It's Tax Time. How Did You Do?

I just completed my federal income tax return for 2018.

My wife's and my combined income rose by about $5000 in 2018 over 2017. Because of that increase and because of the changes in the tax laws, our taxable income rose by $7723. In spite of those increases in income and taxable income, our federal tax was $1430 under what it was in 2017.

How are you doing with your federal income taxes? If you have done your taxes for 2018, tell us how it turned out for you.

 

I'm getting much more back this year than I got back last year, but my wife was unemployed for half the year and I was putting a lot more into my 401k and my tuition was tax deductible, plus I had my employer withhold more. Not really much for me to make of it right now.

 

Just got my last w2 in the mail today. Will update.

 

You didn't give me a box to check. I didn't pay any income tax.

 

Didn't think of that. You didn't pay any income tax for 2017 or 2018?

 

I haven't paid income tax since 2005.

 

My federal was much higher under Clinton and Bush than it was under Obama and Trump. Obama = Trump for me.

 

I'm being screwed. I normally itemize, but since Trump abolished almost all the deductions I would normally take, I am forced to use the standard deduction to even get any money back at all.

I would normally get almost $9,000 back. Now, I'm getting about $2000. I am losing $7000 this year because of Trump.

 

Oh you are doing quite well for yourself I am the low income individual politicians seem to care so much about. But since Min. Wage has gone up in my state my State Tax has gone up a little. My federal has gone down considerably the past 10 years or so

 

The new tax law also caused me to take the standard deduction ($24k because I'm married, filing jointly) after decades of itemizing. What's important is not how much you're getting back, but what your actual tax is compared to last year, assuming your income is close to the same. (A big change in your income from 2017 to 2018 could have an effect.) But if your income was close to the same, and you're paying a higher actual tax than last year, then you must have had some really big deductions you had been itemizing.

The $26,700 I itemized (including the Personal Exemptions) in 2017 would have been about the same in 2018 if the laws hadn't changed. But under the new laws, I couldn't itemize and get above $24k anymore, so I had to take the Standard Deduction of $24k. This means my taxable income is higher than last year, plus there was an increase in income earned, so that made my taxable income even higher, a total of $7723. And yet, the tax rates are lower now, and that's why I ended up paying less tax. Those lower tax rates made up for the higher taxable income and then some.

So I'm thinking that if you paid more actual tax, you must have had some really large deductions you could no longer use this year, much larger than what I had.

Seth

 

Same as always. But then Uncle Sam won't even take my return. Says there are too many zeros.

 

Still waiting for my tax statements from taxable investments. Vanguard, unfortunately, has the tendency not to send them until the mid of February. I'll chime in when I know.

 

I got an extra 700.00 because I didn't have to pay the Obamacare fine this year.

Huge gain for me.

 

So, you openly admit that you will be a moocher off the tax payers, if you have to go to the hospital? Because that's what you are if you risk sticking the taxpayer with your medical bills by not having coverage.

 

It's mooching whether you give me free insurance or pay for me at the emergency room.

At least this way I'm not spending any money yet.

 

If the democrats can get enough power, they will fix that problem for you.

 

The $700 penalty you paid under Obama would have covered for at least some of your possible future expenses.

It is good to see, however, that you have no qualms about sticking your ER rooms bills to the tax payer. Therefore, you lose any credibility lecturing others on personal responsibility, or accusing others of wanting a part of your hard-earned dollars.

 

What ER rooms?

I've never been to the ER.

Besides, my state has insurance to cover that if it ever happens that I do pay state taxes for.

It's called ACCESS.

lol

Take your liberal lies to someone less educated who will believe you.

 

My Tax burden will be roughly 7000 dollars more this year than last year thanks to Trumps ludicrous tax plan.

 

People who end up in the ER never thought it could happen to them, until it does. That's the arrogance of youth.

 

Sounds like some sort of socialism.

 

So your on Medicad!......So you never had to pay the fine.......Talk about pot calling kettle black...

Your on freaken Medicad dude..................leach!

 

You're.

What's so hard about spelling monosyllabic words and contractions?

 

I see you have carefully thought that through....

 

Please explain. If she had to pay the penalty the years prior, she doesn't have health insurance. That means that she will not be covered when going to the ER, but the bill will be presented to the ones who actually have insurance.