All else being equal, I should owe less federal taxes for 2018 compared to 2017. True or False?

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August 13, 2018, 05:35 PM

Rey HRH

All else being equal, I should owe less federal taxes for 2018 compared to 2017. True or False?

quote:
Originally posted by nhtagmember:
it depends on your specific situation with everything else that might be in play

not a one-sized all situation

That's about the size of it. There were a lot of give and takes in the tax reform. You've always taken the standard deduction? Then your income tax will go down because the standard deduction was raised. You itemized deductions last year and live in a high tax state like California? Then your income tax will go up because you can no longer deduct state taxes.

"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.

August 13, 2018, 05:38 PM

GWbiker

As I'm on SS and on a state pension, so I never get a refund. Turbo Tax tells me how much to write on the check to the feds, usually around three grand.

My only hope is the Feds don't piss away the money on dumb social programs shit.