I didn't have to try to sell it.

 

[secretpantssam]

You have to look at all factors, not just what was your refund. Did you compare the actual tax expense year over year? Do you have less eligible dependents? Did you change jobs? Did you have a change in marital status? Did you fill out a new W-4? Did you make a significant amount more in income? Did you have any large capital gains from he sale of stocks? Do you live in a state with high state taxes?

Your refund amount is irrelevant. That is just a return of the overage you paid out. It has no impact on what is your actual tax expense for the year.

I have the same job, salary and martial status and never had any dependents or stocks to sell.

 

[Mackenzie Click-Mickelson]

Ouch we got hit and we knew it just didn't anticipate it impacting us this much.

Loss of itemization and personal exemption we knew was not going to be good for us. Last year we got $3,000 back from Federal. This year $1,300 refund.

Can't file state taxes yet at least the service we use isn't excepting them so we'll see there. However, our income tax rate was raised between 2017 and 2018 anyways from our state.

 

[DonaldnDaisy5]

So annoyed waiting on W2 from an employer I left. It's a school district and they've been closed and are anticipating being closed Thursday. Hoping its available online on Thursday...so we dont have to wait for mail....

 

[DVCcurious]

We’re paying $8,000 less in 2018 than 2017 with similar incomes.

Thank God for the new leadership!

 

[AlohaNow]

I have the same job, salary and martial status and never had any dependents or stocks to sell.

I tried to sell my dependents this year, but no one was interested in buying them.

 

[ashleyr409]

^^^^^^

 

[Tiggerlover91]

I tried to sell my dependents this year, but no one was interested in buying them.

 

[happily single]

We got kicked in the teeth hard! We got back 2800 last year and owe 6900 this year with little income change. Obviously not a fan of the changes. Hopefully the next administration will reverse them.

I’ve done two different returns for myself and am in a similar situation. I always get back $1-4K. But this year I owe about $3k

 

[Shughart]

Checked against 3 different refund calculators, we're looking at getting 3k back!

 

[AlohaNow]

We got kicked in the teeth hard! We got back 2800 last year and owe 6900 this year with little income change. Obviously not a fan of the changes. Hopefully the next administration will reverse them.

23 provisions of this new 'Tax Cuts and Jobs Act' are set to expire in five years; all 23 related to individual incomes taxes. This is temporary, unless the next administration chooses to keep the changes on the books. The portion of the new tax laws that apply to corporations are permanent. Do a little bit of research to find out why the 'Tax Cuts and Jobs Act' was enacted and who it will benefit in the long term. It has next to nothing to do with individual taxpayers, and everything to do with sweetening the pot for corporations. Though we little individual taxpayers are being greatly impacted, especially those on both of the coasts!

 

[MillauFr]

Do a little bit of research to find out why the 'Tax Cuts and Jobs Act' was enacted and who it will benefit in the long term.

No need to do any research since the changes always benefit those who spend the most on lobbyists and have well connected special interest groups.

 

[just stella]

Did a dry run over the weekend. Really kind of upset and frustrated at the moment with the results. Where are those breaks credits and grants for the hardworking single folks with no child.

 

[wvjules]

I filed on 1/28. I got my Maryland refund this morning. 3 Days! Wow.

 

[Malyficent]

I did a quick estimate and I think we're getting back a nice but not crazy amount. Let's hope that holds once our account does the return but it's brought my anxiety about it down a bit.

I'm super impressed with a three day state turnaround. Good job Maryland! Last year our Delaware return was delayed - can't remember if it was two weeks or six weeks. If I could only talk my husband into reducing our deductions so we come out closer to break even.

 

[wishuponastar1984]

I have the same job, salary and martial status and never had any dependents or stocks to sell.

Did you look at your tax expense year over year, not your refund? The refund is irrelevant. The only thing that is relevant is comparing apples to apples. Its like saying I went to pay my water bill last year and paid with a $100 bill, so they gave me $60 in return. (Water bill was $40) The following year my water bill was still $40 but I paid with a $50 bill. I am so mad I only got back $10 back!!! This stinks!

 

[North of Mouse]

We're doing great with the new changes. Usually try to figure with holding close enough to break even or about, but this year getting a good bit back with no other changes.

 

[amyg1975]

We made as much as last year, yet we are paying over $2000 more in taxes.