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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]And yet...wait for it....if you had more money in your paycheck than you did last year, you could 'check' to make sure your withholding was correct.

That's what I did, sounds like many others here as well.[/quote]

But there was no way to check. I couldn't find a good way to estimate the net effect of all of the tax changes (SALT, changes to AMT levels, marginal tax rates, child care credits, loss of exemptions, etc.) And my calculations turned out to be very wrong because there were things I didn't know about, like if you don't hit the AMT one year then you get a credit back if you hit it the previous year.

Our HHI was $300K in 2018 and our taxes went down -- about $50K. We had to pay about $500, which is pretty close. But I have claimed zero exemptions on my W-4 and overwithold by $100 a paycheck, or $2,600, and didn't stop doing that after the tax cuts went into effect. If I didn't overwithhold, I would have owed $3,000. I am going to continue overwitholding.

Our HHI in 2018 was $285K and our taxes were $55K. So our effective tax rate went from 19% to 16%. However, we got a credit in 2018 of $5,991 for paying AMT in 2017. That credit more than offset all of the other changes -- meaning that our taxes would have gone [b]up [/b]by a thousand dollars if not for that credit.

Also, since we didn't pay AMT in 2018, I assume we won't get that credit in 2019. That means our taxes will be higher in 2019. Maybe I should be overwithholding even more. Grr. [/quote]

All these shell games for a fake tax cut. Sorry Republicans, but you come across as a bunch of scummy scammers.[/quote]

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