Your 2018 tax return......how did the changes affect you?

My case is fairly simple... I file short form every year.


My taxes for the year 2018, I gained $250.00 on federal....I lost $445.00 on state.


Ky lowered the non-taxable retirement exemption from $41,110 to $31,110


That caught me off guard because I have always got a full refund from state. I have searched but can't find the reason for the change, to see if it was due the new tax laws.


Basically I got a negative $250 bottom line.

a reply to: RickinVa

:

Worse than last year. Thanks for nothing!

No matter how you slice that it is the fault of Kentucky not the Federal tax changes. Another horrible thing about KY is the amount you guys pay for your auto registration.

originally posted by: JAGStorm
a reply to: RickinVa

:

Worse than last year. Thanks for nothing!

Only because of his state. The Fed taxes were lower.

a reply to: RickinVa

Haven't done mine yet so I cant comment.

But this is a copy of a Facebook post from my accountant cousin.

"Are you hearing a lot of people complaining about the new tax law? Complaining about smaller tax refunds, etc? Remember folks, its not about how much you get back, its about how much the government is *keeping*. Sure, its true that some people are going to see their taxes go up, but the large majority of your fellow American human beings are going to see their federal income taxes drop. Don't be fooled!"


Take it for what its worth but it sounds like people are bitching about their returns but dont realize they actually paid less.

a reply to: Bluntone22

That's because there is part of the population that is too stupid to realize they are giving the Feds an interest free loan. I make sure I have to pay every year. The alternative is screwing yourself over in the long run.

Felt like I paid less to the government throughout the year. Got practically nothing back but that's because of the obama care fine bs that this is thankfully the last year of.

Of course surprised I didn't owe considering the Obamacare fine increase. So maybe did get more technically.

a reply to: Metallicus



Exactly.

I made about 350 less on my federal, but gained 258 a month on witholdings.

I'm fine with that...



ETA... my dream is to juggle everything around to where I get $1 for a federal return.

That way I gave them nothing more than I owed and they would have to do all the work... and then send me a dollar.

a reply to: Metallicus

OK... I just pulled my 2017 return.....


In 2018, I had an income increase of a whopping $828.00


2017: They withheld $5,275.00
2018: They withheld $4,653.00 on a slightly higher income

$622.00 less withheld plus $250.00 higher refund.....I say that puts my bottom line at +$872.00

go ask your local law enforcement officers about how much their taxes went up.

California here:

I'm not 100% done but the gist of it is that the difference between 2017 and 2018 with my income more or less flat is that:

I will pay over $10,000 more this year IN FEDERAL TAXES

Thank you GOP nothing better than getting bent over and treated like Dr. Ford eh?

PS my wife and I are Nurses so we hardly qualify as "Rich"

originally posted by: jimmyx
go ask your local law enforcement officers about how much their taxes went up.

Better yet, ask your local politicians why they tax residents so heavily that those resident's only source of recovery from those local taxes is in the form of the federal government "forgiving" them of what everyone else pays as liability for their direct income.

The tax law is working wonderfully and, given a bit more time, we should start seeing taxpayers in high tax hells like CA, IL, and NY saying "WTF?" to their state and local thieves in government.

originally posted by: jimmyx
go ask your local law enforcement officers about how much their taxes went up.

Certainly YOU aren't a cop Jimmyx! But in the Twilightzone sort of way if you are? Who taxes your income more, your state or the Fed?


If I recall correctly you live in Commiefornia, so I'll wager that if you are pissed off over what is taken out of your paycheck, your beef is with your state government comrade!

a reply to: FredT

The price of living in California with their laundry list of taxes and fees...

Alaska has no income tax and property taxes here aren't too horribly bad so... KA-Ching for once in my household. It's nice to live in a state that stays within it's means and doesn't screw earners to pander to the lowest common denominator at the polls.

originally posted by: Metallicus
a reply to: Bluntone22

That's because there is part of the population that is too stupid to realize they are giving the Feds an interest free loan. I make sure I have to pay every year. The alternative is screwing yourself over in the long run.

I agree with you 100%. We try to keep each return plus or minus $1000 each year. Over withheld this year because I was worried I was going to to get royally screwed with the Rich mans tax break. May have over did it but people are getting hit with fines for under withholding this year

a reply to: burdman30ott6

That would be true if I was complaining about my STATE taxes but thats just federal. I added a line in my rant to make clear its the Feds bending me over. The state taxes were flat this year

a reply to: Lumenari

That way I gave them nothing more than I owed and they would have to do all the work... and then send me a dollar.

"they" is technically us, taxpayers...

originally posted by: FredT
a reply to: burdman30ott6

That would be true if I was complaining about my STATE taxes but thats just federal

Which are higher because you cannot write them off on your FEDERAL taxes anymore. The tax bill is the great equalizer... living in a high tax hell shouldn't receive some special consideration from the federal government. You're on even footing with states like Alaska now, you all need to demand your state and local leaders stop taxing you into the poorhouse.

a reply to: FredT

You're just paying your fair share right?

a reply to: RickinVa

That must be the “crumbs” Pelosi was talking about huh, $800+ might as well have been nothing.