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FreeJoe

(1,039 posts)
74. I'm an exception
Sat Feb 9, 2019, 02:10 PM
Feb 2019

My return went from $4K to $7K. We have two kids but were never able to take the child tax credit. This year, we got a $2,000 credit for one and a $500 credit for the other. We paid off our house years ago and haven't been able to itemize for a long time, so the increased standard deduction also helped. Finally, the changes to the AMT helped us get a refund on last year's AMT.

Next year, we lose the $2,000 on our youngest child. We won't get the AMT refund bump again. Overall, I think we'll be roughly back to where we started, but we are getting less taken out, so I think we'll still be ahead on net.

Somehow I knew Fascist America Liberal In Texas Feb 2019 #1
It's gonna be tough, and I have no doubt my Republican... TreasonousBastard Feb 2019 #2
I'm so sorry, ALBliberal! Cha Feb 2019 #3
I think the biggie is mercuryblues Feb 2019 #17
Thanks for the explanation, mercuryblues! Cha Feb 2019 #18
We filed an extension for ours. mercuryblues Feb 2019 #21
Don't you have to pay your estimated tax anyway when you file an extension? I had to do that in the BamaRefugee Feb 2019 #94
Filing Tax Extension + Impact on Higher Income Individual Indykatie Feb 2019 #114
yes mercuryblues Feb 2019 #132
I file for an extension every year because I'm a freelancer and the timing for funding my IRA Neema Feb 2019 #113
And now we know why So many 'pubs left the House. Norbert Feb 2019 #110
Put simply, watoos Feb 2019 #32
Yes mercuryblues Feb 2019 #39
Yes, a loan w/ a high interest rate. You are pretty well paying for it totally. This points out... SWBTATTReg Feb 2019 #41
I get a pension, watoos Feb 2019 #44
Can they legally do that? BigmanPigman Feb 2019 #105
So, lower withholding lower refund. pangaia Feb 2019 #115
The problem is that for many people, janx Feb 2019 #122
yeah, the whole thing was and is so freakin' obvious to anyone with a functioning brain.. pangaia Feb 2019 #124
I'm good at math and I could see it coming from the beginning. airplaneman Feb 2019 #136
Now I'm really getting scared! StarryNite Feb 2019 #4
Me, too. peacefrogman Feb 2019 #5
In a nutshell I believe homeowners with ALBliberal Feb 2019 #12
I think the republicans wanted to screw America's charities with their tax bill Achilleaze Feb 2019 #16
Charitable contributions are still deductible spinbaby Feb 2019 #23
Nice (for rich republicans) Achilleaze Feb 2019 #25
yep and they raised the amount thats deductible too D_Master81 Feb 2019 #75
The same holds true for mortgage interest. janx Feb 2019 #85
Our nonprofit is hurt because we rely on many small donations Liberty Belle Feb 2019 #117
Yup Freddie Feb 2019 #35
I think they view the non-profit sector as a threat DBoon Feb 2019 #59
That's an excellent point which I hadn't considered. You would think real churches erronis Feb 2019 #87
I worry about charities too TuxedoKat Feb 2019 #22
That is not necessarily true. The elimination of the Personal exemptions, especially for those who still_one Feb 2019 #33
I don't see how states can override federal taxes. watoos Feb 2019 #45
California is over-riding it, they just aren't conforming to federal rules. States can confirm or still_one Feb 2019 #54
The poster is talking about STATE itemization, not federal itemization. Ms. Toad Feb 2019 #120
I didn't know about the HELOC change jmowreader Feb 2019 #62
They can only deduct the interest if it is used for home improvement of principle residence, not for still_one Feb 2019 #66
That will have some negative effect Mr.Bill Feb 2019 #100
For those who used to itemize it sure will because a good number of folks financed their cars still_one Feb 2019 #102
This: shanti Feb 2019 #81
For those over 65 and single it is 13600. For Married filing jointly over 65 it is 26600. still_one Feb 2019 #101
Nope. In the ne homeowners have a $10k cap on deductions. lindysalsagal Feb 2019 #42
First scenario is probably true DeminPennswoods Feb 2019 #58
Have to disagree with your first sentence. It depends spooky3 Feb 2019 #78
