i agree that the refund is not really the way to look at it, but how would this work? how does it not even out in the end? you owe what you owe for the year, regardless of when it was taken out, right?Walking Boot said:Measuring the refund is meaningless.
Instead, measure your total tax. Especially because the tax reform bill adjusted what you got in your paycheck weekly instead of the lump sum refund you get at the end. If you have $15000 in tax withheld, then you get a refund for $4000, is that better than having $12000 tax withheld and getting "only" a $3000 refund? Do the math. Looking at a refund is for suckers.
The brokerge statements won't factor for the Trump tax changes.I have to ask, how are so many of you already done with taxes? My IRAs still haven't posted the tax forms and they are consistently not released until the middle of February. I mean, folks that run businesses and whatnot, and even your average FBG, have to have at least some mutual funds and whatnot right? How do you all manage to file so early? I just checked and all my forms still aren't available.
Kids in college and private school. Gotta have stuff filed way early for financial aid.I have to ask, how are so many of you already done with taxes? My IRAs still haven't posted the tax forms and they are consistently not released until the middle of February. I mean, folks that run businesses and whatnot, and even your average FBG, have to have at least some mutual funds and whatnot right? How do you all manage to file so early? I just checked and all my forms still aren't available.
I looked. I actually had the 1099-DIV. I am however still waiting on two 1099-INT. Jumped on live chat with my bank to ask WTF the forms were? They don't even offer the chance to download them online.The brokerge statements won't factor for the Trump tax changes.
Not due till 2/15. But not sure what that has to do with my comment.I looked. I actually had the 1099-DIV. I am however still waiting on two 1099-INT. Jumped on live chat with my bank to ask WTF the forms were? They don't even offer the chance to download them online.
Apparently we are on equal footing then...Not due till 2/15. But not sure what that has to do with my comment.
My property taxes is now higher than my interest and principalI feel for you guys with the massive property taxes.
It just makes me realize how lucky we are as our property taxes were less than $1,000
My property tax is $4k but my state tax was $14kI feel for you guys with the massive property taxes.
It just makes me realize how lucky we are as our property taxes were less than $1,000
It's because people are generally morons with money.So many people seem to be using their refund or what they owe as the measuring stick....
I have two places that I get 1099s from. Yes, they usually don't show up until the middle of February. This year both were ready for download the other day. I don't know why they were a bit early. I'm not filing yet, waiting in case a correction is sent out. I owe both Fed and State a little money, so no rush.I have to ask, how are so many of you already done with taxes? My IRAs still haven't posted the tax forms and they are consistently not released until the middle of February. I mean, folks that run businesses and whatnot, and even your average FBG, have to have at least some mutual funds and whatnot right? How do you all manage to file so early? I just checked and all my forms still aren't available.
If mine isn't within $200-$300 of zero, then I use it as a measuring stick that I failed in my financial planning. This year may be an exception though. I really wasn't sure how to account for all the tax changes.So many people seem to be using their refund or what they owe as the measuring stick....
I've always wanted a refund because its forced savings. With crappy interest rates, who cares...It's because people are generally morons with money.
Exactly. Those years I get money back - meh, not worried about the $10 of interest I'm losing out on. (I claim zero deductions and will probably still write a check to the feds this year. Just hope not to hit penalty territory).I've always wanted a refund because its forced savings. With crappy interest rates, who cares...
No joke. I tend to find that I fill these damn things out and they make almost no difference at all in my return.Its the K1s that take the longest.
Makes sense to a degree.I've always wanted a refund because its forced savings. With crappy interest rates, who cares...
With me it was getting burned 2 years in a row while I was in college. Had to pay in taxes when I didn't make much and didn't have a lot of cash in savings. It's easier to adjust weekly to $10-20 less cash in my pocket than it is to have a $500 tax bill in April that you don't have.I've always wanted a refund because its forced savings. With crappy interest rates, who cares...
