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

[Anonymous]

I got the biggest refund back yet. Thanks Trump!

[Anonymous]

Anonymous wrote:I got the biggest refund back yet. Thanks Trump!

How much did you save?

[Anonymous]

Anonymous wrote:i just did ours. We owe 9K. I have no idea how we owe so much. We make around 330K gross, all but about 6k from wages, both of us take out 24,500 for 401K; we have one kid and some investments that showed long term cap gains this year. We sold a little to pay for the last of our renovations (most was paid for by HELOC) We each claim 0 on our w-4s.

We always owed, but never this much. The GOP screwed us again.

You haven't been paying attention to this thread have you? At your HHI, you are unlikely to have been screwed. You can't determine whether you lost in the tax cuts based on how much you owe. You may have been screwed by the withholding tables there. But to find out how you really did in the tax cuts, you need to compare total taxes paid for 2017 and total taxes paid for 2018. You probably paid less in taxes total for 2018 than 2017. Most likely, a lot less was withheld (so you had much bigger paychecks) and so you prepaid less in taxes. This is actually good. This means that you were able to earn more interest in your other accounts on your money rather than giving the US government an interest-free loan over the last 12 months.

The withholding tables were changed, so just claiming 0 on your W-4's may not be enough. Based on this result, between you and your spouse, you need to take out about $800 per month more than last year. So using line 6 on the W-4, adjust for $800/month (or $400 per pay period if you have bi-weekly pay periods). You can either do it all from one paycheck or you each adjust $400/month or $200/PP. Then you will not owe next year.

[Anonymous]

Anonymous wrote:I got the biggest refund back yet. Thanks Trump!

me too!! getting back 30k this year vs the usual 1-3k previous years

[Anonymous]

Anonymous wrote:

Anonymous wrote:I got the biggest refund back yet. Thanks Trump!

me too!! getting back 30k this year vs the usual 1-3k previous years

Did you just buy a house?

We bought a house in Nov 2017, so we will be getting a massive refund for the mortgage interest deduction. We basically paid $35K interest last year.

[Anonymous]

We withhold the maximum fed possible. Last year our refund was 10K, now it is 4K. Can't increase withholding any more, not even an option. I am not sure that "we had more money during the year."

[Anonymous]

Anonymous wrote:We withhold the maximum fed possible. Last year our refund was 10K, now it is 4K. Can't increase withholding any more, not even an option. I am not sure that "we had more money during the year."

Why would you want to increase your withholding even further when you got 10k back last year and 4k this year?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I got the biggest refund back yet. Thanks Trump!

me too!! getting back 30k this year vs the usual 1-3k previous years

what's your effective tax rate for last year and this year?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We withhold the maximum fed possible. Last year our refund was 10K, now it is 4K. Can't increase withholding any more, not even an option. I am not sure that "we had more money during the year."

Why would you want to increase your withholding even further when you got 10k back last year and 4k this year?

Because due to some rules(fed rules, I think) this is the first year I owed MD taxes, never happened before.

[Anonymous]

Anonymous wrote:

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.

HAHAHA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We withhold the maximum fed possible. Last year our refund was 10K, now it is 4K. Can't increase withholding any more, not even an option. I am not sure that "we had more money during the year."

Why would you want to increase your withholding even further when you got 10k back last year and 4k this year?

Because due to some rules(fed rules, I think) this is the first year I owed MD taxes, never happened before.

you can choose to have a specific dollar amount withheld above the withholding rate (i.e. $50 each payperiod in addition to the withholding). You can also just pay estimated taxes throughout the year by sending a check to the Dept. of Taxation for your state.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We withhold the maximum fed possible. Last year our refund was 10K, now it is 4K. Can't increase withholding any more, not even an option. I am not sure that "we had more money during the year."

Why would you want to increase your withholding even further when you got 10k back last year and 4k this year?

Because due to some rules(fed rules, I think) this is the first year I owed MD taxes, never happened before.

you can choose to have a specific dollar amount withheld above the withholding rate (i.e. $50 each payperiod in addition to the withholding). You can also just pay estimated taxes throughout the year by sending a check to the Dept. of Taxation for your state.

Sure, I can, never needed to do it before Trump. Benefit for the rich and maybe tiny for the poor, middle class getting ripped off as usual. I hope all those who voted for him are getting a reality check and having less of a return or have to pay taxes. No doubt they will blame it on Democrats, stupid one and all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

HAHAHA.

So economy is so awesome why did Trump add almost 3 trillion to national debt in 2 YEARS?????