Tax question for you Doremus Feb 2019 #82
Sec 199A Deduction for Qualified Business Income arthurgoodwin Feb 2019 #103
Postscript arthurgoodwin Feb 2019 #104
Harumph. Doremus Feb 2019 #108
Coast enid602 Feb 2019 #97
The tax scam will destroy a lot of bank accounts this year dalton99a Feb 2019 #6
I'm really sorry for your sake. PatrickforO Feb 2019 #7
Our family is in the same position as you. Our deductions evaporated. SunSeeker Feb 2019 #8
I recall even before the law was passed.... KY_EnviroGuy Feb 2019 #9
GEE, and the moron's tax cuts is STILL NOT BEING PAID for. pansypoo53219 Feb 2019 #10
+1000. We'll pay for it, and children/grandchildren. erronis Feb 2019 #89
It's those with over-16 dependents that are really being hurt nitpicker Feb 2019 #11
Thanks. That is yet another hit on higher education. Hortensis Feb 2019 #14
wait, other-dependent is non-refundable? Recursion Feb 2019 #50
Oh, my. I'm sorry. And scared to see ours. Hortensis Feb 2019 #13
republicans lied to, and then screwed Americans to enrich rich republicans Achilleaze Feb 2019 #15
Perfect. It might be safer to let the boat go down and see who survives.... erronis Feb 2019 #92
What is the change in the total tax burden? Adrahil Feb 2019 #19
The old withholding was based on nr personal exemptions DeminPennswoods Feb 2019 #60
I went from a typical $3000 refund lanlady Feb 2019 #20
"taxcut" is an increase for many bluestate middleclass wage earners as beachbum bob Feb 2019 #24
That and the elimination of the personal exemption is going to bite a good number in that category. still_one Feb 2019 #36
I think I will be in a similar boat. A couple of thousand smaller swing, but I Squinch Feb 2019 #26
Is anyone else seeing that commercial on tv selling a book about trump's tax bill mucifer Feb 2019 #27
Ours was Skidmore Feb 2019 #28
Of course it's all Obama's fault! Canoe52 Feb 2019 #29
My benefit of the trump tax cut was Turbineguy Feb 2019 #30
would it be possible for you to explain to your customers that its a result Fresh_Start Feb 2019 #31
My son adjusted his withholding twice last year and still owe Gothmog Feb 2019 #34
K-1s are notorous for being late, and technically in violation of the law for that. You should still_one Feb 2019 #37
I had to pay estimated taxes Gothmog Feb 2019 #52
you are very wise, and those who were not paying attention may be in for an unexpected tax bill this still_one Feb 2019 #56
The withholding tables are absolutely broken and you can't convince me it was an accident Recursion Feb 2019 #47
It was clearly not an accident Gothmog Feb 2019 #51
+1 uponit7771 Feb 2019 #88
Here is a good explanation why many will find not benefit from the new tax law if they used to still_one Feb 2019 #38
Thank you I'll read that. ALBliberal Feb 2019 #63
Sickening! Another reason why I can't stand Republcan/Trumpists. oasis Feb 2019 #40
Haven't done ours yet. Virginia Dept of Tax came out yesterday and told everyone to hold off underpants Feb 2019 #43
Yep. I just wrote a check for two grand. I am not ****ing happy. Recursion Feb 2019 #46
My hope in this JustAnotherGen Feb 2019 #48
For us, it's the Blue State penalty. mainer Feb 2019 #49
I expect mine to go down MichMan Feb 2019 #53
You would be incorrect. Most everyone I know got less back this year. Demsrule86 Feb 2019 #146
We ended up fine Bettie Feb 2019 #55
If you increased your withholding, then you also paid more. progressoid Feb 2019 #70
Yeah, but we don't have to come up Bettie Feb 2019 #72
Yeah, I'm self-employed. progressoid Feb 2019 #73
We need to hit this harder riverwalker Feb 2019 #57
GOP expertly crafted the 2018 mid-term election and the 2019 tax return filing. NCjack Feb 2019 #61
This will hurt people's wallets aikoaiko Feb 2019 #64
I have a question customerserviceguy Feb 2019 #65
Mm-hmm. Iggo Feb 2019 #68
I did just that and paid big for it dhol82 Feb 2019 #95
Things went very different with the new tax law customerserviceguy Feb 2019 #99
Prepaying property taxes would not have helped ALBliberal Feb 2019 #147
If property taxes for 2018 customerserviceguy Feb 2019 #154
