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Thread: How did your taxes turn out?

  1. #1
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    How did your taxes turn out?

    Well, I didn't trust the President's promise so I put every penny into savings that we gained in our paychecks. Damn good thing.

    We owed half of what we saved.

    I feel sorry for anyone who doesn't save money and specifically didn't save this money.

    I know ZERO people who didn't have to pay!

    And we claim married 0 already. I guess one of us will go single. I really don't want to be tagged for an audit because He screwed up. This is owing too much. Claim SINGLE I guess?

  2. #2
    Senior Member iris lilies's Avatar
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    On another thread I mentioned that I was shocked because our total federal tax bill was $477. That is all. That is the entire amount. In addition to that good news, our health insurance premiums cost zero this year due to federal subsidies.

    It is great to be low income, Or at least to have the feds consider us low income.

  3. #3
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Gardnr View Post
    Well, I didn't trust the President's promise so I put every penny into savings that we gained in our paychecks. Damn good thing.

    We owed half of what we saved.

    I feel sorry for anyone who doesn't save money and specifically didn't save this money.

    I know ZERO people who didn't have to pay!

    And we claim married 0 already. I guess one of us will go single. I really don't want to be tagged for an audit because He screwed up. This is owing too much. Claim SINGLE I guess?
    I don’t know what you mean by your questions. You had the maximum withheld from your paychecks, right? Are you saying with “that we gain in our paychecks” there was a change in withholding amounts from last year?

    For me it never mattered, when I was working, what was withheld for the eventual tax bill since we always had money to pay the actual tax bill. It was a irrelevant to me how much was withheld, and we tried to withhold the least amount.I just wanted to know what is the actual tax bill.

    When you say you know zero people who “didn’t have to pay “do you mean pay in addition to what is already been withheld?


    so I would like to know this: did you owe more taxes for the year 2018 than in previous year 2017? Less? The same? Disregard the withholding amounts.

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    Quote Originally Posted by iris lilies View Post
    I don’t know what you mean by your questions. You had the maximum withheld from your paychecks, right? Are you saying with “that we gain in our paychecks” there was a change in withholding amounts from last year?

    For me it never mattered, when I was working, what was withheld for the eventual tax bill Since we always had lots of money to pay the actual tax bill it was a relevant to me how much was withheld and we tried to withhold the least amount.I just wanted to know what is the actual tax bill. When you say you know zero people who “didn’t have to pay “do you mean pay in addition to what is already been withheld?


    so I would like to know this: did you owe more taxes for the year 2018 than in previous year 2017? Less? The same? Disregard the withholding amounts.
    Yes on this: did you owe more taxes for the year 2018 than in previous year 2017? X6 more!!!!!!

    Yes on this: When you say you know zero people who “didn’t have to pay “do you mean pay in addition to what is already been withheld?

    Yes on this: You had the maximum withheld from your paychecks, right?

    Yes on this: Are you saying with “that we gain in our paychecks” there was a change in withholding amounts from last year?

    That damn tax break caused withholdings to drop significantly . STUPID STUPID STUPID!

  5. #5
    Senior Member iris lilies's Avatar
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    OP, your total federal tax bill for the year 2018 was 6x for same thing in 2017?

    Edited to add: did you have a significant increase in income for 2018?

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    Simpleton Alan's Avatar
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    Quote Originally Posted by iris lilies View Post
    .....so I would like to know this: did you owe more taxes for the year 2018 than in previous year 2017? Less? The same? Disregard the withholding amounts.
    Cable news has been purposely confusing people on this point for months now, taking advantage of peoples inability to discern a difference between their total tax liability and payment/return expected to settle the annual bill, in order to convince people they did not get a tax break.

    I'm assuming the OP meant to say that the difference between her yearly tax with-holding and the total amount owed resulted in her having to make an unexpected payment to the Feds. What she didn't tell us is whether or not the total tax payment for the year was over or under the amount paid last year. In my case, it was under and I still received a refund. I suspect everyone on these boards also paid less total Federal taxes than they would have paid without the tax change, regardless of their final settlement debit or credit.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

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    Simpleton Alan's Avatar
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    Quote Originally Posted by Gardnr View Post
    Yes on this: did you owe more taxes for the year 2018 than in previous year 2017? X6 more!!!!!!
    WOW!
    Just so I'm clear, are you saying that if you paid an effective tax rate of 10% in 2017, you paid an effective rate of 60% in 2018?
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  8. #8
    Senior Member Tradd's Avatar
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    I got about the same back as I always do.

  9. #9
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Alan View Post
    Cable news has been purposely confusing people on this point for months now, taking advantage of peoples inability to discern a difference between their total tax liability and payment/return expected to settle the annual bill, in order to convince people they did not get a tax break.

    I'm assuming the OP meant to say that the difference between her yearly tax with-holding and the total amount owed resulted in her having to make an unexpected payment to the Feds. What she didn't tell us is whether or not the total tax payment for the year was over or under the amount paid last year. In my case, it was under and I still received a refund. I suspect everyone on these boards also paid less total Federal taxes than they would have paid without the tax change, regardless of their final settlement debit or credit.
    Yes, I am trying to get the OP to forget about withholding amount because that is just a pre-payment of taxes. The bottom line for taxes is always your total tax bill. When you pay the tax bill is not relevant to my core question.

    But all of the shouting and Trump blaming seems to be the point of this thread.

    I think the OP may not recognize that withholding tables are created by bureaucrats, career bureaucrats in the IRS, most of whom were probably working there when President Obama was in DC.

    Another tangential fact is that financial advisors recommend you withhold the smallest amount possible because why let the feds use your money? We have always done that. We always pay our taxes just about the last day they are due or at least the last week of mid-April.

  10. #10
    Simpleton Alan's Avatar
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    Quote Originally Posted by iris lilies View Post
    Another tangential fact is that financial advisors recommend you withhold the smallest amount possible because why let the feds use your money? We have always done that. We always pay our taxes just about the last day they are due or at least the last week of mid-April.
    We've always done that as well and always wrote our check on April 14th for postmark on that day. I was pleasantly surprised this year to see that my change in status from "working stiff" to "retired old geezer" in 2018 resulted in an over-payment on my part and a projected return equal to about 50% of my upcoming S/A property tax bill. Yay!
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

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