hurley1980
Well-Known Member
I am all that is wrong with the world....don't get too close, I'm contagious.
Joined: Dec 23, 2010 17:35:06 GMT -5
Posts: 1,943
|
Post by hurley1980 on Jan 14, 2019 19:11:06 GMT -5
I'm still waiting on my W-2 but I've done an estimate, and it looks like I'll get about $250 back this year from state and owe $100 to feds. Last year I got a combined $2900 back, so I am not a very happy camper right now. I used to itemize and was around 11500, plus had the personal exemption of 4050. With the doubling of the standard deduction and the removal of the exemption, I'm kind of getting screwed.
I'm only getting about $100 a month extra from the tax cuts, so I figure after all is said and done, I'm actually paying about $1500 more a year with this new great middle class tax plan.
|
|
Deleted
Joined: Apr 25, 2024 17:46:34 GMT -5
Posts: 0
|
Post by Deleted on Jan 14, 2019 19:23:13 GMT -5
I got my first tax form today from Vanguard. I did a Roth withdrawal to do some house maintenance and did a small IRA conversion.
|
|
jeffreymo
Familiar Member
Joined: Jan 21, 2011 12:32:17 GMT -5
Posts: 968
|
Post by jeffreymo on Jan 15, 2019 5:21:31 GMT -5
I'm still waiting on my W-2 but I've done an estimate, and it looks like I'll get about $250 back this year from state and owe $100 to feds. Last year I got a combined $2900 back, so I am not a very happy camper right now. I used to itemize and was around 11500, plus had the personal exemption of 4050. With the doubling of the standard deduction and the removal of the exemption, I'm kind of getting screwed.
I'm only getting about $100 a month extra from the tax cuts, so I figure after all is said and done, I'm actually paying about $1500 more a year with this new great middle class tax plan. I don’t doubt you but I have to admit that I’m curious. Since you have all of your 2017 info couldn’t you run it all through the 2018 form to see how badly you are getting screwed? It’s kind of hard to illustrate when you’re comparing year over year. A comparison of the exact same situation/income would show it best.
|
|
princessleia
Established Member
Joined: Jan 23, 2011 21:13:41 GMT -5
Posts: 266
|
Post by princessleia on Jan 15, 2019 9:12:06 GMT -5
I'm still waiting on my W-2 but I've done an estimate, and it looks like I'll get about $250 back this year from state and owe $100 to feds. Last year I got a combined $2900 back, so I am not a very happy camper right now. I used to itemize and was around 11500, plus had the personal exemption of 4050. With the doubling of the standard deduction and the removal of the exemption, I'm kind of getting screwed.
I'm only getting about $100 a month extra from the tax cuts, so I figure after all is said and done, I'm actually paying about $1500 more a year with this new great middle class tax plan. I don’t doubt you but I have to admit that I’m curious. Since you have all of your 2017 info couldn’t you run it all through the 2018 form to see how badly you are getting screwed? It’s kind of hard to illustrate when you’re comparing year over year. A comparison of the exact same situation/income would show it best. Hurley, I suspected that we will not benefit from the new tax plan like you but I have not ran my numbers yet. Jeffrey, That is a great idea. I will do that.
|
|
buster
Established Member
Joined: Mar 20, 2011 23:44:04 GMT -5
Posts: 260
|
Post by buster on Jan 19, 2019 4:17:44 GMT -5
Changes to SALT caps are going to be pretty painful this year - property taxes alone put me over the cap. Not sure if the 2017 tax structure is better than the 2018 yet, but will find out soon enough.
Still waiting on all the tax forms to come in before I can run through the numbers.
|
|
dogmom
Well-Known Member
Joined: Dec 20, 2010 7:00:49 GMT -5
Posts: 1,094
|
Post by dogmom on Jan 19, 2019 7:30:33 GMT -5
Ordered Turbo Tax this am.
Have started the file. Have my W2, Hubby's 1099, RE Taxes paid, and donation paperwork in a file. Waiting on investment 1099s
|
|
TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 27,161
Mini-Profile Name Color: e619e6
|
Post by TheOtherMe on Jan 19, 2019 10:46:19 GMT -5
The 1099-R for my pension was available this morning. However, two of the forms for my return are not expected to be ready until January 31. The return is done.
