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Tax Returns - Have you Started Your 2018 Return Yet? (1 Viewer)

JB Breakfast Club said:
The standard "claim 0" approach was going to be woefully short for us, so I added an extra pay in on my W4 for the second half of the year. Feels like this was set up as a short term win (slightly higher payroll) but a long term loss (returns became payment due).

I think a lot of people will be surprised when they calculate their taxes. 
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This was my situation exactly. Went from a few hundred refund in 2017 to owing 1000+ in 2018. Already claiming single 0 with 2 kids. Now it's time to add additional withholding. 

 
DallasDMac said:
I posted this in the other thread but I'll post it here too. My tax bill was actually less this year than last. But I totally missed the change to my withholding and ended up owing a fair amount. So that was on me. Makes me wonder how many are in the same boat I am and THINK they got screwed this year without realizing what was really behind it?
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As my post above, this was exactly my situation. It's on me. Should have known better that a little more take home was just an illusion. 

 
DallasDMac said:
I posted this in the other thread but I'll post it here too. My tax bill was actually less this year than last. But I totally missed the change to my withholding and ended up owing a fair amount. So that was on me. Makes me wonder how many are in the same boat I am and THINK they got screwed this year without realizing what was really behind it?
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This appears the case for me too.  My taxes actually went down 5K, but my withholding went down by 7K making me pay 5K.  I guess that means I have to adjust this withholding and pay a penalty?  Lame

 
California resident. Went from a $3,100 refund last year to owing $156. Thanks Trump. 

The only real good thing in general of having a republican president is supposed to be lower taxes, but he can’t even do that. 

 
Slapdash said:
This appears the case for me too.  My taxes actually went down 5K, but my withholding went down by 7K making me pay 5K.  I guess that means I have to adjust this withholding and pay a penalty?  Lame
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I already put in to withhold an extra $100 a month in taxes to cover the difference. I changed my 401(k) to a Roth now though, so that will increase my taxable income. Not sure if I need to adjust for that too, or if the normal withholding will cover it.

 
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DallasDMac said:
I already put in to withhold an extra $100 a month in taxes to cover the difference. I changed my 401(k) to a Roth now though, so that will increase my taxable income. Not sure if I need to adjust for that too, or if the normal withholding will cover it.
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You will. I switched to Roth last year and was not prepared for the big swing in taxable income.

So 10% pre tax to post tax was a swing.

My big problem is if I'm claiming single 0 even though I file married jointly I shouldn't have to owe ...

I don't know if there is benefit to filing individually.  To be honest not sure if you can...

 
belljr said:
You will. I switched to Roth last year and was not prepared for the big swing in taxable income.

So 10% pre tax to post tax was a swing.

My big problem is if I'm claiming single 0 even though I file married jointly I shouldn't have to owe ...

I don't know if there is benefit to filing individually.  To be honest not sure if you can...
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Yeah i dont get it. If I change to 0 from 2 , its appx $140/month. Claiming standard deduction, id still owe next year. I dont get it at all. I could be doing the calculation incorrectly.

 
DallasDMac said:
I already put in to withhold an extra $100 a month in taxes to cover the difference. I changed my 401(k) to a Roth now though, so that will increase my taxable income. Not sure if I need to adjust for that too, or if the normal withholding will cover it.
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Normal withholding will cover the Roth swap on the 401k, but be prepared to owe an additional 19,000* highest marginal rate. 

 
Slapdash said:
Heh, yes they were.  Now I'm sitting here trying to figure out what to do about rental income.
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You have to pay $20 more on turbotax to make it easy.

 
culdeus said:
Normal withholding will cover the Roth swap on the 401k, but be prepared to owe an additional 19,000* highest marginal rate. 
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I'm not sure I understand. The normal withholding will cover the additional based on the Roth income now being taxable or not?

 
My gross income went up, my taxable income went up, my tax liability went up, but my federal withholdings went down.  Was sure I was going to owe, but got a 2k refund, which is surprisingly the same as last year.

 
Plugged in my 2018 data into my 2017 tax program, to compare apples to apples,  to see how much I was getting hammered from the tax law changes.  State/prop taxes is 20K and my kids are 19 &17 so the increase child credit (limitations) does me no good.  I was expecting to get completely screwed but to my surprise my 2018 tax liability was only about $300 higher this year.  I was thinking it was going to cost me a few thousand dollars so a win for me. 

 
brun said:
Done.
Getting back more than last year, but that's because I had about $12k in 1099 income in 2017 and in 2018 I'm all W2.
State & local are always <$10k.
Used Turbo Tax. Yes, I believe it's overpriced. I'm just used to it. 
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Damnit! This probably doesn't help the thread. I can't sleep and just need to vent.

