Taxes

[mudeltaforcegurl]

Has anyone filed their taxes yet and had significant changes in your refund or amount owed?

I filed this morning and found the Federal portion quicker, few questions with not itemizing. If you take the standard deduction you can no longer deduct charitable items.

I have heard homeowners complaining about no longer being able to deduct mortgage interest. You can now only deduct home equity loan interest if the loan is used for home improvements. This is going to impact a lot of people who haven’t paid attention to the tax law changes. I’m guessing there will be many expecting a nice refund and get slapped with a bill instead.

[Cheeks]

Has anyone filed their taxes yet and had significant changes in your refund or amount owed?

I filed this morning and found the Federal portion quicker, few questions with not itemizing. If you take the standard deduction you can no longer deduct charitable items.

I have heard homeowners complaining about no longer being able to deduct mortgage interest. You can now only deduct home equity loan interest if the loan is used for home improvements. This is going to impact a lot of people who haven’t paid attention to the tax law changes. I’m guessing there will be many expecting a nice refund and get slapped with a bill instead.

This was known when it was passed. I keep reading these articles last few days of people pissed they don’t have a bigger refund, yet they paid lower taxes.  People relying on the refund, but didn’t pay attention that their tax obligation all year was less and confusing that with hoping for a big pot of gold at the end.  All along they were taking home more per paycheck.  Refunds are not the way to measure it, but I have no idea many Americans are despite net net having a lower tax bill for most, which is what was promised and passed. 

You hit the nail on the head....those that didn’t pay attention, and that screams a lot of people in this country.

[#UnleashSean]

I got about 2 grand back that I didn't last year.

[mudeltaforcegurl]

This was known when it was passed. I keep reading these articles last few days of people pissed they don’t have a bigger refund, yet they paid lower taxes.  People relying on the refund, but didn’t pay attention that their tax obligation all year was less and confusing that with hoping for a big pot of gold at the end.  All along they were taking home more per paycheck.  Refunds are not the way to measure it, but I have no idea many Americans are despite net net having a lower tax bill for most, which is what was promised and passed. 

You hit the nail on the head....those that didn’t pay attention, and that screams a lot of people in this country.

I also heard a lot of companies haven’t been withholding enough from employees checks since the changes to the tax laws. It is on us to be informed.

[jesmu84]

If only you had a private jet to write off...

[TinyTimsLittleBrother]

I also heard a lot of companies haven’t been withholding enough from employees checks since the changes to the tax laws. It is on us to be informed.

Withholding rates are set by the IRS.

Taxes are complex. People got used to the idea that if you declared “3” on your paychecks, and had “3” dependents, that you were going to end up right in the end.

What has happened with this law is that the imcreased standard deduction messed with the withholding amounts. So yeah if you figured it out ahead of time and adjusted accordingly, you were fine. But many people didn’t.  They either didn’t take the time or couldn’t figure it out.

I owe about $1,000 more than I thought I would. It’s my fault because it’s somewhat obvious why in retrospect, but it’s still a pain.

[CreightonWarrior]

I adjusted my deductions and just finished up my taxes and got a $72 credit. Pretty proud of myself for only giving them a $72 interest-free loan.

[Jay Bee]

Dumbasses upset they didn’t give a huge no interest loan to the govt... and maybe won’t be able “reward” themselves by making a discretionary purchase after finally getting their money back.

Americans be dumb ainer

[DegenerateDish]

IBTL

[mudeltaforcegurl]

Dumbasses upset they didn’t give a huge no interest loan to the govt... and maybe won’t be able “reward” themselves by making a discretionary purchase after finally getting their money back.

Americans be dumb ainer

No longer being able to deduct mortgage interest is something I can understand people being anger about, but this has been known for at least a year. If people are so reliant on a refund from their mortgage interest to pay bills they are obviously living beyond their means.

[Jockey]

No longer being able to deduct mortgage interest is something I can understand people being anger about, but this has been known for at least a year. If people are so reliant on a refund from their mortgage interest to pay bills they are obviously living beyond their means.