|
|
Blonde Granny
Junior Associate
Joined: Jan 15, 2013 8:27:13 GMT -5
Posts: 6,919
Today's Mood: Alone in the world
Location: Wandering Aimlessly
Mini-Profile Name Color: 28e619
Mini-Profile Text Color: 3a9900
|
Post by Blonde Granny on Jan 19, 2019 10:51:02 GMT -5
I don't do my taxes anymore. All I have received so far is the SS statement. Ameritrade and PenFed have yet to show up, and Ameritrade is never available until mid to late February. I did think PenFed would have been here by now....oh well, don't much care. The accountant will handle things whenever I get it all.
|
|
Deleted
Joined: Apr 25, 2024 17:46:34 GMT -5
Posts: 0
|
Post by Deleted on Jan 19, 2019 15:28:46 GMT -5
Well, I'm running into all kinds of software snafus with the state not playing well with the new federal laws. I may end up doing state separately on their website or <gasp> doing it on paper. The main one is it's not recognizing one of my kids as a dependent anymore and he's the one I pay all the tuition on, so I really need him to be included.
|
|
Deleted
Joined: Apr 25, 2024 17:46:34 GMT -5
Posts: 0
|
Post by Deleted on Jan 19, 2019 20:53:37 GMT -5
I've now completed my taxes twice. Once with TaxAct and once with Turbo Tax. The final numbers are the same even though TaxAct wouldn't allow my older son on the state education expenses deduction, which was almost $4000. I'm mad at TaxAct for the glitch and want to file with TurboTax, but Turbo Tax wants to charge me $40 for the FREE edition to claim my retirement savings credit. Screw that.
|
|
Bonny
Junior Associate
Joined: Nov 17, 2013 10:54:37 GMT -5
Posts: 7,437
Location: No Place Like Home!
|
Post by Bonny on Jan 23, 2019 10:47:24 GMT -5
I started running my reports earlier in Quicken to clean up data errors. Once I have them cleaned up I'll run final reports and fill out the Tax Organizer workbook my CPA sent me earlier this month. We're less complicated than we used to be after selling two properties but we still have two rental properties, MOG royalties, and other investment income. In addition, DH wound up working a short term gig for County elections so we have some earned income. My long poles in the tent are the 1099s from the MOG income and the 1099bs from our taxable investment accounts which probably won't arrive until mid Feb. But I can get the reports ready in the meantime and ship everything else to the CPA. Given the drama going on with my father's situation I don't have the luxury of procrastinating!
|
|
Bonny
Junior Associate
Joined: Nov 17, 2013 10:54:37 GMT -5
Posts: 7,437
Location: No Place Like Home!
|
Post by Bonny on Jan 23, 2019 10:52:07 GMT -5
I dropped everything off at our CPA's office and he announced that we were "first" for the year. Of course, nothing will happen for weeks, but taxes are now off MY To Do list! (My wonderful DH is active duty military and his W-2 was available online over a week ago.) There's always a show-off in every crowd!
Seriously, congratulations. Your success in getting this project done quickly and off your desk is a beautiful case for simplicity!
|
|
TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 27,161
Mini-Profile Name Color: e619e6
|
Post by TheOtherMe on Jan 23, 2019 12:12:37 GMT -5
This could turn in to a frustrating tax season for all of us as well as IRS employees.
Some of the low paid workers that work at the Service Centers and not getting paid, are going on hardship furloughs because they can't afford the gas, babysitter, etc. to go to work.
|
|
jkapp
Junior Associate
Joined: Dec 23, 2010 12:05:08 GMT -5
Posts: 5,416
|
Post by jkapp on Jan 23, 2019 21:21:55 GMT -5
I've started it and am just now waiting on the 1099-DIV forms to get released, then I can finish. From the way it looks, I withheld way to much (I disable the payroll software's income tax calculations and just do a flat dollar amount withholding on each paycheck because the tax tables are crap - especially the state ones). I thought I was going to be cutting it close with my Fed withholding because I never changed the withholding amount after getting my bonus. But it looks like I'll be getting about a $700 refund. I'll have to look into why I was off so much in my estimates.
|
|
Deleted
Joined: Apr 25, 2024 17:46:34 GMT -5
Posts: 0
|
Post by Deleted on Jan 23, 2019 21:28:06 GMT -5
I wish they would post our W2s. I know they have until January 31, but they have always done it much earlier in the month.