Took the direct deposit option. My return has been accepted by the IRS.
Monday I logged into my bank account. Something I don't really do often as I auto pay as much as possible and have direct deposit for my paycheck. My account was hacked 3-4 weeks ago. It's been cleaned out. I went to a local branch office and the account is now closed.
So, my direct deposit will get rejected by my bank. Eventually, some time after the deposit gets rejected, the IRS will issue a paper check. I tried calling the IRS, but the menus don't ever seem to take me anywhere where I can actually cancel the direct deposit.

I'll get past this, but if I could find the people who hacked my account right now... 

 
Jayrod said:
I already finished and submitted mine, but I live in Missouri.

Got the biggest refund I've seen in years, but we upped our withholding this past year.  Got sick of having to cough up a few hundred every April.
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So you're giving an interest free loan to the government every year?  That's smart.  :mellow:

 
I didn't even realize this was a thing:

Oz, the IRS is holding your refunduntil mid-February.

Your federal return contains one or both of these forms:

Earned Income Credit

Additional Child Tax Credit

According to the Protecting Americans from Tax Hikes (PATH) Act of 2015, the IRS is required to hold all refunds for taxpayers claiming these credits. This means the IRS won't issue your refund until mid-February. This delay applies to all tax prep companies and filing methods and impacts your entire refund amount -- not just the portion associated with these credits.

While the IRS will begin issuing refunds with these forms starting in mid-February, your federal refund likely will not appear in your bank account until February 27.

How is holding my refund protecting me?

 
-OZ- said:
I didn't even realize this was a thing:

Oz, the IRS is holding your refunduntil mid-February.

Your federal return contains one or both of these forms:

Earned Income Credit

Additional Child Tax Credit

According to the Protecting Americans from Tax Hikes (PATH) Act of 2015, the IRS is required to hold all refunds for taxpayers claiming these credits. This means the IRS won't issue your refund until mid-February. This delay applies to all tax prep companies and filing methods and impacts your entire refund amount -- not just the portion associated with these credits.

While the IRS will begin issuing refunds with these forms starting in mid-February, your federal refund likely will not appear in your bank account until February 27.

How is holding my refund protecting me?
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the Government knows best and is here to help you. 

 
Scoresman said:
California resident. Went from a $3,100 refund last year to owing $156. Thanks Trump. 

The only real good thing in general of having a republican president is supposed to be lower taxes, but he can’t even do that. 
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But Trump has a better idea. Such as you getting screwed on your taxes.

 
General Malaise said:
Do you mean W-4?

Yeah, this was a definite shot across the bow of all blue states.  He retaliated against the states that didn't vote for him.  The blue states have much higher housing costs which mean bigger mortgages so bend over and lube up. 

I have 5 kids (claim 4) but that doesn't matter now.  2 kids is all you get.

I'm going to get absolutely slaughtered this year so I am not doing my taxes until the last minute.  I can't stomach to look.  

What happens if I just don't pay?  Asking for a friend. 
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You need to file on time no matter what or the penalties get insane.  You can request a payment plan but I think you can only do this once every 3 to 5 years.  You will get hit with underpayment penalties and interest.  Plus I think a payment plan fee.  Sorry.  FILE NO MATTER WHAT YOU OWE.  

 
The personal exemption was taken away which is like 8100 for married peeps which takes way from the standard deduction increase and cuts your amount by 8100 when you itemize I believe.

 
I know someone in a lower bracket who filed with TurboTax the same day he got his W2 online. Filed 1-10 and got the money in his account on 1-30. I've never gotten my money before February.

 
Leroy Hoard said:
I know someone in a lower bracket who filed with TurboTax the same day he got his W2 online. Filed 1-10 and got the money in his account on 1-30. I've never gotten my money before February.
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Same, mostly because I always have dividends and capital gains (sometimes losses). 

The idea of only needing the W-2s would sure make it easy, so maybe just doing buy and hold of a stock like Berkshire without dividends, has some allure. We aren't going without a regular investment account any time soon.

 
Leroy Hoard said:
I know someone in a lower bracket who filed with TurboTax the same day he got his W2 online. Filed 1-10 and got the money in his account on 1-30. I've never gotten my money before February.
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20 days seems long.

I filed 2/3 and got my deposit 2/9.

 
I just did my federal and state taxes today...done and filed electronically.  I still need to file my regional income tax.

 
General Malaise said:
Do you mean W-4?

Yeah, this was a definite shot across the bow of all blue states.  He retaliated against the states that didn't vote for him.  The blue states have much higher housing costs which mean bigger mortgages so bend over and lube up. 

I have 5 kids (claim 4) but that doesn't matter now.  2 kids is all you get.

I'm going to get absolutely slaughtered this year so I am not doing my taxes until the last minute.  I can't stomach to look.  

