Did You Do Your Taxes Yet? (dispute, income, Virginia, accept)
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Last year we got a refund of about $2,000. I did the taxes yesterday and for 2018 we have to pay out $420. The difference is the mortgage interest deduction, limited to $10,000 now and ours was closer to $15,000. We ended up getting the $26,000 standard deduction since our itemized fell below that. I have already changed the W4 for 2019 to come out closer to even. I prefer not to lend the government my money interest free, but also prefer not to pay out, so hopefully a minimal refund or balance next year.
$26000?? - the standard deduction is $24000....assume that was a misprint? Hopefully you're not using the $26K figure as that would obviously throw off your calculations.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Originally Posted by luckyram
$26000?? - the standard deduction is $24000....assume that was a misprint? Hopefully you're not using the $26K figure as that would obviously throw off your calculations.
It sounds like a lot of people did not change exceptions in reaction to the new law and then it was just a game of Russian roulette game of winners and losers.
I remember seeing numerous reminders that IRS was making available a new W4 calculator, but I'm plugged into a few personal finance blogs. I bet the average household made no effort to look.
We actually would have had our biggest tax refund ever with bog standard payroll deduction if MIL hadn’t died in September. Our mistake was not having enough withheld when her annuities got cashed out.
My taxes are about as easy as they can get - I rent, do not have student loans, and my investments are pretty uncomplicated. I got two raises and a promotion this year amounting to about a 30% raise and of course paying more taxes, yet my return was only $5 more than last year.
How are things looking for you under the new tax law? I was pretty nervous about our taxes going up because we are higher earners in a blue state. I did a first run yesterday with only a w-2. It doesn't look too bad. We maybe got a slight decrease but it was much quicker and easier to do. It's easy when you get almost zero deductions. We will fall under the standard deduction. Lost mortgage interest and personal exemptions of course. I am sure whatever savings there is will be grabbed by Illinois shortly.
As of last Saturday, TaxAct's forms for Virginia are still not ready. So I am still not done with all my taxes.
Made my appointment with H&R Block today! Should be a smooth process, but I have to go in as the online apps aren't letting me take advantage of not having to pay state income taxes due to employment status.
Filed Joint. Always claim Zero dependents on W4. Income less than $100k. My refund increased $400 this year. Thank you Mr. President.
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