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 Post subject: tax time
PostPosted: Mon Mar 04, 2019 7:37 pm 
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Joined: Thu May 05, 2005 1:36 pm
Posts: 9901
Location: Bayville NJ
got my taxes done, while i don't owe federal im only getting 1/3 of what i usually get back. The state owes me $1 but they won't send it :evil:

had some capitol gains which im sure wasn't that much but the amount turned out to be exactly what i got extra in my check after the new tax law went into effect.

If you didn't adjust your W2 last year and normally come out even or don't get much back you may want to take a look at your taxes before April 15.

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 Post subject: Re: tax time
PostPosted: Mon Mar 04, 2019 9:36 pm 
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Joined: Sun Nov 24, 2002 6:48 pm
Posts: 23909
Location: Templetucky, Georgia, USA
I filed Feb 2nd got my federal refund in the bank the morning of Feb 8th. Tax rate up, yet refund down 38%. Put the screws to the little people... Claimed zero zero on withholding as always. Had not heard about a change in the withholding tables. How about next year have the tax rate go down for the little people and go up for the wealthy? Still waiting on the $148.00 refund from Georgia(all I paid in). My Georgia taxable income for 2018 was NEGATIVE $12k..... They should pay ME money!! My federal refund should just about cover the new crown my dentist is putting in Wednesday. No dental/optical/hearing coverage with Medicare Advantage....

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 Post subject: Re: tax time
PostPosted: Mon Mar 04, 2019 11:04 pm 
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Joined: Sun Dec 06, 2009 7:17 pm
Posts: 2754
Location: NW Nevada
As I mentioned earlier.... I don't even have to file this year!

http://aruba-bb.com/viewtopic.php?f=4&t=115680

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 Post subject: Re: tax time
PostPosted: Tue Mar 05, 2019 2:33 pm 
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Joined: Sun Nov 24, 2002 6:48 pm
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Location: Templetucky, Georgia, USA
I wish my tax rate had dropped like those "at the top..."

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 Post subject: Re: tax time
PostPosted: Tue Mar 05, 2019 6:00 pm 
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Joined: Sun Jan 08, 2017 12:47 am
Posts: 684
Location: CT Shore
We always get a refund so I did our federal taxes the first week of Feb and our refunds were direct deposited on 2.14. We paid less taxes with the new withholding tables. We're also both getting a few dollars more a week in our checks.

I'll do our CT state returns once we return home from vacation. If we return. :wink:

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 Post subject: Re: tax time
PostPosted: Tue Mar 05, 2019 6:28 pm 
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Joined: Sun Apr 13, 2003 6:37 pm
Posts: 29002
Location: Upstate NY
We got a return this year too, first since I started collecting social security~

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 Post subject: Re: tax time
PostPosted: Tue Mar 05, 2019 9:39 pm 
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Joined: Sat Nov 30, 2002 4:47 pm
Posts: 6015
Location: Ormond Beach, FL
I was able to look back 7 years...and we're getting a bigger refund than any of those years (we paid more in 2 of those years).
I don't think I screwed up, but we'll see. I was notified the return was accepted on Sunday, the 3rd.

We had a little more tax withheld than 2017 and our taxable income was up about 1%.
I expected to break even, but no. Why the bigger refund?

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 Post subject: Re: tax time
PostPosted: Wed Mar 06, 2019 8:01 am 
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Joined: Mon May 28, 2007 7:13 pm
Posts: 27503
Location: Long Island
I'm not meeting with my tax man until we get back. I'm definitely paying. I've been converting chunks of my traditional IRA to a Roth the last few years. It's taxable when converting but tax free going forward. NYS kills you with their taxes.

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 Post subject: Re: tax time
PostPosted: Wed Mar 06, 2019 10:20 am 
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Joined: Thu May 13, 2010 11:11 am
Posts: 4586
Location: Upstate New York
Tom & I also got a refund from the Feds....but a refund from NY state was a surprise!
We haven't had a refund from state in at least ten years.
I guess being old and living on a pension has it's advantages. :wink: :wink: :lol:

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 Post subject: Re: tax time
PostPosted: Wed Mar 06, 2019 10:31 am 
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Joined: Mon Nov 25, 2002 10:43 am
Posts: 11724
Location: Minneapolis, MN
The new tax law that went into effect at the beginning of last year gave us a decent net increase in our paychecks so I wasn't expecting much back this year since I was already getting it via paychecks throughout the year.

We had capital gains on investments so that added to the mix, too.

All in all, a little bit back from Fed but had to pay into State (which is pretty usual for us) so we came out about even which is the way it should be. Shouldn't be using the Gov't as your "savings account" - better to use your money now and not let it sit in the Govt's hands all year long not making any money for you.

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 Post subject: Re: tax time
PostPosted: Wed Mar 06, 2019 11:22 am 
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Joined: Sun Oct 17, 2004 10:02 pm
Posts: 2476
Our 2017 AGI and 2018 AGI were almost exactly the same. We have a very modest income since losing my job of 30 years back in 2016. Our tax liability was 1200.00 less for 2018.

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 Post subject: Re: tax time
PostPosted: Wed Mar 06, 2019 2:54 pm 
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Joined: Wed Mar 12, 2003 10:16 am
Posts: 14891
Location: Georgia
I have no clue what our situation will be come tax time. I know we're still waiting on some investment stuff, so I haven't even started to compile it. I'm pretty sure both of us had set amounts taken out of our paychecks for years, as opposed to scales/% or whatever, so our checks didn't change last year. I'm thinking that will help us, but not sure. Last year was the first Federal refund we'd seen in over 10 years. We typically get a tiny bit back from State. Next year will be hysterical and quite sad, as I will basically show no income. Mike will show about 2 months (severance ended in Feb), but then we'll both have LLCs that transfer in some way. Even so, my business may show a loss this year since I have so many set-up expenses with very little business.

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 Post subject: Re: tax time
PostPosted: Wed Mar 06, 2019 7:28 pm 
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Joined: Wed Mar 30, 2005 8:07 pm
Posts: 18592
Location: Connecticut
Hopefully get enough back for a another trip to the island :) I have more taken out during the year because frankly, we don't need it, and look forward to the return.


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 Post subject: Re: tax time
PostPosted: Wed Mar 06, 2019 8:11 pm 
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Joined: Fri Feb 28, 2003 1:20 pm
Posts: 30868
Location: MA
From the looks of it, we are paying again this year.
past two years we've paid... :roll:


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 Post subject: Re: tax time
PostPosted: Wed Mar 06, 2019 10:04 pm 
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Joined: Sat Nov 30, 2002 4:47 pm
Posts: 6015
Location: Ormond Beach, FL
I'm not sure if it is true, but I suspect it is.
The 'red' states will make out better than the 'blue' states.
Florida was sort of 'purple', but now trending 'pink', so we will see, but still not knowing why I'm seeing a substantial refund.
And, of course, no state tax in Florida...so people continue to come in. Maybe 21 million of us by 2020.

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Last edited by JohnT on Thu Mar 07, 2019 5:16 pm, edited 1 time in total.

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