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Location: Chapel Hill, NC, formerly NoVA and Phila
9,779 posts, read 15,795,280 times
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I am going to be hurt by the new tax law. I had a lot of itemized deductions that I won't be able to take. And the increase in the child tax credit doesn't help offset that because I had a child turn 17 last year, so she no longer gets it. I haven't entered it into Turbo Tax yet, though since we're still waiting for forms, and I've been busy selling Girl Scout cookies for my GS troop.
retired with about 150K in income each year. No debts, not even close to reaching deductible limit. New tax law should help me.
Thats awesome. I want to be where you are when i retire. (150k adjusted for inflation though...hehe)
I make about 150k now at 37, supporting a family of 5. I max out 401k, roth, and save close to 5k aside from all that.....and we still live comfortably and travel often. Im not sure how id spend the full 150k a year in retirement....lol but im sure id find a way...
again....kudos!
come here to ny ,, that income pre tax does not go very far if you are retired and home every day unless you sit in the house... i think just rent , health insurance and our long term care insurance would eat 35-40k .
I am going to be hurt by the new tax law. I had a lot of itemized deductions that I won't be able to take. And the increase in the child tax credit doesn't help offset that because I had a child turn 17 last year, so she no longer gets it. I haven't entered it into Turbo Tax yet, though since we're still waiting for forms, and I've been busy selling Girl Scout cookies for my GS troop.
You will get $500 for your 18 year old this year. It's not the same as the $2k you would get for the younger kids but it's still nice.
You may be pleasantly surprised when you complete your taxes. Initially I thought I was going to be hurt by the new tax law since I also itemized my deductions but we saved a lot due to the increased child credits (we have two under 17) and the higher thresholds before the credits were phased out.
Can't do my taxes until I get all the statements needed to do taxes. Just got my W2 statement but there are many others not yet received. The due date for financial companies to get all those out is Jan 31.
But a savvy business guy told me he is "really pushing the envelope" this year because of the government shutdown. Home office deduction, "hiring" his kids as models for his website.. Any type of questionable deduction that would normally throw up a red flag he's going for it.
The IRS is releasing statements that the shutdown is going to have them backed up like crazy. He figures they're not going to bother with audits on anyone that is making less than $1mm. Not doing anything illegal, just deductions he never bothered with before because of the "red flag" he's going for...
Just did mine tonight and filed with Turbo Tax. Getting $12 from Federal, and owe NYS $86.
Holy mother of accurate calculations!
Thats oretty good....as close to 0 ive seen it get....what income level are we talking here? The higher, the more impressive your exact math will seem to me
Slowly trudging through the new 2018 TurboTax software. Every time we receive another tax document I add it to the program.
Initially I thought we were getting killed by the new taxes, then I opened last year's file. We had over $24K in deductions last year so my effort in entering all of the 2018 deductions is not completely foolish, but as of right now we are benefiting from the new law.
Only time will tell as our 2018 Tax Return is not yet complete.
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