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What's your witholding status?
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Message |
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mrsrainbow
LIF Adult
Member since 1/17 1465 total posts
Name:
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Re: What's your witholding status?
Posted by jellybean78
Posted by mrsrainbow
Posted by jellybean78
Posted by ChristinaM128
We claim 0 single and are getting back 60% of what we had gotten back the past 7 years. I’m devastated - we are both teachers who don’t have an option at work of 12 month paychecks ans basically we won’t be able to pay the mortgage this year. The monthly increase in paycheck is nominal compared to the refund difference. I’m sick to my stomach and rip roaring mad at anyone who ever supported a republican. Imo, republicans stand for rich and racist.
This is such an ignorant statement and coming from a teacher no less. SMDH.
Were you depending on your refund to pay your mortgage?? If so I hope you don't teach economics.
OP: We claim married 0. This year our estimated refund is slightly less than years prior.
Jellybean, care to back up why you think she's wrong?
Because she's not.
Republican politics - factually, historically, morally, ethically, literally (not figuratively) - are for the wealthy, the white, the racist, and the people who believe that you just need to work hard and pull yourself up by your bootstraps because everyone has the same chance in life and if you have it hard, well, it's you own damn fault.
So as oppose to what? Should you not pull yourself up by your bootstraps and make a better future for yourself and your family? What do you suggest that people live off the system and continue to be victims? I'm not saying that there are not injustices because of course there are they will ALWAYS be but by far and large Americans have vast opportunities in this country to make something of themselves. Why do you think so many people want to immigrate here? Why do we have so many immigrants here who have built successful businesses? I hate when people push the victim mentality.
I personally refuse to make sweeping generalizations of people according to their political party but I will say this, both parties historically have implemented policies and beliefs that have disadvantaged people.
Historically Democrats were the ones that opposed abolishing slavery. This is a historical fact.
In addition Democratic states impose super high taxation on the middle class and upper middle class that put us at disadvantages in order to over promise things to people who don't pay taxes. That is also a fact. That is why there is such a mass exodus of people out of NY, NJ, etc. It's the high taxes imposed by the state. Recently Cuomo even admitted that there is a huge budget gap and he doesn't know how they plan to remediate that. Those are your democratic policies so turning around and saying that being republican is only for the rich and the racist is ignorant.
If you think bootstrap politics is a hill to die on, I invite you to check out some really great resources:
https://radicalscholarship.wordpress.com/2017/02/03/the-bootstrap-lie-and-the-politics-of-privilege/
http://ideas.time.com/2012/09/07/the-myth-of-bootstrapping/
If you think I'm making sweeping generalizations so are you; you think everyone has the same opportunities while I contend that that line of thinking means that you, or I, or that a baby born addicted to heroin to a teenage mother in Kansas has exactly the same access to education, familial support, healthcare, financial opportunity, resources, food/nutrition/wellness, housing, etc, etc, etc. Do you think we all have the same start in life now?
That's really all I have to say.
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Posted 2/23/19 10:20 AM  |
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TheLucille2
Yayicanpickmyowntitle!
Member since 6/11 1058 total posts
Name:
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Re: What's your witholding status?
We claim 0 married and will owe an absolute sh*t ton-in the past we owed very little or nothing at all. Owing about 20k this year.
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| Posted 2/23/19 11:36 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: What's your witholding status?
Posted by mrsrainbow
Posted by jellybean78
Posted by mrsrainbow
Posted by jellybean78
Posted by ChristinaM128
We claim 0 single and are getting back 60% of what we had gotten back the past 7 years. I’m devastated - we are both teachers who don’t have an option at work of 12 month paychecks ans basically we won’t be able to pay the mortgage this year. The monthly increase in paycheck is nominal compared to the refund difference. I’m sick to my stomach and rip roaring mad at anyone who ever supported a republican. Imo, republicans stand for rich and racist.
This is such an ignorant statement and coming from a teacher no less. SMDH.
Were you depending on your refund to pay your mortgage?? If so I hope you don't teach economics.
OP: We claim married 0. This year our estimated refund is slightly less than years prior.
Jellybean, care to back up why you think she's wrong?
Because she's not.
Republican politics - factually, historically, morally, ethically, literally (not figuratively) - are for the wealthy, the white, the racist, and the people who believe that you just need to work hard and pull yourself up by your bootstraps because everyone has the same chance in life and if you have it hard, well, it's you own damn fault.