Same with me.Previous years I itemized. This year I opted for the new standard deduction. Took home the same amount and saved myself a few hours.
BUT YOU CAN HAVE AN INTREST FREE $3000 LOAN!!!!!!!I just changed my withholdings because I really dont want to pay $3k out of pocket next April
Anyone know the tax implications on GoFundMe gifts?A refund is an interest free loan to the government. #congrats
$20 a week into a savings account adds nothing to your refund but results in a number >$1040Just a lousy 20 bucks a week more out of your paycheck adds $1040 to your refund.
Maybe $1041$20 a week into a savings account adds nothing to your refund but results in a number >$1040
With the disadvantage that most people will spend it if they have it.With the advantage that you have it if you need it.
With the disadvantage that most people will spend it if they have it.
Paying for my daughter's college trip to Belize which is $3,500ghostguy123 said:With the disadvantage that most people will spend it if they have it.
However, I wonder what people are blowing the larger refund on.
Maybe a new thread for that one coming soon.
RIP Costco membership.I just changed my withholdings because I really dont want to pay $3k out of pocket next April
You live in a mud hut bro?I feel for you guys with the massive property taxes.
It just makes me realize how lucky we are as our property taxes were less than $1,000
Treasury should have adjusted the withholding tables to try and keep return expectations the same. Most folks aren't going to dig into their taxes and figure out their tax paid actually went down. Most will just look at their return and, if smaller, figure they got screwed. We see the ignorance on display in the media everywhere. Once I finally get mine done it will be interesting to see my tax rate changes from last year.I retract my earlier statement. Though I had to pay in this year, it is because I missed the change in withholding from my paycheck. My tax owed this year was actually $1326 less than last year. So the bill I owed was on me.
Well, I think this is where they failed rather miserably based on the number of unhappy people. Folks trusted the Treasury to get it right and apparently they flubbed it pretty badly. So now you have a bunch of unhappy folks. I can't say that is unreasonable. Whereas most of us here are in a position where we can say "Well, they flubbed it and now I have to pay, but I realize my taxes were lower," many aren't and got hit with unexpected tax bills. I get why there is an outcry.Sand said:Treasury should have adjusted the withholding tables to try and keep return expectations the same.
The tables still aren't adjusted fwiw.Sand said:Treasury should have adjusted the withholding tables to try and keep return expectations the same. Most folks aren't going to dig into their taxes and figure out their tax paid actually went down. Most will just look at their return and, if smaller, figure they got screwed. We see the ignorance on display in the media everywhere. Once I finally get mine done it will be interesting to see my tax rate changes from last year.
Also, on another subject, I was looking at what I've put in so far in my taxes and I got hit with the SALT limit. It highlighted, mostly, how much I pay in state and local income taxes. If it can hit me in a relatively low tax state maybe the limit is a bit low - adds up much quicker than I realized. Maybe hike the max rate back up to 37% and up SALT a bit to not hit the middle class, which it probably is in higher tax state.
Of course, the #### in me notes that these same folks are very likely to have had larger paychecks all through the year...Well, I think this is where they failed rather miserably based on the number of unhappy people. Folks trusted the Treasury to get it right and apparently they flubbed it pretty badly. So now you have a bunch of unhappy folks. I can't say that is unreasonable. Whereas most of us here are in a position where we can say "Well, they flubbed it and now I have to pay, but I realize my taxes were lower," many aren't and got hit with unexpected tax bills. I get why there is an outcry.
The typical person who doesn’t follow their finances closely doesn’t know or chooses to ignore this.Of course, the #### in me notes that these same folks are very likely to have had larger paychecks all through the year...
Right, because that is exactly what their president touted. More take home pay for everyone because of the great tax cut. No one touted cutting withholding to the point that they'd owe a big tax bill at the end of the year. So it's a little disingenuous to throw this all on the taxpayer.Of course, the #### in me notes that these same folks are very likely to have had larger paychecks all through the year...