New tax law, help you or hurt you? (No politics, USA only)

 BB28403 ·  
BB28403BB28403  4276WRX Points: 747Handicap: This post may not be here soon as moderators may delete it to free up space. Be concerned... you may be next...Members Posts: 4,276 Titanium Tees
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Did the new tax legislation passed last year help or hurt your tax refund?

For me it hurt bad. Have been doing my taxes forever and my refund was 1/3 as much as usual. So I am in the hurt category.

No politics !

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  • bigred90gtbigred90gt  4820WRX Points: 554Lefty Boomers Posts: 4,820 Titanium Tees
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    It helped me, but hurt my wife. She usually gets back a ton (she has a kid), but when it went into effect, they messed up on the accounting and only ended up withholding 11.5ish%, so when we filed, we ended up owing a little. If we would have filed separate, I would have got back quite a bit for the first time in a long time (I’ve owed money every year since 2005 except maybe one as most of that time I worked contract jobs). She would have owed a ton though, so we filed joint to lower the burden.

    She’s keeping an eye on it this year, so hopefully next year we won’t get hit like that.

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  • BB28403BB28403  4276WRX Points: 747Handicap: This post may not be here soon as moderators may delete it to free up space. Be concerned... you may be next...Members Posts: 4,276 Titanium Tees
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    On -, @DBill said:

    On -, @BB28403 said:

    Did the new tax legislation passed last year help or hurt your tax refund?

    For me it hurt bad. Have been doing my taxes forever and my refund was 1/3 as much as usual. So I am in the hurt category.

    No politics !

    You can't base your tax situation as hurt or help solely on your refund. You need to look at the total taxes you paid in for 2018 against what was paid in total in 2017.

    Exactly the same ANDDDD 2/3 less refund.

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  • Steele47Steele47  1743WRX Points: 871Members Posts: 1,743 Platinum Tees
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    What DBill said.

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  • GHIN n JuiceGHIN n Juice Wingpointe GC...Never Forgotten  1817WRX Points: 250Members Posts: 1,817 Platinum Tees
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    We were hurt pretty bad. I’ll be honest, the new tax laws have completely done away with the financial benefits of owning a home. I wouldn’t be shocked to see home ownership significantly decline over the next 5-10 years and more people go towards renting. My wife and I are already researching such a move.

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  • GolfChannelGolfChannel Orlando, Florida 2452WRX Points: 721Handicap: 0.9Members Posts: 2,452 Platinum Tees
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    Hurt, between the new home ownership provisions and the lack of student loan interest deduction I paid way more than I usually do.

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  • howellhandmadehowellhandmade  865WRX Points: 261Members Posts: 865 Golden Tee
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    Big hurt.

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    20% less refund.

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  • gsrjcgsrjc TOC  1771WRX Points: 535Members Posts: 1,771 Platinum Tees
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    Hurt

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  • Bonneville85308Bonneville85308  1813WRX Points: 228Members Posts: 1,813 Platinum Tees
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    My total effective 2018 federal tax rate stayed about the same on very similar income vs 2017, maybe changed a tenth or two of a percent. I've always had my withholdings from work set so that even after taxes owed on dividends and interest, I end up only either owing or being owed a couple hundred bucks max, but whatever withholding changes they did with the new tax situation for 2018 messed it all up and I ended up owing the feds a few grand due to under-withholding. Not enough to cause me to owe a penalty though. I've re-adjusted my withholding so it doesn't happen again.

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  • One_Putt_BlunderOne_Putt_Blunder  10835WRX Points: 256Members Posts: 10,835 Titanium Tees
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    Help. Work for a small business and because tax breaks to business my boss gave a 20% increase. Rough math shows a slightly lower percentage(1%) being taxed on payroll overall refund slightly up. I'd have to dig deeper but I think the raise did bump me into a higher tax bracket which would eat up more of the help that I saw. Wife and I are pretty much definition of middle class. Household income between 75-100k , own our residence