That's terrible workinclasszero Feb 2019 #67
Yikes! $7000 more? CaptainTruth Feb 2019 #69
Yachts and aircraft for the rich aren't cheap. ooky Feb 2019 #130
And, don't forget underpayment penalties!!! Coventina Feb 2019 #71
The IRS has said it will waive underpayment penalties... Kensan Feb 2019 #106
I'm an exception FreeJoe Feb 2019 #74
hubby and i managed to get a slighlty larger refund this year.. samnsara Feb 2019 #76
I filed the other day via TurboTax FREE CountAllVotes Feb 2019 #77
How is this happening? Is the actual tax going up? JustABozoOnThisBus Feb 2019 #79
1 K here , what a mess. sarcasmo Feb 2019 #80
Your withholding didn't change? fescuerescue Feb 2019 #83
If you live in NY or CA . You are screwed because you lose that UCmeNdc Feb 2019 #90
It's a chess move. zentrum Feb 2019 #84
We're both retired. We got $1000 back last year, this year we're paying $4000. Admittedly.... George II Feb 2019 #86
How did your soc sec jump so much? dhol82 Feb 2019 #96
I use Turbotax and never really looked at the details before this year.... George II Feb 2019 #98
That's why I happily give my account $135. sarcasmo Feb 2019 #107
This is going to be a big issue Gothmog Feb 2019 #91
Best way to get a subservient populace, put them all in phony "debt" and then companies can oppress rwsanders Feb 2019 #93
This is what they do. Voltaire2 Feb 2019 #109
It's also going to bring about a big economic downturn. Many Ferrets are Cool Feb 2019 #111
Perhaps a TOO obvious question for a CPA, but.. what was the difference in pangaia Feb 2019 #112
I'm not CPA, but janx Feb 2019 #119
I plan on rerunning 2017 with my 2018 information ALBliberal Feb 2019 #148
That was their plan. To hit Democrats, who live mainly in high-tax states. Honeycombe8 Feb 2019 #116
April is a terrible month for most freelancers who have to pay quarterlies. Neema Feb 2019 #118
Was there a change in your actual tax bill? Ms. Toad Feb 2019 #121
Yes Ms Toad Fresh_Start Feb 2019 #126
Thanks - Ms. Toad Feb 2019 #131
I am not an accountant Fresh_Start Feb 2019 #134
Sorry - I didn't look carefully & thought you were the OP responding. n/t Ms. Toad Feb 2019 #141
i live in NJ and, because of the tax bill, I lost 20,000 in deductions from state and property taxes Mars and Minerva Feb 2019 #138
Did NJ make any adjustments to compensate for the Federal changes - Ms. Toad Feb 2019 #140
Nothing to change the ax on those deductions... Mars and Minerva Feb 2019 #144
They won't do anything that decreases state revenue. roamer65 Feb 2019 #155
The idea is to set up Municipal charities so that you can donate to your area.... Mars and Minerva Feb 2019 #157
My refund was hundreds of dollars less than last year. LuvNewcastle Feb 2019 #123
Sadly, it's job security for me. Lefta Dissenter Feb 2019 #125
does anyone remember this guy? voteragain Feb 2019 #127
My favorite part about the IRS: refunds are interest free. But UNDERPAY? You owe them a huge penalty MadDAsHell Feb 2019 #128
I completey disagree. Pobeka Feb 2019 #129
1000+ Scruffy1 Feb 2019 #133
It begs the question. Scruffy1 Feb 2019 #135
I got a big tax cut. roamer65 Feb 2019 #137
Ugh. Not looking forward to this. :( C Moon Feb 2019 #139
Feel same way I always do my taxes marlakay Feb 2019 #142
Flu and taxes? Eeeek! C Moon Feb 2019 #143
You think that's bad, I have bronchitis, taxes and I'm having my kitchen and bathroom... Mars and Minerva Feb 2019 #145
:O C Moon Feb 2019 #150
I know...I'm being a baby but it pisses me off that these taxes are going to a government run by... Mars and Minerva Feb 2019 #151
I hear ya! C Moon Feb 2019 #153
Tax returns for this year and next year keep this up we're going to win 45 states in 2020 TeamPooka Feb 2019 #149
for the first time the Presbyterian Church I occasionally sing at, SleeplessinSoCal Feb 2019 #152
The targeting of blue areas in this tax scam was very pinpoint. roamer65 Feb 2019 #156
CPA -ORANGE PARK AREA jcetnar Apr 2019 #158
You might have better luck posting in the Florida Group here: Rhiannon12866 Apr 2019 #159
Post removed Post removed Jun 2021 #160
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