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Tax check (1 Viewer)
- Thread starter shadyridr
- Start date
Keerock
Footballguy
urbanhack
Fight The Power!
Refinanced in October. Original mortgage lender hadn't paid property taxes yet, so no 1098 from them. New mortgage company didn't have them on their 1098 either. Title company sent me a 1098 but only contained a small amount of mortgage interest. I see that the taxes where paid on my mortgage statement and I know the exact amount, so I went ahead and added it to my return and filed, but I don't have the form to show it. Oh well.
Sheesh, we're typically about 12.5%.Jealous.Federal Tax as a % of AGI
- 2017 - 5.6%
- 2018 - 5.4%
- 2019 - 9.6%
- 2017 - 18.42%
- 2018 - 18.31%
- 2019 TBD, but, probably in the same ballpark
-OZ-
Footballguy
I'm gonna guess your 81.58% and 87.5% take home incomes are significantly greater than my 98% take home.
We were at 0% the last couple years, 2% this year.
Although if we didn't have kids it would be around 10%
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-OZ-
Footballguy
dgreen
Footballguy
Yep. Kids, mortgage, charitable contributions. If I didn’t have kids and didn’t itemize, this year would have been about 12.5% rather than 6.5%.
dgreen
Footballguy
Agree. I wasn’t trying to say that charitable donations means I have more money in the bank; just that it’s a big part of having a lower tax bill.
-OZ-
Footballguy
shadyridr
Footballguy
xulf
Footballguy
In Ohio the percent owed varies by city. We owe it to the city where we live, not work...which is backwards to the other income taxes. There are some townships that have no taxes. It is 2% where I live, so it is significant.
Tom Hagen
Footballguy
A few states have a local tax filed as part of the state return. Shady mentioned NYC and Maryland also does this.
If I remember correctly, Pennsylvania, Ohio and maybe Michigan have standalone local tax returns for most municipalities.
Sand
Footballguy
Birmingham was the place that got the local occupation tax legalized through SCOTUS. Both Birmingham and Bessemer have occupation taxes. Costs me and the wife a decent chunk every year.
-OZ-
Footballguy
Birmingham loves making waves with the SCOTUS
Birmingham was the place that got the local occupation tax legalized through SCOTUS. Both Birmingham and Bessemer have occupation taxes. Costs me and the wife a decent chunk every year.
Sand
Footballguy
And back to the tax check stuff... I am still waiting for investment stuff to come in (now end of Feb.). But it looks like the administration retroactively rolled back into existence both energy efficiency credits and education credits (along with a few others, I think) for tax years 2018 and 2019. For the first time ever I think I'll be submitting a 1040x.
-OZ-
Footballguy
We pay for many things we don't use. If you get to opt out of paying for schools in the area, I want out of paying for social programs, Medicare, welfare, etc.
You're not going from 20% to 6% unless you have 7 kids. (Assuming you're over $100k income)
Unless you don't believe an educated population benefits society, we all should be paying for schools, at least up to college.
The government recognizes that parents pay a lot more, generally speaking, than those without kids and we need kids for the next generation. They provide some assistance in this form.
Tax rate, all inclusive, for us is over 25%. So maybe not quite your rate.
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-OZ-
Footballguy
The bold is said by almost everyone. "tax that person, not me!"
It sounds like your state has higher taxes than average. We're in a fairly low tax state other than sales tax.
Fwiw, if you really want to lower your tax rate for a few years, adopt a few special needs kids. Such an easy way to make Bank
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Agreed. My wife and I pay 27% of AGI in federal, state, and property when taking into consideration the $4k in credits we get for two kids. Didn't bother to try calculating sales and gas tax, but the point is, having kids isn't cutting ones effective federal income tax rate or all inclusive tax rate that dramatically.
How do you get to triple? You say you're paying 30 ish percent including federal, state, property, sales, and gas tax and comparing to other people's effective federal income tax rate. Apples to oranges... The last couple of posts give tax rates that are much closer, albeit definitely lower overall tax rates even with kids.
-OZ-
Footballguy
I'm paying 25%, you're paying 30%
I pay less in federal taxes but overall we're not that far apart.
-OZ-
Footballguy
It does drop my federal tax rate by ~10%.
I guarantee I pay a lot more than $10,000 a year for the kids.
Fair enough. I shouldn't have spoken so definitively. Obviously it depends on each individual situation. But I don't begrudge anybody for tax credits that make having kids a little more affordable.
Sand
Footballguy
I've been paying about 20-21% of gross on Fed, State, FICA, property, auto taxes. Never tried to add up sales and gas taxes. Since sales taxes here are ~9% I imagine I come close to your 30% - and I have 2 kids.
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