I'm curious about this tax break that they speak of....

[Horse with no Name]

I have no extra money in my paycheck and I just did my taxes.

Last year I got $900 back....this year I owe $3000.

The only difference is that I received a promotion and a raise. And I get to pay it back in taxes.


So this is what they are hanging their hats on? I know I can't be the only one in this situation.

[wishstar]

1. The tax break only affects income in 2018, not 2017 so it won't kick in fully for a year

People will not receive any increased refunds for 2017, only less taxes being withheld beginning this year. One problem with the new tax law is that some people will possibly end up owing more next year at tax time if they have been benefiting from some of the tax credits and deductions that have been discontinued. Otherwise, if people got a small paycheck increase because of tax cut, they will not get a bigger refund next year and actually may end up owing more unless they change their withholdings to have more taxes withheld throughout this year.

[Horse with no Name]

2. Thank you for this explanation

I was really perplexed why I owe so much this year....it's a big bummer.
Maybe if my raise had been a little less...lol

[Gothmog]

4. My son looked at the withholding and calculated that if he used the trump table, the would owe

The IRS/trump tables are off. My son would have owed a decent amount if he relied on these tables

[Gothmog]

3. Did your taxes on your private plane not go down?

[Lochloosa]

6. He didn't claim his yacht. Common mistake.

[Freddie]

5. If your paycheck has not changed

It’s possible your payroll dept has not input the new tables yet. Watch for it. I set mine back to take the same $$ it was before the new tables.

[smirkymonkey]

7. No, my tax return went down this year as well and nothing else has changed.

I claim 0 on my W4 so I usually get a decent refund, but this year it's less than it usually is. Not by a lot, but noticeably.