Just did taxes...annoyed. Other people in the same boat?

[Anonymous]

Anonymous wrote:Yes, from reading these threads it seems like the 180k ish HHI people are paying more. They would never have paid AMT at that income but losing a lot of deductions probably increased their taxable income. And an extra few thousand dollars isn’t peanuts to that income in a HCOL area.

This - you nailed it or at least us anyway. This group in this HCOL area doesn't have several thousand available for an unexpected tax bill.

[Anonymous]

They said from the start this was going to happen. I worry about my self-employed DS, he used quickbooks to calculate his quarterly payments and scared he could own a bundle.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes, from reading these threads it seems like the 180k ish HHI people are paying more. They would never have paid AMT at that income but losing a lot of deductions probably increased their taxable income. And an extra few thousand dollars isn’t peanuts to that income in a HCOL area.

This - you nailed it or at least us anyway. This group in this HCOL area doesn't have several thousand available for an unexpected tax bill.

I make quite a bit less than that and I have several thousand available for emergencies and such. I thought people on DCUM were big on emergency funds? I can understand not wanting to spend the emergency funds on taxes however!!

[Anonymous]

[Anonymous]

500K to 1M tax bracket is the real winner followed by 200K to 500K.

[Anonymous]

Their math is wrong. We owe more than last year but haven't had any changes.

[Anonymous]

Anonymous wrote:Their math is wrong. We owe more than last year but haven't had any changes.

These are averages for your tax bracket. Doesn't mean its the same for everyone. Depending on your specific situation you could be different than the average.

Our tax cut is almost double what our bracket indicates

[Anonymous]

Anonymous wrote:Op here. Why would they do that deliberately? I don't see any benefit...in fact it will back fire as many less sophisticated people will focus on what they might owe at the end instead of total tax witholding for the year and think they are paying more in taxes.

why would they do that? B/c the tax cuts (and supposedly higher paychecks) were supposed to be THE main message for the GOP going into the midterms. They figured they would juice the paychecks for the little people and everyone would be cheering for the tax cuts and the oh so smart republicans... then the little people would vote for the repubs and they could keep the House.

Only thing is, the little people got wind that the tax cuts were mainly for the ultra wealthy.... and the message didn't work for the midterms. So they switched over to a "Nancy Pelosi is the devil" message... and that didn't work either. Now, it's really going to bite when people have to pay more in taxes.

[Anonymous]

My family members making mid-five digits, let’s say 40-70k have done their taxes and found out they’re getting smaller refunds but do not owe. Several are not good at saving and use their refund to pay for their annual trip to the beach. They are not happy.

I looked at the taxes (this year and last) for two of them and saw that their total tax went down by about $300 but their withholding went down $1100. Withholding should have only gone down 300 too. These are simple taxes with no deductions. Withholding tables were set up as a scam.

[Anonymous]

I just did ours. W-2 income only, same deductions as last year and income went up only very slightly. We are solidly middle-class with a combined taxable income well under $200k. Two kids and only mortgage to deduct. We paid more taxes in 2018 and got a much smaller refund. We saw no increase in our take-home pay when the tax cuts were implemented. The "tax cuts" were bullshit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes, from reading these threads it seems like the 180k ish HHI people are paying more. They would never have paid AMT at that income but losing a lot of deductions probably increased their taxable income. And an extra few thousand dollars isn’t peanuts to that income in a HCOL area.

This - you nailed it or at least us anyway. This group in this HCOL area doesn't have several thousand available for an unexpected tax bill.

+1 This is not a high income in this area where an average home costs half a million dollars.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes, from reading these threads it seems like the 180k ish HHI people are paying more. They would never have paid AMT at that income but losing a lot of deductions probably increased their taxable income. And an extra few thousand dollars isn’t peanuts to that income in a HCOL area.

This - you nailed it or at least us anyway. This group in this HCOL area doesn't have several thousand available for an unexpected tax bill.

I make quite a bit less than that and I have several thousand available for emergencies and such. I thought people on DCUM were big on emergency funds? I can understand not wanting to spend the emergency funds on taxes however!!

You have no idea of the circumstances of these people. Maybe they have more kids or other responsibilities, more student loans, just got of school, just used the emergency fund on another emergency and haven't built it back up yet...don't be so quick to pat yourself on the back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes, from reading these threads it seems like the 180k ish HHI people are paying more. They would never have paid AMT at that income but losing a lot of deductions probably increased their taxable income. And an extra few thousand dollars isn’t peanuts to that income in a HCOL area.

This - you nailed it or at least us anyway. This group in this HCOL area doesn't have several thousand available for an unexpected tax bill.

I make quite a bit less than that and I have several thousand available for emergencies and such. I thought people on DCUM were big on emergency funds? I can understand not wanting to spend the emergency funds on taxes however!!

You have no idea of the circumstances of these people. Maybe they have more kids or other responsibilities, more student loans, just got of school, just used the emergency fund on another emergency and haven't built it back up yet...don't be so quick to pat yourself on the back.

DP. We had an emergency fund until the shutdown. Contractors who didn't get back pay.

Crossing fingers this will all be fixed in 2020.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes, from reading these threads it seems like the 180k ish HHI people are paying more. They would never have paid AMT at that income but losing a lot of deductions probably increased their taxable income. And an extra few thousand dollars isn’t peanuts to that income in a HCOL area.

This - you nailed it or at least us anyway. This group in this HCOL area doesn't have several thousand available for an unexpected tax bill.

I make quite a bit less than that and I have several thousand available for emergencies and such. I thought people on DCUM were big on emergency funds? I can understand not wanting to spend the emergency funds on taxes however!!

You have no idea of the circumstances of these people. Maybe they have more kids or other responsibilities, more student loans, just got of school, just used the emergency fund on another emergency and haven't built it back up yet...don't be so quick to pat yourself on the back.

DP. We had an emergency fund until the shutdown. Contractors who didn't get back pay.

Crossing fingers this will all be fixed in 2020.

DP. Same.

[Anonymous]

Both of my bosses had to bring me new W4s and increase their withholdings HUGELY. Like $1000 per pay check. Both make over $300k (one over $500k) and voted Republican.