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View Poll Results: What are you getting/owing the government for 2018?
I owe the government > $5000 1 1.20%
I owe the government > $1000 9 10.84%
I owe the government $101-999 4 4.82%
I nailed my withholding EXACTLY +/- $100 because I am a wizard 5 6.02%
I loaned the government $101-999 13 15.66%
I loaned the government > $1000 39 46.99%
I loaned the government > $5000 12 14.46%
Voters: 83. You may not vote on this poll

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Old 01-17-2019, 11:26 AM   #26
.brian.
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Hoping not to owe this year again. Last year owed around $3k if I recall correctly. No idea why, we don't make anywhere close near what the ballers on this forum make. The previous year it was close to $0, and the year before we got like $3k back. Nothing really changed financially in those 3 years. Thinking about going to a tax place this year, as I am losing my trust in TurboTax.

We both changed our W4 to 0 allowances this year.
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Old 01-17-2019, 12:25 PM   #27
StiDreams
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Quote:
Originally Posted by .brian. View Post
Nothing really changed financially in those 3 years. Thinking about going to a tax place this year, as I am losing my trust in TurboTax.
Not TurboTax's fault that our incompetent legislature are always "tweeking" the way over the top complicated tax codes that have you paying different taxes on nearly the same AGI year to year. Deduction come and go (mostly go). This year you qualify. Next year you don't. Just wait until they figure out that their "trickle down" tax cut for corporate America is not working out and they have to close that debt gap by taking it out of our pay checks. It's going to be awesome. And by awesome I mean a door of dicks right to the face.
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Old 01-17-2019, 12:44 PM   #28
XanRules
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Last year I got about ~$200 back between state and federal. This year I got a very small raise (like 3%), started paying on my student loans again, made a couple of tiny IRA contributions. Didn't change anything else. Live in the same place, same withholdings, same marital status, same job, same everything.

I owe $350.
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Old 01-17-2019, 12:46 PM   #29
Salvation27
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You can't claim IRA contributions, can you?
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Old 01-17-2019, 12:57 PM   #30
XanRules
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Sometimes: https://turbotax.intuit.com/tax-tips...-ira/L6yMopvkV

I rolled over a 401k from a previous job into a new IRA and then put like, a tiny amount of money in each paycheck. Like, less than $1000. Turbotax crunched the numbers and said I could claim them as a deduction. Before that I owed closer to $500.

I thought I owed $200 but I'm going back over it now that I have one more ~official~ tax form (as opposed to me just pulling the numbers from my own records) and it appears to be closer to $350. Again, I have no idea why as nothing has changed except a 3% raise, and given that every job I've taken since college has involved a pay cut, it certainly isn't enough to bump me into a new tax bracket.

I'm filing this **** on April 14.
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Old 01-17-2019, 01:04 PM   #31
StiDreams
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Originally Posted by XanRules View Post
I'm filing this **** on April 14.
About the same day for me every year.
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Old 01-17-2019, 01:16 PM   #32
nogger
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Based on my estimates, my effective tax rate dropped by 3% despite making more (income about about 7% more due to more bonuses). Looks like I will owe a little due to much lower withholding.
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Old 01-17-2019, 01:29 PM   #33
Jard
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Adjusted our withholding in the middle of the year last year to only give the govt a slight loan. I expect to get back the $7,500 electric vehicle credit plus a little more.
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Old 01-18-2019, 09:02 AM   #34
Chuck H
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(deleted -- need to hit the calculator again)
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Old 01-18-2019, 03:42 PM   #35
TheViking85
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Income remained stable year over year, wife's went down a little due to her bonus being cut in half, but opening a HYSA increased our interest income and I had some increase in income to where it came out largely identical (within $500).

Effective tax rate went down due to the higher std deduction and I assume the changes in the marginal tax rate. EDIT: Just remembered the wife started putting more in her 401k too, which would obviously impact the effective rate.

