Ugh, wife did our taxes this weekend. I have to write a check for about $4k. I have not reviewed everything yet. My wife and I both work and contribute the max amount to our 401k's. Over $30k per year total IIRC. Since my employer offers both a traditional and Roth 401k I switched to put a lot more into the Roth 401k this year. I think that is where the increase in taxes came from (lost the deduction). Hopefully we'll make up for it when we retire and can pull that money out tax free.

Heard a commentator on Fox Business that a lot of retards think the economy is worse because their "refund" is less and did not even consider their take home pay every week is more.

Amount owed dropped 525.00

Just did mine last night. Made about $4000 more and paid about $1500 less. Thank you, President Trump.

We got hit hard. Our state and local got capped at the $10K limit and our youngest turned 17 so we lost that credit, too. Total went up by about $2K over last year. Now I have to write a check and tell my wife...

Just finished my taxes. I owe about $600 less to IRS this year and about the same as last year to Arizona.

quote:

Originally posted by smschulz:
Heard a commentator on Fox Business that a lot of retards think the economy is worse because their "refund" is less and did not even consider their take home pay every week is more.

Well the only news stories I have seen on our local news stations only mentioed how everyone is getting a smaller refund or owing. They don't seem to mention anything about your actual tax burdan going down.

I paid less but I made 20% less so this coming tax season will be a better indicator for me.

I had overpaid on my quarterly....had a refund coming, but I had a TON of Dental bills and others this year.

quote:

Originally posted by StarTraveler:
We got hit hard. Our state and local got capped at the $10K limit and our youngest turned 17 so we lost that credit, too. Total went up by about $2K over last year. Now I have to write a check and tell my wife...

Uh oh, thought it was 18

Total tax bill as a percentage of AGI went down about 2% for 2018 over 2017.

First time I didn’t itemize in a few years, 2017 I had about $21K in Sched A deductions, would have been about the same for 2018, so the new $24K “standard” deduction worked to my benefit.

I paid almost exactly the same amount of taxes this year as last but made about 20K more this year.

At our income level (both wife and I work) I thought our taxes would go up this year. Regardless I was in favor of the tax rate reductions because of the positive impact they would have on the economy and that most folks would have a lower actual tax liability than before.

Just filed tonight and after taking a close look at the numbers was very surprised to discover that although our income went up 21% from 2017, our tax liability went up about 12%. Our effective tax rate decreased by 2.1 percentage points. I had figured that it would be just the opposite.

Our SS and Medicare taxes add about 5% to our tax liability, but those increases went from 5.3 in 2017 to 4.83 in 2018.

The check I wrote this year was smaller than the one I wrote last year, but that doesn't really mean anything, the actual tax liability that I pay is what matters to me. I'd much rather write that check each year than loan the government a few grand every year.

Part of the "beauty" of the income tax system is that most people don't have any idea what their actual tax liability is each year, only what their "refund" is each year. A truly diabolical system designed to keep us happily voting for tax increases so long as those "refunds" keep coming.

Made roughly the same amount, saw effective tax rate decrease by around 3.5%, some through less tax throughout the year and the rest in paying 1/3 of what I paid last year on the 15th.

Complete win for us.

Yep.

Had about $10K set aside for the check to Uncle Sugar. Granted, that was when married to the doctor wife... but still.

Ran several free online estimators and they were all +-$500 of what I had withheld. I was surprised.

I paid a shitload of taxes this year, but they have the withholding figured out. My tax vs percentage of income went down, but I can see why the idiots are getting mad. The withholding is more realistic, especially with the new larger standard deduction. So people are getting an extra $50 a month in take home pay but then don’t get a $1,000 refund and then get pissed.

Between paying in on state taxes and a refund from the Feds, we're in the good a few hundred dollars.

Usually we aim to owe $200-500. The new child tax credit rules played in our favor.

I'll pull last years numbers tomorrow sometime to see if our tax percentage went down.

Just got my return from my CPA I need to write a check but it’s not bad... total wages, cap gains and dividends vs tax owed is right at about 11.8% effective rate

First time I've gotten a refund in years, a whole $27.00. Much better than the $830.00 I paid last year.

Finally got around to the taxes.

Last year I owed the G-man $20. This year I got a $90 refund. I didn't change any withholding. And my income went up marginally.

So, thanks Donald!

Just finished.

I typically get back between $5-7000 from the feds and $1-2000 from the state. This year was +$400 from the feds and -$400 from the state.

Not good. Not good at all.