Anonymous
04/15/2019 09:46
Subject: AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
Wow, I felt ok about only having to pay a few hundred more on our same 170k income but now I am disgruntled as hell! Comparison truly is the thief of joy.
Anonymous
04/15/2019 09:46
Subject: Re:AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
Thanks for the helpful analysis, OP! Based on your post, I went over our returns. My situation and results were similar. I used turbotax.
Anonymous
04/15/2019 09:43
Subject: AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
Anonymous wrote:Sorry but what is the point of this post? It is widely known that higher incomes saw more of a tax cut.
It’s good to get a point of reference from various income brackets even if their situation isn’t exactly yours. While it was known that higher incomes saw more of a tax cut, this is a real example of it affecting a family.
Anonymous
04/15/2019 09:37
Subject: AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
For those of us who earn less and ended up paying more this year, I think it’s useful to hear the reality of what the tax changes did.
Anonymous
04/15/2019 09:20
Subject: Re:AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
That’s weird because we make double what you do but it was a wash for us. AMT went away but loss of SALT was a killer.
We live in NY which I think is comparable to MD for taxes.
We live in NY which I think is comparable to MD for taxes.
Anonymous
04/15/2019 09:19
Subject: AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
Anonymous wrote:Surprisingly, even though we live in a high-tax area (Bethesda, Maryland), and even though we had the same adjusted gross income (AGI) in 2018 as in 2017, we paid $20,000 less in taxes in 2018 due to Tax Reform. We paid $93,000 in taxes in 2017 and $73,000 in taxes in 2018.
Our CPA said that people with higher incomes benefitted much more from Tax Reform. He said that, unfortunately, a family with 2 kids and an HHI of $100,000 might even pay more under Tax Reform.
Some of the benefits for us in 2018 from Tax Reform were --
Reform of the Alternative Minimum Tax. That saved us $10,000.
Reform of the child-tax credit (to increase the income ceilings). That saved us $6000 because we have 3 children (ages 10-15).
So the SALT loss was OK for us because we gained in other areas.
Same here! It was great.
Anonymous
04/15/2019 09:18
Subject: AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
Anonymous wrote:Anonymous wrote:It's like you have your own little time zone, OP, and are "reporting" news items that the rest of us became aware of 6 months ago. It's cute.
Hey, you should go place a bet on that feline guy to win the Masters!
It’s relevant to me as we are similar & I plan to do our taxes today.
It's not at all "relevant." OP's taxes have exactly zero to do with yours.
Anonymous
04/15/2019 09:15
Subject: AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
Anonymous wrote:It's like you have your own little time zone, OP, and are "reporting" news items that the rest of us became aware of 6 months ago. It's cute.
Hey, you should go place a bet on that feline guy to win the Masters!
It’s relevant to me as we are similar & I plan to do our taxes today.
Anonymous
04/15/2019 09:14
Subject: AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
More rich people not paying fair share.
Anonymous
04/15/2019 09:13
Subject: AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
We are 1%ers (at the very lowest end of that threshhold) and saw a 5% decrease in effective rate. But that isn't good for the country.
Anonymous
04/15/2019 09:12
Subject: AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
It's like you have your own little time zone, OP, and are "reporting" news items that the rest of us became aware of 6 months ago. It's cute.
Hey, you should go place a bet on that feline guy to win the Masters!
Hey, you should go place a bet on that feline guy to win the Masters!
Anonymous
04/15/2019 09:10
Subject: AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
Is your tax amount just federal or fed and state combined?
Anonymous
04/15/2019 09:09
Subject: Re:AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
I'm just surprised to be owing so much less, considering all I had read about SALT and the inaccurate withholding tables.
Anonymous
04/15/2019 09:07
Subject: AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
Sorry but what is the point of this post? It is widely known that higher incomes saw more of a tax cut.
Anonymous
04/15/2019 09:03
Subject: AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017
Surprisingly, even though we live in a high-tax area (Bethesda, Maryland), and even though we had the same adjusted gross income (AGI) in 2018 as in 2017, we paid $20,000 less in taxes in 2018 due to Tax Reform. We paid $93,000 in taxes in 2017 and $73,000 in taxes in 2018.
Our CPA said that people with higher incomes benefitted much more from Tax Reform. He said that, unfortunately, a family with 2 kids and an HHI of $100,000 might even pay more under Tax Reform.
Some of the benefits for us in 2018 from Tax Reform were --
Reform of the Alternative Minimum Tax. That saved us $10,000.
Reform of the child-tax credit (to increase the income ceilings). That saved us $6000 because we have 3 children (ages 10-15).
So the SALT loss was OK for us because we gained in other areas.
Our CPA said that people with higher incomes benefitted much more from Tax Reform. He said that, unfortunately, a family with 2 kids and an HHI of $100,000 might even pay more under Tax Reform.
Some of the benefits for us in 2018 from Tax Reform were --
Reform of the Alternative Minimum Tax. That saved us $10,000.
Reform of the child-tax credit (to increase the income ceilings). That saved us $6000 because we have 3 children (ages 10-15).
So the SALT loss was OK for us because we gained in other areas.