So as oppose to what? Should you not pull yourself up by your bootstraps and make a better future for yourself and your family? What do you suggest that people live off the system and continue to be victims? I'm not saying that there are not injustices because of course there are they will ALWAYS be but by far and large Americans have vast opportunities in this country to make something of themselves. Why do you think so many people want to immigrate here? Why do we have so many immigrants here who have built successful businesses? I hate when people push the victim mentality.
I personally refuse to make sweeping generalizations of people according to their political party but I will say this, both parties historically have implemented policies and beliefs that have disadvantaged people.
Historically Democrats were the ones that opposed abolishing slavery. This is a historical fact.
In addition Democratic states impose super high taxation on the middle class and upper middle class that put us at disadvantages in order to over promise things to people who don't pay taxes. That is also a fact. That is why there is such a mass exodus of people out of NY, NJ, etc. It's the high taxes imposed by the state. Recently Cuomo even admitted that there is a huge budget gap and he doesn't know how they plan to remediate that. Those are your democratic policies so turning around and saying that being republican is only for the rich and the racist is ignorant.
If you think bootstrap politics is a hill to die on, I invite you to check out some really great resources:
https://radicalscholarship.wordpress.com/2017/02/03/the-bootstrap-lie-and-the-politics-of-privilege/
http://ideas.time.com/2012/09/07/the-myth-of-bootstrapping/
If you think I'm making sweeping generalizations so are you; you think everyone has the same opportunities while I contend that that line of thinking means that you, or I, or that a baby born addicted to heroin to a teenage mother in Kansas has exactly the same access to education, familial support, healthcare, financial opportunity, resources, food/nutrition/wellness, housing, etc, etc, etc. Do you think we all have the same start in life now?
That's really all I have to say.
You are absolutely right. I have always tended to lean pretty liberal but am even more so since become involved in a career that deals with social services. It’s not so easy so easy to get out of the social services system once you are in it.
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| Posted 2/23/19 2:04 PM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: What's your witholding status?
We claim married 0 but hearing horror stories from other people on how much they either owe, or if they got a significant return then it was no longer the case. Our tax appt is in early March so we will see...
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| Posted 2/23/19 2:20 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: What's your witholding status?
Posted by mrsrainbow
Posted by jellybean78
Posted by mrsrainbow
Posted by jellybean78
Posted by ChristinaM128
We claim 0 single and are getting back 60% of what we had gotten back the past 7 years. I’m devastated - we are both teachers who don’t have an option at work of 12 month paychecks ans basically we won’t be able to pay the mortgage this year. The monthly increase in paycheck is nominal compared to the refund difference. I’m sick to my stomach and rip roaring mad at anyone who ever supported a republican. Imo, republicans stand for rich and racist.
This is such an ignorant statement and coming from a teacher no less. SMDH.
Were you depending on your refund to pay your mortgage?? If so I hope you don't teach economics.
OP: We claim married 0. This year our estimated refund is slightly less than years prior.
Jellybean, care to back up why you think she's wrong?
Because she's not.
Republican politics - factually, historically, morally, ethically, literally (not figuratively) - are for the wealthy, the white, the racist, and the people who believe that you just need to work hard and pull yourself up by your bootstraps because everyone has the same chance in life and if you have it hard, well, it's you own damn fault.
So as oppose to what? Should you not pull yourself up by your bootstraps and make a better future for yourself and your family? What do you suggest that people live off the system and continue to be victims? I'm not saying that there are not injustices because of course there are they will ALWAYS be but by far and large Americans have vast opportunities in this country to make something of themselves. Why do you think so many people want to immigrate here? Why do we have so many immigrants here who have built successful businesses? I hate when people push the victim mentality.
I personally refuse to make sweeping generalizations of people according to their political party but I will say this, both parties historically have implemented policies and beliefs that have disadvantaged people.
Historically Democrats were the ones that opposed abolishing slavery. This is a historical fact.
In addition Democratic states impose super high taxation on the middle class and upper middle class that put us at disadvantages in order to over promise things to people who don't pay taxes. That is also a fact. That is why there is such a mass exodus of people out of NY, NJ, etc. It's the high taxes imposed by the state. Recently Cuomo even admitted that there is a huge budget gap and he doesn't know how they plan to remediate that. Those are your democratic policies so turning around and saying that being republican is only for the rich and the racist is ignorant.
