Death and... Taxes.

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Noodleface

Noodleface

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I got an $8k refund last year which was a first.for me. Didn't understand it. Not sure at all what to expect this year
 
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Burnesto

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Noodleface said:
I got an $8k refund last year which was a first.for me. Didn't understand it. Not sure at all what to expect this year
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The tax law changes probably hit you a bit harder. You live in a high income and property tax state don't you?
 
Koushirou

Koushirou

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Looks like I lost a bunch of the student loan interest deduction as I just noticed that was half of what I got last year despite paying more off. Just annoyed as this was pretty poor timing for me to owe since I just moved and am paying an extra $500/mo now in rent just to get away from the fucking mold at the old place. Once my money stabilized I guess I’ll try dropping my allowances to 1 and see how that goes.
 
TJT

TJT

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I'm waiting on a bunch of documents still but I am projecting that I will only owe $5k this time. Far better than last year though so whatever.
 
sleevedraw

sleevedraw

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Koushirou said:
Well I owe federal taxes for the first time and I guess I don't understand why I swung so far from a big refund to owing this year. I changed jobs in Jan of last year to a new job making $15k more. I kept my withholdings to the standard 2 allowances the worksheet says fit for me which I believe is what I had last year, too. I went from about $1k in refund last year to owing $200 this year. Is that about I should have expected or am I missing something critical with the tax law changes? Last year I'd also had a $20k increase in income and it didn't really affect my refund at all.
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If anything, owing $200 instead of getting a $1k refund means your withholding was more accurate this year.
Blazin said:
You might have hit a level where certain deductions and credits are lost. Tax liability is not a smooth curve , common ones are loss of ira deductions and child tax credits
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65k is a bad number. That's when the student loan interest and the traditional IRA deductions both start to get phased out. Because I got promoted, my income is going from about 60 to 75k, and I'm swapping my trad IRA contributions with Roth. This will probably be the last year I get a large refund.
 
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Cutlery

Cutlery

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$200 back from the fed, owe $30 to the state.

That's exactly how I want my taxes, none of this "keep a bunch of my money all year" shit.
 
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Gravel

Gravel

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Yeah, so fuck this new tax form. I heard someone a while back say that while yes, the 1040 itself is shorter, they really just moved everything to schedules.

Which means overall, it's actually more shit to fill out.
 
Dandai

Dandai

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Gravel said:
Yeah, so fuck this new tax form. I heard someone a while back say that while yes, the 1040 itself is shorter, they really just moved everything to schedules.

Which means overall, it's actually more shit to fill out.
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Par for the course when beauracrats make something “simpler” lol
 
a c i d.f l y

a c i d.f l y

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Return was only 25% of last year's, including kid credit. Didn't claim child care services, but wouldn't matter, capped deduction out. I can live with that.
 
LiquidDeath

LiquidDeath

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Gravel said:
Yeah, so fuck this new tax form. I heard someone a while back say that while yes, the 1040 itself is shorter, they really just moved everything to schedules.

Which means overall, it's actually more shit to fill out.
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Dandai said:
Par for the course when beauracrats make something “simpler” lol
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I don't think most people on this board fit into the category of Americans that this change was supposed to help. The vast majority of us weren't filling out normal 1040s alone anyways, so the change to fit the 1040 on a postcard was to target the normies who really didn't need more than that.

Of course, all this shit needs to burn anyways and we need to go to a federal sales tax.
 
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Burnesto

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LiquidDeath said:
I don't think most people on this board fit into the category of Americans that this change was supposed to help. The vast majority of us weren't filling out normal 1040s alone anyways, so the change to fit the 1040 on a postcard was to target the normies who really didn't need more than that.

Of course, all this shit needs to burn anyways and we need to go to a federal sales tax.
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The whole need for the postcard was just political nonsense. The old forms made more sense since everything flowed to page 1 and 2. Just about nobody has 5.5" x 8.5" paper sitting around to actually print it on the new size anyway.
 
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Burnesto

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a c i d.f l y said:
Return was only 25% of last year's, including kid credit. Didn't claim child care services, but wouldn't matter, capped deduction out. I can live with that.
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You probably cost yourself some money since the childcare credit is nonrefundable, but could have pushed your child tax credit into the the additional child tax credit, which can be refundable.
 
sleevedraw

sleevedraw

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Assholes from my former job sent my W2 to my old address. Now I have to file 1040-X. Sigh.
 
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SeanDoe1z1

SeanDoe1z1

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Kids are little tax havens now. Crazy to think you can make up to 75-77K w/ 3 kids before you pay any federal liabilities.


Using a 30second calculator the average US family median income of 56.6k at an average child rate of 1.9(round up to 2) they would get a $478 return on federal.
 
Brikker

Brikker

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I know I can just wait til tomorrow and call my bank and ask but I figure someone here might know!

If I pay my property taxes through my mortgage payments, should my 1098 mortgage info cover all my property tax requirements?
 
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Burnesto

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Brikker said:
I know I can just wait til tomorrow and call my bank and ask but I figure someone here might know!

If I pay my property taxes through my mortgage payments, should my 1098 mortgage info cover all my property tax requirements?
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Your 1098 should show real estate taxes as a separate line item if they're paid through escrow. If not, find it on your county website like Captain Suave mention.
 
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Deathwing

Deathwing

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Brikker said:
I know I can just wait til tomorrow and call my bank and ask but I figure someone here might know!

If I pay my property taxes through my mortgage payments, should my 1098 mortgage info cover all my property tax requirements?
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Doesn't matter, you're getting fucked on mortgage interest and property taxes anyway. For almost everyone I've talked to, 2017 itemized > 2018 standard > 2018 itemized. Everything I've read was that this supposed to be better for people with homes but the changes to exemptions just ended up fucking most people.

I'm getting ~30% less than last year while making ~10k more.
 
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