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

[Buck Bradcanon]

I made a poll re: owing in the spring vs getting a refund.

 

[Warrior]

Last year - About $3,000 back ... This year, thanks to still being able to claim our "child" (19 and moved in with her soon to be Husband now) as a dependent we are going to get a little over a $1,000 back.

Next year, with not being able to claim her any more,  our Tax accountant recommended we either plan to pay in about $1,000 or have an extra $100 a month taken out to cover it.

What will it take to get people to realize the tax code SUCKS for the Middle Class and it is time to move on??

FairTax! anyone

That's not how it works...that's not how any of this works.

:facepalm:

 

[snogger]

That's not how it works...that's not how any of this works.

:facepalm:

I replied after this on the net effect of the "Trump Tax cuts".. In short.. As with most Middle Class families, it was a "push" for our family this year, with a loss next year if we don't make some changes. ..middle class yet again >>>>>

 

[Pipes]

I replied after this on the net effect of the "Trump Tax cuts".. In short.. As with most Middle Class families, it was a "push" for our family this year, with a loss next year if we don't make some changes. ..middle class yet again >>>>>

It's a push for you because of the age of your kids...I'm in the same boat.  Kids 17 & 19 so I don't get the extra $1,000 each for the child tax credit plus the state/prop tax cap screwed me on $10K of deductions and yet my effective tax rate was basically the same as last year.  Anyone with kids under 17 it was likely a pretty nice tax cut for them.

 

[Rhythmdoctor]

Just mailed off my tax docs today.  I'll update when they are complete in a few weeks.

Taxes are done. Getting more back than last year. Actually double. Nothing changed for me. 

 

[Rhythmdoctor]

Taxes are done. Getting more back than last year. Actually double. Nothing changed for me. 

Same salary, same deductions etc. getting $5k back. Claimed 4 through the year. I’m happy. 

 

[Peak]

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. 

Notified to expect funds via DirectDeposit by tomorrow.  9-10 day turnaround isn't too bad.

 

[dgreen]

Anyone with kids under 17 it was likely a pretty nice tax cut for them.

Maybe. In 2017, someone in the 25% tax bracket reduced their taxes by $2012.50 per child (($4050 tax exemption X 0.25)+$1000). In 2018, the personal tax exemption is gone and it's a straight $2000 and that filer is probably now in the 22% tax bracket. However, 2018 did raise the income limit to claim the full child tax credit so that helped those over $110,000 AGI.

 

[Charlie Harper]

Owed 1k less in taxes this year AND refund was only $300 less. Had to take the standard deduction this year.

So guess I didn't have to be worried too much. 

 

[Pipes]

Maybe. In 2017, someone in the 25% tax bracket reduced their taxes by $2012.50 per child (($4050 tax exemption X 0.25)+$1000). In 2018, the personal tax exemption is gone and it's a straight $2000 and that filer is probably now in the 22% tax bracket. However, 2018 did raise the income limit to claim the full child tax credit so that helped those over $110,000 AGI.

With both spouses working it didn't take much for the child tax credit to be partially or totally phased out for a lot of people so that helps.  From what I'm seeing in the returns I've done so far this year is people have less deductions (because of the State Tax cap and personal exemptions being eliminated) but have a lower effective tax rate.  I haven't done a ton of returns yet but I have yet to see one with a higher effective rate in 2018 vs 2017.  Admittedly though I'm in the Midwest so not seeing quite that impact of the SALT deduction limitation that those of you on the East Coast have seen. 

 

[jps]

Just finished a week with the accountants going over everything.  In the end we are paying a pretty sizable check in to the IRS.  I thought we had calculated our obligations pretty good for the year with our quarterly payments, but somehow I forgot about the 3.8% net investment income tax that Obama added in with the Obamacare fun pack.  It's almost like my mind won't accept that tax or something.  Anyway in the end though our marginal tax rate was down 1% and our effective tax rate was down about 2%.    So it could have been worse.  Feels like we are paying more but the marginal and effective rate tells us otherwise.  Thanks new tax plan. 

 

[brun]

Just in case anyone finds themselves in a like situation. As I posted before. I submitted my taxe return via turbotax, requesting direct deposit, just a few days before my bank account was hacked, requiring me to close the account my deposit would have been gone to. 

My return was accepted by the irs and I understood there wasn't really anything I could do except wait for the deposit to be rejected and eventually receive a paper check. The deposit was attempted and rejected on 2/21. I received my paper check on 2/28. Not bad at all. This all went through one of the banks that turbotax uses because I was paying turbotax from my refund. They did hit me with an additional $20 fee for the deposit reversal.