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Reply to "Is the new IRS calculator for tax year 2018 (filing in 2019) correct? Why did my taxes go up?"
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[quote=Anonymous]You may have been itemizing a significant amount before that you now can't? We are almost identical to you in HHI and # of kids and I can't figure out what's going to happen. Last year we itemized and it was almost equal to what the new standard deduction is so, in theory, those two things should be a wash. But with the changes they made to the exemptions, we are being taxed on roughly 16k more income. The $4000 in child credits should help with that but at this point, I just don't know. As near as I can figure it will be almost identical in terms of what we owe. I tried filling out the new W4 online but keep doing something wrong and it makes it look like we owe another 10k in taxes which I'm sure isn't right. Mine and DH's paychecks adjusted this mont to give us almost an additional $400 back a month. I am saving all of that and expecting I'll have to pay it back in taxes next year. If I'm wrong, I figure I'll just be pleasantly surprised.[/quote]
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