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  • GHIN n JuiceGHIN n Juice Wingpointe GC...Never Forgotten  1817WRX Points: 250Members Posts: 1,817 Platinum Tees
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    On -, @HoosierMizuno said:

    regarding the owning a home situation...high tax states were capped at how much property taxes were allowed to be deductible. the whole point is that just because the state has an incredibly high tax rate shouldn't then in turn allow the homeowner to deduct this large amount on their federal taxes. Yes, some people were negatively affected, but this is a good thing. it unfairly favored those living in expensive homes in high tax states. so yes, move out of that high tax state or city.

    second...i'll say it again as another did, stop judging your tax bill by your refund. so many people are complaining about getting less of a refund or even owing a small amount vs last years refund. none of this is relevant to your overall bill. many companies or individual messed up their withholdings which gave some sticker shock, but it doesn't mean you paid more or less taxes. and how many people still don't realize that a large refund is not ideal. for those that love refunds, i'd be happy if you'd like to send me a few thousand today and i'll give it back to you without interest next year. if you pay 22k and get back 3k vs paying 18k and getting back 1k, which is the better deal? yet so many people lack the common sense necessary to look beyond a simple refund...and the media isn't helping.

    Your take on the homeowner deductions are inaccurate. For example, I live in Nebraska which has extremely high property tax rates on account of very low tourism revenue and other state income sources that are not available due to various reasons. These high property tax rates affect all homeowners including people at the lower end of the income scales. Proportionally it is the lower income homeowners that are most affected because they are paying a higher percentage of their income to property tax and not receiving a tax credit now. It is significantly detrimental to low income homeowners who cannot recover that lost income.

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  • GooseHookGooseHook Keep it Fraiche  11889WRX Points: 404Members Posts: 11,889 Titanium Tees
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    My wife and I basically broke even between state and federal. Not bad IMO, but under the previous tax code her and would have gotten a ton of money back. We pay a lot in state, local and property taxes and the cap reduced the refund quite a bit.

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  • BB28403BB28403  4276WRX Points: 747Handicap: This post may not be here soon as moderators may delete it to free up space. Be concerned... you may be next...Members Posts: 4,276 Titanium Tees
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    On -, @GooseHook said:

    My wife and I basically broke even between state and federal. Not bad IMO, but under the previous tax code her and would have gotten a ton of money back. We pay a lot in state, local and property taxes and the cap reduced the refund quite a bit.

    But Admiral, shall we concentrate our fire on the Super Star Destroyer?

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  • airjammerairjammer  1306WRX Points: 306Handicap: 4.2Members Posts: 1,306 Platinum Tees
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    Helped..i paid off my house a few years ago so the larger standard deduction really helped me since I don’t have mortgage interest to deduct.

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  • SoloShot84SoloShot84  473WRX Points: 203Members Posts: 473 Greens
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    hurt so bad that we had to cancel the spring vacation. and might have to cancel summer/winter vacation to prepare next year hit.

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  • GolfChannelGolfChannel Orlando, Florida 2452WRX Points: 721Handicap: 0.9Members Posts: 2,452 Platinum Tees
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    On -, @HoosierMizuno said:

    regarding the owning a home situation...high tax states were capped at how much property taxes were allowed to be deductible. the whole point is that just because the state has an incredibly high tax rate shouldn't then in turn allow the homeowner to deduct this large amount on their federal taxes. Yes, some people were negatively affected, but this is a good thing. it unfairly favored those living in expensive homes in high tax states. so yes, move out of that high tax state or city.

    second...i'll say it again as another did, stop judging your tax bill by your refund. so many people are complaining about getting less of a refund or even owing a small amount vs last years refund. none of this is relevant to your overall bill. many companies or individual messed up their withholdings which gave some sticker shock, but it doesn't mean you paid more or less taxes. and how many people still don't realize that a large refund is not ideal. for those that love refunds, i'd be happy if you'd like to send me a few thousand today and i'll give it back to you without interest next year. if you pay 22k and get back 3k vs paying 18k and getting back 1k, which is the better deal? yet so many people lack the common sense necessary to look beyond a simple refund...and the media isn't helping.

    I paid more overall, plus the explanation you are attempting to make could never be sold in a viable way in a political campaign in a society which is savings averse. My issue is paying more overall and getting less back overall. I'll give you less government, but I'll take more of your money. Good times...

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