02-13-2019, 06:12 PM
We are coming out OK, owe a little Fed, get some back on state. But it is only because I did the IRS calculator twice last year. When I saw my first paycheck, I called BS on the reduced taxes. We had a couple times where weren't good about updating our exemptions regarding the younger daughter and her living with us, then not, then living with us, etc. and got burned at tax time so I've tried to be better about using that tool. I had to add a fair amount of extra withholding at the beginning, very close to the reduced tax amount in the paycheck..go figure. I checked again in July and we were pretty much on target.
The tax brackets dropped, but we needed to be ready to give up about 17K in exemptions (personal, children, and SALT). I ran this years income and deductions against previous year tax brackets and such to compare. For the same income and deductions, the taxable amount is much higher this year, but, it was taxed at a lower enough rate that it was a whopping $1500 difference. In other words, if no tax changes were made, we would have owed $1500 more (total, not "on tax day") this year than we paid this year.
We would have owed a few thousand of our total liability April 15 if we had not adjusted at the beginning of the year.
Also been using Turbo Tax for several years after H&R screwed up two years in a row. They covered the difference, but just lost confidence.
The tax brackets dropped, but we needed to be ready to give up about 17K in exemptions (personal, children, and SALT). I ran this years income and deductions against previous year tax brackets and such to compare. For the same income and deductions, the taxable amount is much higher this year, but, it was taxed at a lower enough rate that it was a whopping $1500 difference. In other words, if no tax changes were made, we would have owed $1500 more (total, not "on tax day") this year than we paid this year.
We would have owed a few thousand of our total liability April 15 if we had not adjusted at the beginning of the year.
Also been using Turbo Tax for several years after H&R screwed up two years in a row. They covered the difference, but just lost confidence.
Current: 1985 LS1 Corvette | 2014 328i Wagon F31
Former: 2010 Ford Edge | 1999 Integra GS
I have a little bit of a rub near lock but if you are turned to lock on a track there are other problems already...
Former: 2010 Ford Edge | 1999 Integra GS
I have a little bit of a rub near lock but if you are turned to lock on a track there are other problems already...