Effective income tax rate, 2017: 12.24%
Effective income tax rate, 2018: 9.58%

Amount to be refunded: $2,384.00

Last edited by TheViking85; 01-18-2019 at 07:23 PM.
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Old 01-18-2019, 06:50 PM   #36
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Place holder. Waiting on W-2.

chris619
dr_wheel


Full_Clip is afraid Trump will steal his moonlighting money.
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Old 01-18-2019, 07:12 PM   #37
Meat Supply
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we're getting back a good chunk again. Not sure if it's the 3 kids...or maybe my withholdings are too high maybe? either way it works for us.
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Old 01-18-2019, 07:22 PM   #38
OriginalSin
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Once I deduct the $45K I paid in alimony I should be getting a nice refund

Also the first year I havenít owned a company. So paid a **** ton in taxes this year

Last edited by OriginalSin; 01-18-2019 at 07:28 PM.
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Old 01-18-2019, 11:35 PM   #39
07Wagon
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Initial estimates are in the ~$3k owed range. We'll see if that comes down. Beats last year's $7.5k.
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Old 01-23-2019, 09:59 AM   #40
OriginalSin
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About a $20K refund

Iíd like to be disgusted with myself but itís hard to be when Iím getting a fat stack
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Old 01-23-2019, 10:19 AM   #41
vapore0n
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That is a lot

BIL is complaining that he is getting 3k less, or just 3k, out of the regular 10k.

The problem with that? He already spent it on a vacation last Nov
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Old 01-23-2019, 11:22 AM   #42
orndog
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Quote:
Originally Posted by vapore0n View Post
That is a lot

BIL is complaining that he is getting 3k less, or just 3k, out of the regular 10k.

The problem with that? He already spent it on a vacation last Nov
That's some sound financial planning. Plan to give the gov't an interest free loan, spend it before you even know they'll 'pay it back'.

I'm asking the same question I ask every year... since W2s are all automated at this point, why do I still not have mine? What do companies gain by waiting until the last day to send them out?
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Old 01-23-2019, 11:39 AM   #43
johnnyb
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Got my CA state refund already and I only filed about 6-7 days ago. Waiting for that federal deposit to hit so I can pay off my credit card.
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Old 01-23-2019, 11:49 AM   #44
nogger
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Quote:
Originally Posted by nogger View Post
Based on my estimates, my effective tax rate dropped by 3% despite making more (income about about 7% more due to more bonuses). Looks like I will owe a little due to much lower withholding.
I had forgotten to include taxes and interest from the house we sold. Current estimate is a few hundred bucks back. My withholdings are within 1% of what should be my final tax amount. Still waiting for all 3 W2s though.
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Old 01-23-2019, 11:58 AM   #45
shikataganai
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Quote:
Originally Posted by nogger View Post
I had forgotten to include taxes and interest from the house we sold. Current estimate is a few hundred bucks back. My withholdings are within 1% of what should be my final tax amount. Still waiting for all 3 W2s though.
Wizard. Lucky.
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Old 01-23-2019, 12:06 PM   #46
hkerekes
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I havent gotten any of the relevant tax forms.
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Old 01-23-2019, 12:15 PM   #47
vapore0n
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Quote:
Originally Posted by hkerekes View Post
I havent gotten any of the relevant tax forms.
same
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Old 01-23-2019, 12:28 PM   #48
Chuck H
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I haven't run mine through TurboTax yet, but a quick spreadsheet calc has me thinking I'm going to owe about $2500. It's all because I didn't pay enough attention earlier in the year and realize that even though me and my wife's W4 forms were filled out exactly the same as for 2017 (one exemption each, plus an extra $100 per week from my check), the W4 calculations apparently changed significantly, and they withheld WAY less from my check. If I hadn't upped the extra amount withheld in Sept to try to make up, I think my total withholding would have been at least $3k lower, even though our total tax owed is going to be virtually identical to 2017.

I had typed out a whole long analysis of the W4 stuff a couple of days ago, then realized that all my numbers were off, so I deleted it. But from looking through it, I suspect that anyone in the married filing jointly category with no kids of child credit age should switch to claiming zero exemptions, unless they have enough deductions to itemize. With personal exemptions disappearing from the tax code, claiming them on the W4 makes companies under-withhold if you're going to claim the standard deduction.
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Old 01-23-2019, 02:32 PM   #49
hkerekes
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Quote:
Originally Posted by hkerekes View Post
I havent gotten any of the relevant tax forms.
Quote:
Originally Posted by vapore0n View Post
same
Just got the mortgage interest statement today.

Only $12000 in interest paid.
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Old 01-23-2019, 02:33 PM   #50
96accord
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Quote:
Originally Posted by hkerekes View Post
I havent gotten any of the relevant tax forms.
Quote:
Originally Posted by vapore0n View Post
same
I also haven't got mine yet. Supposed to be this Friday (1/25) we will get our W2's.

Why are people in such a hurry to get their forms/money back?
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