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

[Anonymous]

We make around 110 combined, with 2 kids. I didn't change anything, and we've gotten 8-9 k refunds the last few years. I am now having panic attacks that we are going to owe. Like too scared to do it. We don't have savings. I was out of work hospitalized for a year, and we are counting on this refund to help pay down some debt

[Anonymous]

Anonymous wrote:We make around 110 combined, with 2 kids. I didn't change anything, and we've gotten 8-9 k refunds the last few years. I am now having panic attacks that we are going to owe. Like too scared to do it. We don't have savings. I was out of work hospitalized for a year, and we are counting on this refund to help pay down some debt

I doubt you’ll owe.

[Anonymous]

Interesting quotes from a recent meeting between Trump and regional reporters:

Full article here:
https://m.ctpost.com/local/article/Trump-says-he-s-open-to-revisions-of-the-cap-on-13595829.php?

"Trump expressed surprise that the SALT deduction was an issue for middle-class people upstate.

“It affects wealthy people,” he said.

But after a reporter said that working middle-class homeowners looked to the SALT deduction to make ends meet, Trump said that he might be open to making changes."

[Anonymous]

Anonymous wrote:We make around 110 combined, with 2 kids. I didn't change anything, and we've gotten 8-9 k refunds the last few years. I am now having panic attacks that we are going to owe. Like too scared to do it. We don't have savings. I was out of work hospitalized for a year, and we are counting on this refund to help pay down some debt

I think you'll be fine. We normally get about $8000 refunded between DC and federal. This year we are getting $7000. So less, but not owing!

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make around 110 combined, with 2 kids. I didn't change anything, and we've gotten 8-9 k refunds the last few years. I am now having panic attacks that we are going to owe. Like too scared to do it. We don't have savings. I was out of work hospitalized for a year, and we are counting on this refund to help pay down some debt

I doubt you’ll owe.

+1 The majority of those getting caught off guard are those in the $180 - $2... range. They usually are the type to always deduct and now don't have enough to make it worth it, due to the SALT issue and the higher standard deduction.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We make around 110 combined, with 2 kids. I didn't change anything, and we've gotten 8-9 k refunds the last few years. I am now having panic attacks that we are going to owe. Like too scared to do it. We don't have savings. I was out of work hospitalized for a year, and we are counting on this refund to help pay down some debt

I doubt you’ll owe.

+1 The majority of those getting caught off guard are those in the $180 - $2... range. They usually are the type to always deduct and now don't have enough to make it worth it, due to the SALT issue and the higher standard deduction.

Exactly. Or those people that try to "not give the government an interest free loan" and suddenly their withholding was reduced by a lot more than their tax liability. The pp gets big refunds so she should be fine. She may have a reduced refund but she won't owe.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We make around 110 combined, with 2 kids. I didn't change anything, and we've gotten 8-9 k refunds the last few years. I am now having panic attacks that we are going to owe. Like too scared to do it. We don't have savings. I was out of work hospitalized for a year, and we are counting on this refund to help pay down some debt

I doubt you’ll owe.

+1 The majority of those getting caught off guard are those in the $180 - $2... range. They usually are the type to always deduct and now don't have enough to make it worth it, due to the SALT issue and the higher standard deduction.

Ok. Thank you all for responding. I really appreciate it

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We make around 110 combined, with 2 kids. I didn't change anything, and we've gotten 8-9 k refunds the last few years. I am now having panic attacks that we are going to owe. Like too scared to do it. We don't have savings. I was out of work hospitalized for a year, and we are counting on this refund to help pay down some debt

I doubt you’ll owe.

+1 The majority of those getting caught off guard are those in the $180 - $2... range. They usually are the type to always deduct and now don't have enough to make it worth it, due to the SALT issue and the higher standard deduction.

Ok. Thank you all for responding. I really appreciate it

With two kids you will end up paying less overall. If you didn't adjust your witholding for the new tax tables you refund might be lower but very little chance you would end up owing unless some really wacky situation.