If you think bootstrap politics is a hill to die on, I invite you to check out some really great resources:
https://radicalscholarship.wordpress.com/2017/02/03/the-bootstrap-lie-and-the-politics-of-privilege/
http://ideas.time.com/2012/09/07/the-myth-of-bootstrapping/
If you think I'm making sweeping generalizations so are you; you think everyone has the same opportunities while I contend that that line of thinking means that you, or I, or that a baby born addicted to heroin to a teenage mother in Kansas has exactly the same access to education, familial support, healthcare, financial opportunity, resources, food/nutrition/wellness, housing, etc, etc, etc. Do you think we all have the same start in life now?
That's really all I have to say.
No we don't and I know this first hand because I was not raised in a middle class suburb with good school districts and a mommy and daddy who helped me out.
I'm Hispanic, I was raised by a single mom, economically disadvantaged in a neighborhood that was sketchy at best. No good schools, no free ride from anyone, no extras, struggle all around. This was not unique to me..many of my friends came from similar backgrounds. Some had it better than others some worse. We are all minorities and guess what..every single one of us decided to make decisions to better our future. period. Was it easy, no but we made conscious choices to get better, do better. We made different choices in life but we made sure the choices led us to a better future.
Of course life isn't fair, it never ever will be. Yes some people have it better than others but pushing a victim narrative to fit an agenda is exactly why so many people never do better. So no we don't all have the same start to life and we all may not have the same opportunities but that absolutely does not mean that you are unable to move forward. Progression...
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| Posted 2/23/19 3:48 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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What's your witholding status?
We owe. As usual. We do married 0 and have two kids. We usually hit AMT so the salt cap was a wash for us.
This wasn’t a surprise because I ran a tax calculator that’s available on the treasury website to make sure what my tax liability would be.
I feel bad for folks that usually get refund that are not.
Message edited 2/23/2019 4:42:21 PM.
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| Posted 2/23/19 4:42 PM |
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drpepper318
MIR MIR MIR!
Member since 6/07 8274 total posts
Name:
me
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Re: What's your witholding status?
We haven’t done our taxes yet but in recent years have gotten a small refund (a few thousand), claiming married 0, due I think to the insane amount we pay for daycare, whereas for many years previously (before kids) we always had to pay a few thousand. I’m nervous about what the result will be this year, just from what everyone has been saying. We do turbo tax & probably won’t actually do it until right before it’s due, so I won’t know for another month or so.
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| Posted 2/24/19 1:15 AM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Re: What's your witholding status?
Posted by drpepper318
We haven’t done our taxes yet but in recent years have gotten a small refund (a few thousand), claiming married 0, due I think to the insane amount we pay for daycare, whereas for many years previously (before kids) we always had to pay a few thousand. I’m nervous about what the result will be this year, just from what everyone has been saying. We do turbo tax & probably won’t actually do it until right before it’s due, so I won’t know for another month or so.
The most you can deduct for daycare is $1,200 ($600 for 1 kid, $1,200 for more than one kid). It has essentially no impact.
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| Posted 2/24/19 12:33 PM |
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nraboni
Uggh...
Member since 10/09 6905 total posts
Name:
Nicole
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Re: What's your witholding status?
Posted by LuckyStar
Posted by drpepper318
We haven’t done our taxes yet but in recent years have gotten a small refund (a few thousand), claiming married 0, due I think to the insane amount we pay for daycare, whereas for many years previously (before kids) we always had to pay a few thousand. I’m nervous about what the result will be this year, just from what everyone has been saying. We do turbo tax & probably won’t actually do it until right before it’s due, so I won’t know for another month or so.
The most you can deduct for daycare is $1,200 ($600 for 1 kid, $1,200 for more than one kid). It has essentially no impact.
I believe the total amount you can deduct for daycare/before care/aftercare is $3,000. We did our taxes a couple weeks ago and that is what we did and have done every year since we had kids.
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| Posted 2/25/19 9:17 AM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: What's your witholding status?
While our refund is definitely not as high as it was in previous years, we actually paid LESS in taxes in 2018 than in 2017. (I made less this year, DH made more, so our total gross income was about the same).
I think people are getting hung up on the amount of refund/amount they owe without actually comparing how much they paid in taxes in 2018 v. 2017.
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| Posted 2/25/19 9:20 AM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Re: What's your witholding status?
Posted by nraboni
Posted by LuckyStar
Posted by drpepper318
We haven’t done our taxes yet but in recent years have gotten a small refund (a few thousand), claiming married 0, due I think to the insane amount we pay for daycare, whereas for many years previously (before kids) we always had to pay a few thousand. I’m nervous about what the result will be this year, just from what everyone has been saying. We do turbo tax & probably won’t actually do it until right before it’s due, so I won’t know for another month or so.