I can't file when they do because Capital One won't have some of their forms until the end of February. But I would have a better idea of what it will look like.
|
|
Deleted
Joined: Apr 25, 2024 17:46:34 GMT -5
Posts: 0
|
Post by Deleted on Jan 24, 2019 9:41:32 GMT -5
This could turn in to a frustrating tax season for all of us as well as IRS employees. Some of the low paid workers that work at the Service Centers and not getting paid, are going on hardship furloughs because they can't afford the gas, babysitter, etc. to go to work. A bit OT, but does anyone know if state and county workers are affected? I paid my Property taxes on-line via the County web site on 12/31- they were supposed to be deducted from my checking account. So far the money is still there.
|
|
cktc
Senior Member
Joined: Mar 19, 2013 22:15:31 GMT -5
Posts: 3,202
|
Post by cktc on Jan 24, 2019 10:16:31 GMT -5
I've started them, but probably won't be able to file until end of February. Still waiting on my W-2 and whatever tax forms I get from Betterment. The Betterment taxable messes up my filing every year, their tax forms always take forever and require more work than I would care to do for a few dollars difference in my taxes. I need to move the funds to a Vanguard 500 or Roth. I plugged in last year's numbers on the W-2 for an estimate and we are still bad YMers over-withholding by a lot.
|
|
countrygirl2
Senior Associate
Joined: Dec 7, 2016 15:45:05 GMT -5
Posts: 16,889
|
Post by countrygirl2 on Jan 24, 2019 11:45:43 GMT -5
I'm waiting on 1099's for some reason haven't gotten my Walmart stock info yet. I need that
and a few bank interest. One bank sent me the 1099 for RMD last January when they paid it out. I just got the one for this year,
something a year old, have no idea where it is or if I got it. It's local so I just need to go request it. Just got my last bank statement so can finish my recons for LLC, so not much to do. Mainly waiting for a few forms.
|
|
TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 27,161
Mini-Profile Name Color: e619e6
|
Post by TheOtherMe on Jan 24, 2019 11:49:31 GMT -5
This could turn in to a frustrating tax season for all of us as well as IRS employees. Some of the low paid workers that work at the Service Centers and not getting paid, are going on hardship furloughs because they can't afford the gas, babysitter, etc. to go to work. A bit OT, but does anyone know if state and county workers are affected? I paid my Property taxes on-line via the County web site on 12/31- they were supposed to be deducted from my checking account. So far the money is still there. Shouldn't affect state and county workers who would handle property tax payments. If they are in a program funded by the federal government and hadn't received funds, yes, they would be affected. I'd call your county and see what's going on.
|
|
nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,581
|
Post by nidena on Jan 24, 2019 12:21:24 GMT -5
It's been so long since I HAVEN'T itemized that I need to clarify/understand something:
The change to the Standard deduction is now $12,000ish, right? Let's say last year, my deductions totaled $9000. That means it would be pointless to itemize, this year, if my deductions are, again, $9000, correct...or itemize but choose the Standard deduction? But, if they are $13,000 then I should itemize and NOT choose the Standard deduction?
I've itemized almost as long as I've been over 18 so I don't even remember how to fill out a 1040EZ. lol.
|
|
Deleted
Joined: Apr 25, 2024 17:46:34 GMT -5
Posts: 0
|
Post by Deleted on Jan 24, 2019 12:25:12 GMT -5
It's been so long since I HAVEN'T itemized that I need to clarify/understand something: The change to the Standard deduction is now $12,000ish, right? Let's say last year, my deductions totaled $9000. That means it would be pointless to itemize, this year, if my deductions are, again, $9000, correct...or itemize but choose the Standard deduction? But, if they are $13,000 then I should itemize and NOT choose the Standard deduction? I've itemized almost as long as I've been over 18 so I don't even remember how to fill out a 1040EZ. lol. They don't have a 1040EZ anymore. Everyone does the 1040. But yeah, if your itemized deductions are less than 12K, just take the standard. I haven't itemized since I had a mortgage over 200K at 6%! Maybe 10 years ago.
|
|
wvugurl26
Distinguished Associate
Joined: Dec 19, 2010 15:25:30 GMT -5
Posts: 21,698
|
Post by wvugurl26 on Jan 24, 2019 12:25:14 GMT -5
There's just one form now with a bunch of schedules for other stuff like itemizing. The standard deduction was increased so if you only have $9,000 in itemized deductions, you shouldn't itemize this year.
|
|
Cookies Galore
Senior Associate
I don't need no instructions to know how to rock
Joined: Dec 19, 2010 18:08:13 GMT -5
Posts: 10,731
|
Post by Cookies Galore on Jan 24, 2019 12:31:04 GMT -5
Waiting on hubs' W2 and some interest forms. Once we get the final W2 I'll put it in TaxAct just to see. I'm never in a big rush to do our taxes and this year I am less enthused.
|
|
nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,581
|
Post by nidena on Jan 24, 2019 12:54:49 GMT -5
It's been so long since I HAVEN'T itemized that I need to clarify/understand something: The change to the Standard deduction is now $12,000ish, right? Let's say last year, my deductions totaled $9000. That means it would be pointless to itemize, this year, if my deductions are, again, $9000, correct...or itemize but choose the Standard deduction? But, if they are $13,000 then I should itemize and NOT choose the Standard deduction? I've itemized almost as long as I've been over 18 so I don't even remember how to fill out a 1040EZ. lol. They don't have a 1040EZ anymore. Everyone does the 1040. But yeah, if your itemized deductions are less than 12K, just take the standard. I haven't itemized since I had a mortgage over 200K at 6%! Maybe 10 years ago.
