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

[Anonymous]

I'm personally suprised by the people who say they are owing even with 0 withholdings. Did you all change to 0 half-way through the year? Are you sure you were actually at 0?

[Anonymous]

Anonymous wrote:We used a calculator to adjust withholdings based on the new tax law. This helped with federal taxes. We were already withholding an additional $100/pp/pay period but we added more based on the calculator. It worked for federal. We are getting a small refund of under $300. But we owe money for Maryland state taxes. Not sure how to adjust that withholding.

We did the same thing. I'm always suprised that people pay 10s of thousands, often hundreds of thousands in taxes and do not take any ownership for understanding their withholding. Even the payroll company can screw up. Do people also not thoroughly read and understand their mortgages when they buy a home as well?

Based on the new tax law, we with held an extra $600 in fed and $200 for state each month. With this, we are BARELY scraping by with being even. All of this is done through our employer.

[Anonymous]

A vote for republicans is a vote for taking money out of the pockets of the middle class and giving it to millionaires/billionaires

[Anonymous]

Anonymous wrote:I'm personally suprised by the people who say they are owing even with 0 withholdings. Did you all change to 0 half-way through the year? Are you sure you were actually at 0?

We always do 0 and withhold at higher single rate even though married. First gear where our withholdings on w2 income do not cover liability associated with this income. This was a deliberate move by our govt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm personally suprised by the people who say they are owing even with 0 withholdings. Did you all change to 0 half-way through the year? Are you sure you were actually at 0?

We always do 0 and withhold at higher single rate even though married. First gear where our withholdings on w2 income do not cover liability associated with this income. This was a deliberate move by our govt.

And I knew this and did nothing about it because we are within the safe harbor, but we shouldn’t be blaming the little guy for messing this up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm personally suprised by the people who say they are owing even with 0 withholdings. Did you all change to 0 half-way through the year? Are you sure you were actually at 0?

We always do 0 and withhold at higher single rate even though married. First gear where our withholdings on w2 income do not cover liability associated with this income. This was a deliberate move by our govt.

And I knew this and did nothing about it because we are within the safe harbor, but we shouldn’t be blaming the little guy for messing this up.

Could not agree more. I'm crossing my fingers that my part-time nanny won't end up owing ... I tried to get her to redo her W-4, but she didn't. I should have insisted! Most "normal" people reasonably expect their taxes to be predictable.

[Anonymous]

Anonymous wrote:A vote for republicans is a vote for taking money out of the pockets of the middle class and giving it to millionaires/billionaires

No, that was Obamacare, stealing people from the middle class to make pharma and insurers dirty rich.

Tax reform has given us the healthiest economy and labor market in decades.

[Anonymous]

Anonymous wrote:I'm personally suprised by the people who say they are owing even with 0 withholdings. Did you all change to 0 half-way through the year? Are you sure you were actually at 0?

it's the withholding tables that were the problem that payroll based deduction off of. clearly you do not understand how taxes work. Additionally if you have 2 earners and they is a vast discrepancy in earnings, then the tax tables for withholding will be different, but at filing will cause you to owe.

The ignorance on this board sometimes makes me want to smash my head on my computer and then weep for our nation.

[Anonymous]

I feel stupid. How are you calculating this change? I paid more this year than last year, but income increased too--so of course I paid more. Are you just calculating the overall percent of taxes paid to income?

Our refund is half what it usually is (I like the forced savings, so it is usually $5-6k and pays for our vacations for the year), but this year it is only $3k.

[Anonymous]

Oh well, you owe the same amount anyway, so what’s the big deal? Yes, we also got hit with a big end of the year tax bill, but our overall taxes went way down, so I really see no reason to complain. The difference is we didn’t give the government a no interest loan for once, instead they gave us one!

[Anonymous]

Anonymous wrote:Oh well, you owe the same amount anyway, so what’s the big deal? Yes, we also got hit with a big end of the year tax bill, but our overall taxes went way down, so I really see no reason to complain. The difference is we didn’t give the government a no interest loan for once, instead they gave us one!

You are not a drama queen.

OP is.

[Anonymous]

Anonymous wrote:Oh well, you owe the same amount anyway, so what’s the big deal? Yes, we also got hit with a big end of the year tax bill, but our overall taxes went way down, so I really see no reason to complain. The difference is we didn’t give the government a no interest loan for once, instead they gave us one!

1. You could owe a penalty
2. Not everyone has the cash to pay a tax bill

[Anonymous]

Anonymous wrote:

Anonymous wrote:Oh well, you owe the same amount anyway, so what’s the big deal? Yes, we also got hit with a big end of the year tax bill, but our overall taxes went way down, so I really see no reason to complain. The difference is we didn’t give the government a no interest loan for once, instead they gave us one!

1. You could owe a penalty
2. Not everyone has the cash to pay a tax bill

Unlikely there would be any penalty if you stuck with the new tax tables, even if they are off. Regarding not having the cash to pay the tax bill, yes that is a problem, but it was a good idea to keep some cash on hand this year to see how things would pan out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Oh well, you owe the same amount anyway, so what’s the big deal? Yes, we also got hit with a big end of the year tax bill, but our overall taxes went way down, so I really see no reason to complain. The difference is we didn’t give the government a no interest loan for once, instead they gave us one!

1. You could owe a penalty
2. Not everyone has the cash to pay a tax bill

Unlikely there would be any penalty if you stuck with the new tax tables, even if they are off. Regarding not having the cash to pay the tax bill, yes that is a problem, but it was a good idea to keep some cash on hand this year to see how things would pan out.

You will have a penalty if you are not within the safe harbor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm personally suprised by the people who say they are owing even with 0 withholdings. Did you all change to 0 half-way through the year? Are you sure you were actually at 0?

We always do 0 and withhold at higher single rate even though married. First gear where our withholdings on w2 income do not cover liability associated with this income. This was a deliberate move by our govt.

Same. PLUS we had a 2018 baby! I thought for sure I'd get more money back having two kids...