The most you can deduct for daycare is $1,200 ($600 for 1 kid, $1,200 for more than one kid). It has essentially no impact.
I believe the total amount you can deduct for daycare/before care/aftercare is $3,000. We did our taxes a couple weeks ago and that is what we did and have done every year since we had kids.
It’s a percentage of $3,000, 20% if you make over $43k.
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| Posted 2/25/19 9:28 AM |
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RainyDay
LIF Adult
Member since 6/15 3990 total posts
Name:
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Re: What's your witholding status?
Posted by LuckyStar
Posted by nraboni
Posted by LuckyStar
Posted by drpepper318
We haven’t done our taxes yet but in recent years have gotten a small refund (a few thousand), claiming married 0, due I think to the insane amount we pay for daycare, whereas for many years previously (before kids) we always had to pay a few thousand. I’m nervous about what the result will be this year, just from what everyone has been saying. We do turbo tax & probably won’t actually do it until right before it’s due, so I won’t know for another month or so.
The most you can deduct for daycare is $1,200 ($600 for 1 kid, $1,200 for more than one kid). It has essentially no impact.
I believe the total amount you can deduct for daycare/before care/aftercare is $3,000. We did our taxes a couple weeks ago and that is what we did and have done every year since we had kids.
It’s a percentage of $3,000, 20% if you make over $43k.
We were only able to deduct a percentage of our daycare fees.
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| Posted 2/25/19 10:22 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: What's your witholding status?
Posted by RainyDay
Posted by LuckyStar
Posted by nraboni
Posted by LuckyStar
Posted by drpepper318
We haven’t done our taxes yet but in recent years have gotten a small refund (a few thousand), claiming married 0, due I think to the insane amount we pay for daycare, whereas for many years previously (before kids) we always had to pay a few thousand. I’m nervous about what the result will be this year, just from what everyone has been saying. We do turbo tax & probably won’t actually do it until right before it’s due, so I won’t know for another month or so.
The most you can deduct for daycare is $1,200 ($600 for 1 kid, $1,200 for more than one kid). It has essentially no impact.
I believe the total amount you can deduct for daycare/before care/aftercare is $3,000. We did our taxes a couple weeks ago and that is what we did and have done every year since we had kids.
It’s a percentage of $3,000, 20% if you make over $43k.
We were only able to deduct a percentage of our daycare fees.
Exactly this. It's a small percentage too. The first year we did daycare we were very disappointed.
It amounted to nothing. After all we paid for it.
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| Posted 2/25/19 10:26 AM |
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MrsMick
Baby #2 debuts in March 2016!
Member since 9/09 1977 total posts
Name:
Michele
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What's your witholding status?
You guys have to understand something. Look at 2017 and look at 2018. Seriously look at the W2's and compare. On a smaller scale, check out your pay stubs. You are paying less in taxes. Way less. And you are getting a bit more so it evens out.
We did our taxes and we got the same amount back. And we are by no means wealthy.
Message edited 2/25/2019 2:48:35 PM.
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| Posted 2/25/19 2:48 PM |
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MrsMick
Baby #2 debuts in March 2016!
Member since 9/09 1977 total posts
Name:
Michele
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Re: What's your witholding status?
Posted by Mill188
While our refund is definitely not as high as it was in previous years, we actually paid LESS in taxes in 2018 than in 2017. (I made less this year, DH made more, so our total gross income was about the same).
I think people are getting hung up on the amount of refund/amount they owe without actually comparing how much they paid in taxes in 2018 v. 2017.
This exactly. No one understands basic economics. Seriously take the stubs and compare the two years.
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| Posted 2/25/19 2:50 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: What's your witholding status?
Posted by MrsMick
You guys have to understand something. Look at 2017 and look at 2018. Seriously look at the W2's and compare. On a smaller scale, check out your pay stubs. You are paying less in taxes. Way less. And you are getting a bit more so it evens out.
We did our taxes and we got the same amount back. And we are by no means wealthy.
Compare itemized deductions 2017 vs 2018. That is what is absolutely killing everyone at tax season. 40k in itemized deductions 2017, 20k 2018...
Also, I understand basic economics and I'm a bit offended by that statement as I wrote the original post. I'm a math teacher, and would like to think i'm qualified one (my students and parents who have requested me 3 years in a row, so their children could have me as their teacher throughout middle school, would agree)... so I think I understand a bit about numbers. I even significantly increased my 403B contributions, as well as my husband's, at the beginning of 2018 in anticipation for tax season. The small difference in each paycheck does NOT account for a $6,500 difference at tax season. Went from a 3500k refund to owing $3000. A few dollars in each paycheck is hardly the cause for that.