[Anonymous]

Anonymous wrote: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.

This is us. We paid $8k more this year and our effective tax rate increased.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make around 110 combined, with 2 kids. I didn't change anything, and we've gotten 8-9 k refunds the last few years. I am now having panic attacks that we are going to owe. Like too scared to do it. We don't have savings. I was out of work hospitalized for a year, and we are counting on this refund to help pay down some debt

I doubt you’ll owe.

We make about 105 with one kid -- have always gotten a refund around 3000. Didn't change anything and refund is 2500 this year. Hopefully you will have a similar outcome and not owe.

[Anonymous]

This is a really useful thread. Thank you OP for starting it. We owe IRS 3x what we owed last year. ($1,000 vs. $333). I got a promotion in 2018, so we may have changed brackets.

This thread prompted me to revisit our W-4s and retirement contributions. I had forgotten that (a few years back) we lowered our retirement contributions and changed our W-4s to have extra money withheld for nanny payroll taxes. We no longer have a nanny and still have that extra money withheld. I plan on running our numbers through some calculators to see how we can get the same net pay while increasing our retirement contributions and ensuring we have enough taxes withheld.

My payroll department recommended the online calculator at paycheckcity.com to work out changes to W-4's and retirement contributions. There's also the withholding calculator at https://apps.irs.gov/app/withholdingcalculator/

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

This is us. We paid $8k more this year and our effective tax rate increased.

$200k is wealthy, top 4% nationwide.

If you are not ready to pay $8k more (and that's because of DC tax BS), you are going to love it when you have to pay $30-40k more to fund all those lovely "progressive" ideas like free college and free healthcare and free Green jobs whatever that is

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

This is us. We paid $8k more this year and our effective tax rate increased.

$200k is wealthy, top 4% nationwide.

If you are not ready to pay $8k more (and that's because of DC tax BS), you are going to love it when you have to pay $30-40k more to fund all those lovely "progressive" ideas like free college and free healthcare and free Green jobs whatever that is

I would feel better if my tax dollars were paying for lovely progressive ideas, rather than subsidizing the ultrarich who got a huge tax cut.
https://www.cbsnews.com/news/trump-mar-a-lago-christmas-trip/

President Trump kicked off his holiday weekend at Mar-a-Lago Friday night at a dinner where he told friends, "You all just got a lot richer," referencing the sweeping tax overhaul he signed into law hours earlier. Mr. Trump directed those comments to friends dining nearby at the exclusive club -- including to two friends at a table near the president's who described the remark to CBS News -- as he began his final days of his first year in office in what has become known as the "Winter White House."

The president has spent many weekends of his presidency so far at the "Winter White House," where initiation fees cost $200,000, annual dues cost $14,000, and some of the most affluent members of society have the opportunity to interact with the president in a setting while many Americans cannot. This weekend, the president arrived after signing the most consequential legislation, and arguably, the greatest achievement, of his presidency thus far.

[Anonymous]

I did our taxes last night. Our taxable income increase significantly from 2017 because of the loss of deductions but actual taxes owed is $1000 less. Mainly bc some of our income is from rental properties so we benefit from the 199A deduction and the increased child tax credit. We also over withhold bc I’m paranoid so we getting a sizable refund.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We make around 110 combined, with 2 kids. I didn't change anything, and we've gotten 8-9 k refunds the last few years. I am now having panic attacks that we are going to owe. Like too scared to do it. We don't have savings. I was out of work hospitalized for a year, and we are counting on this refund to help pay down some debt

I doubt you’ll owe.

We make about 105 with one kid -- have always gotten a refund around 3000. Didn't change anything and refund is 2500 this year. Hopefully you will have a similar outcome and not owe.

Yeah $110k here and my refund decreased but I did not wind up owing, which I was very happy about because I was frightened I might.