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

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posted on Feb, 8 2019 @ 05:00 PM
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originally posted by: RickinVa
Basically I got a negative $250 bottom line.


I once had an argument about having a flat tax with someone from a red state. I was arguing it was unfair to have static tax tables because it does not take into account the cost of living. They were claiming it was unfair to have a flat tax because their own person tax liability would go up!

I just gave up arguing after that comment.


edit on 8-2-2019 by dfnj2015 because: (no reason given)




posted on Feb, 8 2019 @ 05:04 PM
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I don't have State taxes.

But I got $60 less back this year than last year on my federal return. But I did get a raise, so it balances out.



posted on Feb, 8 2019 @ 05:05 PM
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Got a nice little chunk of change to put into savings. May not be much to most of you, but $1500 is more than not having it at all.



posted on Feb, 8 2019 @ 05:08 PM
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Mine went DOWN nearly $3000 on more or less the same income. Very much a win for us.



posted on Feb, 8 2019 @ 05:15 PM
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originally posted by: schuyler
Mine went DOWN nearly $3000 on more or less the same income. Very much a win for us.


As much as I think the Trump presidency is a piece of artwork, I have the same experience as you.



posted on Feb, 8 2019 @ 05:36 PM
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a reply to: RickinVa

I've been curious about this so thanks for the thread.

I do not make enough money for the tax cuts to change my weekly pay at all.

But I did get an extra $200 back in my annual taxes.

And everything was the same this year as it's been the last three years for me as far as how much I work and make.

Why didn't trumps tax cuts make the cuts for the middle class permanent and the ones for the rich last four years?



posted on Feb, 8 2019 @ 05:42 PM
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We have no idea. Last year, nothing had changed for us as far as our paperwork, and the refund amount caught up completely off guard.

We have so far not filed this year. I think we're still waiting on one or two documents. Or just haven't gotten around to it. Usually we have it punched out by now ... hmmm.



posted on Feb, 8 2019 @ 05:44 PM
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After reading this, I'm getting a new accountant. Too many excuses why my federal taxes have really jumped and I am retired. Too much shuffling around in my finances this past year. Paid in more quarterly and still paying more with my return.
I am not happy.
On the positive side I moved to Florida so no state taxes but crazy property.
Am I winning yet?



posted on Feb, 8 2019 @ 05:45 PM
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originally posted by: JAGStorm
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...


I meant that we, as taxpayers, overpay an army of bean counters whose job is to make sure that we have bled enough for the year.

They get paid regardless of my return...

But I want someone behind a desk somewhere saying in an exasperated tone "really?!?".




posted on Feb, 8 2019 @ 06:01 PM
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I checked and this is the first year I don't have to file at all since my taxable income is below the minimum 26K plus. Texas doesn't have state income so I'm free. No withholding, no return equals no refund and I'll take it. My best,



posted on Feb, 8 2019 @ 06:12 PM
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Anyone with bitcoin should know they can write off their losses.



posted on Feb, 8 2019 @ 06:13 PM
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The tax cuts it seems had its desired effect

lower and upper got a huge break

Middle Income not so much



posted on Feb, 8 2019 @ 06:16 PM
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originally posted by: UncleTomahawk
Anyone with bitcoin should know they can write off their losses.

Yes, if you "sold" your Bitcoin and have an actual loss. but losses are limited to $3000 a year. Any more is carried forward. That's not $3000 off your taxes, but $3000 of lost income you don't pay taxes on.


originally posted by: FredT
The tax cuts it seems had its desired effect

lower and upper got a huge break

Middle Income not so much


I'm clearly middle income and got the nearly $3000 reduction. Lower income don't pay taxes anyway. The top 50% of earners pay 97% of the taxes.
edit on 2/8/2019 by schuyler because: (no reason given)



posted on Feb, 8 2019 @ 06:17 PM
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originally posted by: FredT
The tax cuts it seems had its desired effect

lower and upper got a huge break

Middle Income not so much


I'm solidly middle income and I did far better than I've done since Bush left office. I still say it's all about what state and city you live in and I know you live in one of the most brutal tax burden areas imaginable on both counts. This should open your eyes to just how much all those programs and nanny state funds really cost you.



posted on Feb, 8 2019 @ 06:20 PM
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California here.

I made significantly less this year due to retirement, so my tax rate dropped about 1.5% from last year.

Lot of people failed to properly adjust their withholding amounts for 2018 by changing their W-4 forms with their employers. That is expected to result in lots of folks seeing smaller refunds, and even, in some cases, taxes owed were once refunds were normal.

Remember, what your employer withholds for your taxes is YOUR responsibility, not your employer’s, and definitely not the government’s.

Due to the new tax laws, it was more advantageous for me to take the standard deduction for federal taxes this year.

Fortunately, California has not conformed to the new federal tax provisions, which allowed me to itemize my California state deductions again this year.

So, with a bit of planning and foresight, I’ll be receiving modest refunds on both state and federal taxes; not as much as in prior years, but worth the effort of preparing the returns.



posted on Feb, 8 2019 @ 06:39 PM
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a reply to: FredT
To be honest the only way the federal government could fund itself is to hit the upper middle class. The rich are not capable of covering the huge numbers. Only 1% of household earn over a half million, which is hardly rich. The truly rich could not cover the budget if they got hit 100%.

The top 20% of households have an income over 100K and less than 10% of individual workers earn over 100K. Anyone in that bracket are in fact the countries top earners if you exclude the rich. They account for almost half the total income for the entire country.

Sometimes I think people who are in the upper middle class don't realize just how much above the norm they make.

I had no idea nursing could pay that much, but if you paid an extra $10,000 this time you must be in that group or near that? How much of that extra was directly due to not being able to recover your state taxes by using it as a deduction? Is not your states income tax the real culprit?

We have no state income tax here, so the cuts are helping out small businesses here as well as individuals. We needed it with the local recession going into it's third year here. A few thousand can be a very big deal for average income earners.



posted on Feb, 8 2019 @ 06:44 PM
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Getting back less, but the amount taken out was less.

Paychecks were higher during the year which to me helped with paying the bills during the month, so we're happy.



posted on Feb, 8 2019 @ 07:31 PM
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Ours went down 1500 but taxes paid throughout the year went down 3000 so we got back more total.



posted on Feb, 8 2019 @ 07:38 PM
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$800 a month give or take increase on the paycheck, and only $1k less on the return. Although most of that was my state return, I owed last year and actually got money back this year. Without the state it would have been a decrease of around $1800, which considering how much extra I get in the paycheck, I'm not complaining.

Edit: a reply to: Blaine91555

So my mother and I had a talk about income recently, and we talked about what we brought home each month. I honestly have no idea how she lives, and she makes pretty decent money. I on the other hand fall into that 10% of single earners over 100k, which when you get used to it, doesn't really seem like much...until you're around people who don't earn that much, puts it into perspective.
edit on 2/8/19 by Hypntick because: Edit for reply



posted on Feb, 8 2019 @ 08:06 PM
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a reply to: burdman30ott6

What does living in Cali have to do with federal taxes?

edit..I see an answer.
edit on 8-2-2019 by vonclod because: (no reason given)



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