Or they don’t make enough to have money set aside. For many in this country, buying food is living “beyond their means”. But if it builds you up to criticize them, go for it.

Elitist snobs always want to blame poor people for being poor. We obviously have several here in this thread.

[tower912]

Writing a $220 check.  Blessed that that is an inconvenience and not a problem.

[mudeltaforcegurl]

Or they don’t make enough to have money set aside. For many in this country, buying food is living “beyond their means”. But if it builds you up to criticize them, go for it.

Elitist snobs always want to blame poor people for being poor. We obviously have several here in this thread.

If someone can’t buy food how would they be able to buy a home?

[Jay Bee]

No longer being able to deduct mortgage interest is something I can understand people being anger about, but this has been known for at least a year. If people are so reliant on a refund from their mortgage interest to pay bills they are obviously living beyond their means.

Correct. Where the pic tho

[mudeltaforcegurl]

Correct. Where the pic tho

Pic of what?

[rocket surgeon]

If someone can’t buy food how would they be able to buy a home?

great point mudfg!!

might as well add that to the list of free chit

[Plaque Lives Matter!]

Happy national Marquette day

[MU82]

IBFL

[Herman Cain]

My taxes rate went up approximately 2.4 percent. I lost the deductibility of state income taxes which increased marginal income tax rate 5 percent . Offset by 2.6 marginal tax rate deduction . No cap gains marginal tax lower.  So the new tax law cost me an additional combined about $114,000 more . 48 k income and 66 k cap gains additional. So much for the myth that it was a tax cut for the 1 percent .

[Babybluejeans]

My taxes rate went up approximately 2.4 percent. I lost the deductibility of state income taxes which increased marginal income tax rate 5 percent . Offset by 2.6 marginal tax rate deduction . No cap gains marginal tax lower.  So the new tax law cost me an additional combined about $114,000 more . 48 k income and 66 k cap gains additional. So much for the myth that it was a tax cut for the 1 percent .

You’re not in the 1%.

[ATL MU Warrior]

No longer being able to deduct mortgage interest is something I can understand people being anger about, but this has been known for at least a year. If people are so reliant on a refund from their mortgage interest to pay bills they are obviously living beyond their means.

You can still deduct mortgage interest although there’s is a cap on value of home/mortgage on which interest is paid. With the higher standard deduction, it may no longer be worth it to itemize.

[ATL MU Warrior]

My taxes rate went up approximately 2.4 percent. I lost the deductibility of state income taxes which increased marginal income tax rate 5 percent . Offset by 2.6 marginal tax rate deduction . No cap gains marginal tax lower.  So the new tax law cost me an additional combined about $114,000 more . 48 k income and 66 k cap gains additional. So much for the myth that it was a tax cut for the 1 percent .

Boy, there are a lot of people who pretend to be smart posting a lot of hot garbage in this thread.

[dgies9156]

To be candid, the Administration rolled the residential real estate business. You could not confront the Realtors head-on so what happened was the standard deduction and the SALT limitation made most taxpayers indifferent over whether to own a home. I expect that when the average taxpayer sees the federal government no longer is subsidizing a move-up home and that most young homebuyers won't have an advantage to owning real estate, that home prices in many slower growth locales will stagnate for several years.

I know a lot of this stuff has been out there since the tax act but until you do your taxes, it seems like an intangible.

Did my taxes and because of some unique circumstances, will be getting a large refund.

[MU82]

I hear ya, 9-9-9. The tax cut didn't work for me, either.

Despite having my worst earnings year since 1993 -- I mean, I only made $4.2 billion -- I was just able to take home $2.9 billion in 2018.

Talk about unfair to the 1%!! I was totally robbed.

[Herman Cain]

Boy, there are a lot of people who pretend to be smart posting a lot of hot garbage in this thread.

Not sure what the hot garbage is I just provided the actual increase in taxes. If people want to be in a state of denial that of course is there prerogative , but the fact remains I paid meaningfully more in taxes .