Message edited 2/25/2019 7:29:34 PM.
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| Posted 2/25/19 7:19 PM |
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What's your witholding status?
I think the issue is not everyone is comparing apples to apples.
Our salary went up 10k, and we paid 3k more in taxes. Our refund was about 2k higher than the previous year, but we also had another kid.
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| Posted 2/25/19 7:55 PM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: What's your witholding status?
Posted by mommy2be716
Posted by MrsMick
You guys have to understand something. Look at 2017 and look at 2018. Seriously look at the W2's and compare. On a smaller scale, check out your pay stubs. You are paying less in taxes. Way less. And you are getting a bit more so it evens out.
We did our taxes and we got the same amount back. And we are by no means wealthy.
Compare itemized deductions 2017 vs 2018. That is what is absolutely killing everyone at tax season. 40k in itemized deductions 2017, 20k 2018...
Also, I understand basic economics and I'm a bit offended by that statement as I wrote the original post. I'm a math teacher, and would like to think i'm qualified one (my students and parents who have requested me 3 years in a row, so their children could have me as their teacher throughout middle school, would agree)... so I think I understand a bit about numbers. I even significantly increased my 403B contributions, as well as my husband's, at the beginning of 2018 in anticipation for tax season. The small difference in each paycheck does NOT account for a $6,500 difference at tax season. Went from a 3500k refund to owing $3000. A few dollars in each paycheck is hardly the cause for that.
The SALT cap is ridiculous for those of us living in NY and that definitely hurts, but even though our itemized deductions went down, we still paid less in taxes. You need to compare gross income and total taxes paid in 2017 v 2018 to get a true picture.
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| Posted 2/25/19 9:15 PM |
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JennP
LIF Adult
Member since 10/06 3986 total posts
Name:
Jenn
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Re: What's your witholding status?
Posted by jellybean78
Posted by mrsrainbow
Posted by jellybean78
Posted by mrsrainbow
Posted by jellybean78
Posted by ChristinaM128
We claim 0 single and are getting back 60% of what we had gotten back the past 7 years. I’m devastated - we are both teachers who don’t have an option at work of 12 month paychecks ans basically we won’t be able to pay the mortgage this year. The monthly increase in paycheck is nominal compared to the refund difference. I’m sick to my stomach and rip roaring mad at anyone who ever supported a republican. Imo, republicans stand for rich and racist.
This is such an ignorant statement and coming from a teacher no less. SMDH.
Were you depending on your refund to pay your mortgage?? If so I hope you don't teach economics.
OP: We claim married 0. This year our estimated refund is slightly less than years prior.
Jellybean, care to back up why you think she's wrong?
Because she's not.
Republican politics - factually, historically, morally, ethically, literally (not figuratively) - are for the wealthy, the white, the racist, and the people who believe that you just need to work hard and pull yourself up by your bootstraps because everyone has the same chance in life and if you have it hard, well, it's you own damn fault.
So as oppose to what? Should you not pull yourself up by your bootstraps and make a better future for yourself and your family? What do you suggest that people live off the system and continue to be victims? I'm not saying that there are not injustices because of course there are they will ALWAYS be but by far and large Americans have vast opportunities in this country to make something of themselves. Why do you think so many people want to immigrate here? Why do we have so many immigrants here who have built successful businesses? I hate when people push the victim mentality.
I personally refuse to make sweeping generalizations of people according to their political party but I will say this, both parties historically have implemented policies and beliefs that have disadvantaged people.
Historically Democrats were the ones that opposed abolishing slavery. This is a historical fact.
In addition Democratic states impose super high taxation on the middle class and upper middle class that put us at disadvantages in order to over promise things to people who don't pay taxes. That is also a fact. That is why there is such a mass exodus of people out of NY, NJ, etc. It's the high taxes imposed by the state. Recently Cuomo even admitted that there is a huge budget gap and he doesn't know how they plan to remediate that. Those are your democratic policies so turning around and saying that being republican is only for the rich and the racist is ignorant.
