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Old 02-22-2019, 09:12 PM
 
19,250 posts, read 12,608,484 times
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Perhaps one of the better if not best breakdown of how things are rolling after DT/GOP tax "reform"


One thing is clear; far too many did not heed warnings about adjusting their withholding. Now no small number are finding they either owe, are receiving a smaller refund, or maybe a larger.


The last have never understood; people who give the government interest free loans by over withholding, just so they can get back a "large" refund. It is just stupid.


https://www.nytimes.com/interactive/...nd-return.html
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Old Yesterday, 05:23 AM
 
68,034 posts, read 68,865,372 times
Reputation: 45905
there are many reasons why people end up being owed large refunds ...we are one of them .. not all income is predictable and we file estimated based on what is known ..

we are due a large refund because in the last quarter markets crapped the bed . taxable income from our funds can range from zero to 70k in any given year . we pay towards the higher number and if things change the refund goes for the following years estimated , so we never see it anyway .

we had a 20k capital gain ln january 2018 . so our estimated reflected that gain .. by december we were able to tax loss harvest the market drop to offset the gain so now we over paid quite a bit of tax .

Last edited by mathjak107; Yesterday at 05:50 AM..
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Old Today, 12:43 PM
 
Location: Raleigh NC
8,414 posts, read 6,611,304 times
Reputation: 7544
Quote:
Originally Posted by BugsyPal View Post
Perhaps one of the better if not best breakdown of how things are rolling after DT/GOP tax "reform"


One thing is clear; far too many did not heed warnings about adjusting their withholding. Now no small number are finding they either owe, are receiving a smaller refund, or maybe a larger.


The last have never understood; people who give the government interest free loans by over withholding, just so they can get back a "large" refund. It is just stupid.


https://www.nytimes.com/interactive/...nd-return.html
the person in the article paid ~$1500 less in taxes, which was equivalent to a 19% tax cut.
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