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Old 02-19-2019, 08:28 AM
 
1,399 posts, read 702,418 times
Reputation: 3614

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Quote:
Originally Posted by Hemlock140 View Post
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.

Last edited by luckyram; 02-19-2019 at 09:19 AM..
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Old 02-19-2019, 09:57 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,399 posts, read 53,841,413 times
Reputation: 30525
Quote:
Originally Posted by luckyram View Post
$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's higher if over 65 (we both are)
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Old 02-19-2019, 09:59 AM
 
18,635 posts, read 13,431,397 times
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Quote:
Originally Posted by Hemlock140 View Post
It's higher if over 65 (we both are)
That would be 26.6k then no?
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Old 02-19-2019, 02:22 PM
 
Location: Censorshipville...
2,658 posts, read 6,221,880 times
Reputation: 1543
https://www.apnews.com/57ac6498374944f7bfb20660630c95f4

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.
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Old 02-19-2019, 02:53 PM
 
Location: Niceville, FL
7,642 posts, read 15,985,901 times
Reputation: 7616
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.
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Old 02-20-2019, 09:04 PM
 
Location: Camberville
11,931 posts, read 16,653,823 times
Reputation: 19414
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.

At least I didn't owe, I suppose.
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Old 02-22-2019, 07:00 AM
 
Location: Massachusetts
9,392 posts, read 10,100,592 times
Reputation: 13133
Just did mine with my wife. Ended up going from breaking even last year (which is our goal), to owing $1K this year. No real changes to anything.

Have made a tweak to our W4 to try and break even again next year.
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Old 02-22-2019, 07:18 AM
 
12,647 posts, read 9,869,486 times
Reputation: 9355
Quote:
Originally Posted by Grlzrl View Post
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.
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Old 02-23-2019, 02:31 PM
 
Location: Middle of the Pacific Ocean
11,339 posts, read 6,120,463 times
Reputation: 11162
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.
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Old 02-23-2019, 02:42 PM
 
Location: Waco, TX
279 posts, read 150,845 times
Reputation: 333
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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