If you think bootstrap politics is a hill to die on, I invite you to check out some really great resources:
https://radicalscholarship.wordpress.com/2017/02/03/the-bootstrap-lie-and-the-politics-of-privilege/
http://ideas.time.com/2012/09/07/the-myth-of-bootstrapping/
If you think I'm making sweeping generalizations so are you; you think everyone has the same opportunities while I contend that that line of thinking means that you, or I, or that a baby born addicted to heroin to a teenage mother in Kansas has exactly the same access to education, familial support, healthcare, financial opportunity, resources, food/nutrition/wellness, housing, etc, etc, etc. Do you think we all have the same start in life now?
That's really all I have to say.
No we don't and I know this first hand because I was not raised in a middle class suburb with good school districts and a mommy and daddy who helped me out.
I'm Hispanic, I was raised by a single mom, economically disadvantaged in a neighborhood that was sketchy at best. No good schools, no free ride from anyone, no extras, struggle all around. This was not unique to me..many of my friends came from similar backgrounds. Some had it better than others some worse. We are all minorities and guess what..every single one of us decided to make decisions to better our future. period. Was it easy, no but we made conscious choices to get better, do better. We made different choices in life but we made sure the choices led us to a better future.
Of course life isn't fair, it never ever will be. Yes some people have it better than others but pushing a victim narrative to fit an agenda is exactly why so many people never do better. So no we don't all have the same start to life and we all may not have the same opportunities but that absolutely does not mean that you are unable to move forward. Progression...
I should have really quoted your first post because your personal anecdote means absolutely nothing in the grand scheme of things - just because you don't see it, doesn't mean it isn't out there - but your allegation that people who do not pay taxes are promised things is simply not true and has been debunked a million times over.
And FYI the parties pretty much switched platforms over the middle portion of the 20th century, at least over social issues, for reasons I don't have time to get into but are well documented. So the fact that Republicans abolished slavery has no bearing on what is going on today. They were a very different party then.
The modern Republican party, if you (general you) read their platform, is truly a different animal from even 15-20 years ago. They're a dangerous anachronism, caring only for themselves, swimming against the current of logic and progress, and threatening to suck us all down with them.
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| Posted 2/25/19 10:22 PM |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: What's your witholding status?
i think Dh does single 0, and i do married tax at single rate.
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| Posted 2/26/19 11:43 AM |
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MrsMick
Baby #2 debuts in March 2016!
Member since 9/09 1977 total posts
Name:
Michele
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What's your witholding status?
Just keep in mind that I claim 2 and DH does 1. We got back about 10K
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| Posted 2/26/19 2:51 PM |
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What's your witholding status?
It seems all over the place. I've heard about some people getting hammered and unexpectedly owing thousands, and others still seeing a large refund.
We owe $500 federal, getting back $300 state, so net taxes will be paying about $200. I think I did married 1 and husband does married 2. Last year we got back almost $6,000 with the same withholding, but I know our paychecks were a little higher with the change in how withholding was done this year.
I know technically it's good not to get a refund, because a refund just means the government has been holding your money for you. But when you're used to getting the refund and you haven't really changed anything, it's a little shocking to owe.
Also, it hurt a little to see the SALT calculation and then see it knocked down to the $10,000 cap.
It's hard to compare our 2017 v. 2018 because there have been a lot of changes in our income - both type and amount.
Update:. I analyzed the taxes owed vs. my income for 2017 and 2018. 2017 my taxes owed - after credits, deductions and exemptions - were 8% of my income. 2018 my taxes owed were 11% of my income so I definitely owed more this year even though my tax bracket % was lower this year. My deductions were significantly lower due to the SALT cap and they got rid of personal exemptions so those two made a big difference. The only thing that saved us from owing a significant amount was the increased child tax credit.
Message edited 2/26/2019 7:34:33 PM.
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| Posted 2/26/19 4:39 PM |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: What's your witholding status?
Posted by nraboni
Posted by LuckyStar
Posted by drpepper318
We haven’t done our taxes yet but in recent years have gotten a small refund (a few thousand), claiming married 0, due I think to the insane amount we pay for daycare, whereas for many years previously (before kids) we always had to pay a few thousand. I’m nervous about what the result will be this year, just from what everyone has been saying. We do turbo tax & probably won’t actually do it until right before it’s due, so I won’t know for another month or so.
The most you can deduct for daycare is $1,200 ($600 for 1 kid, $1,200 for more than one kid). It has essentially no impact.
I believe the total amount you can deduct for daycare/before care/aftercare is $3,000. We did our taxes a couple weeks ago and that is what we did and have done every year since we had kids.
Yes, I am pretty sure that 3k is the max allowed. and the child credit doubled from 1k to 2k this year.
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| Posted 2/26/19 8:59 PM |
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