Thanks! My refi had points involved so we'll see how it plays out.
|
|
Value Buy
Senior Associate
Joined: Dec 20, 2010 17:57:07 GMT -5
Posts: 18,680
Today's Mood: Getting better by the day!
Location: In the middle of enjoying retirement!
Favorite Drink: Zombie Dust from Three Floyd's brewery
Mini-Profile Name Color: e61975
Mini-Profile Text Color: 196ce6
|
Post by Value Buy on Jan 24, 2019 13:55:38 GMT -5
I'm still waiting on my W-2 but I've done an estimate, and it looks like I'll get about $250 back this year from state and owe $100 to feds. Last year I got a combined $2900 back, so I am not a very happy camper right now. I used to itemize and was around 11500, plus had the personal exemption of 4050. With the doubling of the standard deduction and the removal of the exemption, I'm kind of getting screwed.
I'm only getting about $100 a month extra from the tax cuts, so I figure after all is said and done, I'm actually paying about $1500 more a year with this new great middle class tax plan. Based on your comment, are you paying more in taxes or since you are paying less witholding, your refund is less? How much withholding did you have last year compared to this year, and is your income a comparable number? We are retired, and we have two homes, based on the fact we could deduct all taxes and interest. Now with the new standard deduction for us, and property taxes limited to $10,000 we too might get hurt and pay more taxes this year. Still waiting for all income numbers to come in so we can do a rough guess.
|
|
hurley1980
Well-Known Member
I am all that is wrong with the world....don't get too close, I'm contagious.
Joined: Dec 23, 2010 17:35:06 GMT -5
Posts: 1,943
|
Post by hurley1980 on Jan 24, 2019 15:28:19 GMT -5
My income and withholding is the same as last year.
|
|
Deleted
Joined: Apr 25, 2024 17:46:34 GMT -5
Posts: 0
|
Post by Deleted on Jan 24, 2019 15:58:34 GMT -5
Did you actually run it through the software for your state too? A lot of states did not adopt the federal law changes and you can still itemize on your state return.
Your numbers kind of confuse me though. You're saying you are going from $15550 deduction (itemized + exemption) to $12000, so $3550 more taxable income. I can't figure out how that's resulting in $1500 more in taxes for you. Even if you are in the highest marginal tax bracket (37% for over 500K income), you would only be looking at $1313 increase.
eta: And that's assuming all the tax brackets stayed the same, but they've all shifted down for 2018. Could you maybe have underestimated the difference in your withholding for the year? They really botched up the tables when they redid them early 2018.
|
|
hurley1980
Well-Known Member
I am all that is wrong with the world....don't get too close, I'm contagious.
Joined: Dec 23, 2010 17:35:06 GMT -5
Posts: 1,943
|
Post by hurley1980 on Jan 24, 2019 16:40:33 GMT -5
OMG you guys, I'm an idiot. I was not including my 401k contributions or my pre-tax healthcare payments. My numbers were way off. I'm getting a refund and I'm paying a little less in taxes than I did last year. Sorry for the confusion! But man do I feel better!!!!
FYI taxes are hard!
|
|
Deleted
Joined: Apr 25, 2024 17:46:34 GMT -5
Posts: 0
|
Post by Deleted on Jan 24, 2019 16:48:30 GMT -5
Glad you figured it out because it was bugging me! LOL
|
|
TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 27,161
Mini-Profile Name Color: e619e6
|
Post by TheOtherMe on Jan 24, 2019 17:47:12 GMT -5
I will still itemize on my Iowa return even though I can not itemize on the federal return. The Iowa Schedule A is not ready yet. I don't understand what is so difficult. Previously, I attached a copy of the federal return, but that won't show them anything about my itemized deductions.
Iowa starts from start again and the way federal taxes are figured is strange. It has never made sense to me. Some changes were passed last year in the legislature but they don't go in to effect this year.
Because my itemized deductions are right at $12,000, I lose because of no more personal exemption.
|
|