I got a $6 federal refund. I was pretty damn happy with that.
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I got a $6 federal refund. I was pretty damn happy with that.
We got less back, but I fully expected too. Almost everyone paid less into taxes over the year, so by paying less in you get less back. I had a pretty big increase and specifically more on 10-99s. I also feel like there were several warnings put out since the tax law changes about this.
All of my income was non- taxable, dropping us down a tax bracket, that coupled with the baby and having a mortgage to write off, we came out slightly better than the previous year.
Had the same thing!Quote:
Originally Posted by Wake27
I make more than I ever have and my taxes were the lowest I’ve ever had in my life.
Quote:
Originally Posted by Wake27
I owe a little bit this year due to a non-taxed lawsuit settlement- otherwise I would’ve broken even. The biggest change for me is the current and future lack of charitable donations
I owe every year, but I did have a lower overall tax bill so I was pleased at the end result. Paid in less throughout the year and I'll be sending a smaller check than anticipated in April.
Most people had less withheld all year.
It was actually meant to be a tax break.
I was stuck for about ten percent less on the same income compared to the old system.
I was worried about the new SALT limits.
Between the increased standard deduction and new brackets it made up for it.
A ton of people are complaining their refund was less or they owed money.
Most of these people actually owed less in taxes compared to the old system.
Some people ended up worse off. But not the feds fault. It is because they live in a state that taxes their income and property very disproportionately compared to other states for their level of income and property values.
Basically, it was meant to be a tax break. But some states tax so much there was a hole for some that did not make enough to be better off under the new palm.
A local college professor is a regular guest on a morning talk radio show and he claims he paid $6000 more in taxes and his fellow professors had similar expiriences. This is in Alabama, where house prices and taxes are moderate. Of course, he is the liberal voice on a consetvative show.Quote:
Originally Posted by jmoore
For what it is worth, I paid slightly less tax this year.
What happened was the law went into effect but the IRS didn’t have time to get guidance out on what the new with holdings should be. So yeah people got caught flat footed because they never adjusted for the change. It’s all timing related.