What happens if I just don't pay?  Asking for a friend. 
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"That just makes you smart."

 
Owed $341 last year and we owe $4,396 this year.   

I was already at 0 exemptions but my wife, who makes about 1/5th of what I do) isn't sure what her exemptions are.  I told her last year to set them to 0 but she 'forgot'-- she just changed it yesterday but that will not be sufficient so I'll probably change mine to withhold an additional $200/month.

As an aside I've always used Turbo Tax to figure my taxes but didn't finish the transaction.  Since we can't itemize anymore I'm just going to do it myself in April.  

This "tax reform" sucked for me, glad to hear it helped others and super glad all of those corporations got nice big permanent tax cuts.   

 
Excuse my ignorance for a minute. How is anyone really "destroyed" by the SALT?  it was just the federal government off setting local taxes, which I don't think should be a thing anyway.

(So says a guy who hadn't paid state taxes in twenty years and now pays less than $2k in state income tax)

 
-OZ- said:
Excuse my ignorance for a minute. How is anyone really "destroyed" by the SALT?  it was just the federal government off setting local taxes, which I don't think should be a thing anyway.

(So says a guy who hadn't paid state taxes in twenty years and now pays less than $2k in state income tax)
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Lmao try moving to NY. 14k in local taxes and 4k in real estate taxes

 
shadyridr said:
Lmao try moving to NY. 14k in local taxes and 4k in real estate taxes
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No thanks. If that's NYC, I'd rather move to Kuwait. My wife grew up in upstate NY, she refuses to move back. 

 
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-OZ- said:
Excuse my ignorance for a minute. How is anyone really "destroyed" by the SALT?  it was just the federal government off setting local taxes, which I don't think should be a thing anyway.
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I wasn't affected by this but it's not that hard to understand how someone got destroyed by this, is it?  Someone who is used to taking a 20K deduction (for example) can now only take a 10K deduction.  Whether on not people should be able to take that particular deduction doesn't factor into "getting destroyed" by the change.

 
-OZ- said:
Excuse my ignorance for a minute. How is anyone really "destroyed" by the SALT?  it was just the federal government off setting local taxes, which I don't think should be a thing anyway.

(So says a guy who hadn't paid state taxes in twenty years and now pays less than $2k in state income tax)
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Eliminate all deductions and offsets and I would agree.   The problem is the whole tax code is riddled with crazy rules and exemptions so just putting a cap on one of them (that hits certain states particularly hard) sucks if it happens to apply to you

 
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Jeez... Mrs. Igno and I both claim 0 and single on our W-4s and usually get a decent return back (save your "tax-free loan" nuggets, folks) but all you guys with 0 exemptions and still owing are scaring the crap out of me.

 
Just did our taxes over the weekend.  My wife claims 0, while I claim 3, and we're getting a decent return back.  Downside is we didn't qualify for the Child Tax Credit this year.  We just missed the threshold.  But a good Federal Refund while owing very little to State. 

 
Ignoramus said:
Jeez... Mrs. Igno and I both claim 0 and single on our W-4s and usually get a decent return back (save your "tax-free loan" nuggets, folks) but all you guys with 0 exemptions and still owing are scaring the crap out of me.
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If you claim single you will be fine. Its the jump from single to married that makes a much bigger difference than changing withholdings. Changing withholdings from 1 to 0 is only an extra $35/paycheck for me which is about $900/year.

 
Steeler said:
I wasn't affected by this but it's not that hard to understand how someone got destroyed by this, is it?  Someone who is used to taking a 20K deduction (for example) can now only take a 10K deduction.  Whether on not people should be able to take that particular deduction doesn't factor into "getting destroyed" by the change.
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Fair point. 

It's not much different than if the feds got rid of the child tax credit. That would suck. Not really "destroy" us, but would result in a very different return. 

 
ITT: A bunch of otherwise very smart people who somehow think that a tax refund is some sort of gift from the government that should be cherished.

 
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Walking Boot said:
Posted in the other thread, my income was $10k higher, my take-home pay went up, and I went from getting a $2k refund to owing $200, but, my total tax owed for the year went down by like $300. So overall I'm up, just a quirk of withholding that I owe instead of getting a check.

I'm also right at the 10k mark for SALT, I think my total came to like $10,200, so I'm getting screwed out of whatever taxes I owe on those 200. Not bad. Lucky I'm single with $11k in mortgage interest alone so I still get to itemize and have no trouble hitting decent numbers there. Would suck if I was married I guess (but a second income would be nice...).
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:lmao:

Oh, you're bring serious. :bag:

 
shuke said:
20 days seems long.

I filed 2/3 and got my deposit 2/9.
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Not sure if the gov started processing as early as 1-10. Return may have just sit there a few days after turbotax pushed it forward.

 
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