@Kidsandliz Actually that has been a nightmare for my doing my mom’s taxes. Even though she had a net wash on her mutual fund worth from 1/1-12/31/19 she had a HUGE capital gains hit. Plus since it hit late in the year I couldn’t plan for the estimated taxes so she got penalized… sigh
@Barney The person who changed the tax forms this year had no clue what he was doing. The forms haven’t changed that much since 1971 when I did my first 1040. But given that Trump was the guiding force behind this-not surprising that the unqualified idiots that he hired screwed this up.
@Felton10 thanks… that’s what my TurboTax software did for me. The only problem was my father passed away and it was hard to get the numbers for what his SSI /Medicare proportions were, plus Mom’s changed due to that fact. I kind of ‘punted’ the numbers. Guess we will see how THAT goes!
I’m still shocked people don’t use the IRS withholding calculator. Especially with how much withholding was fucked with this year and how much it was in the news. Plug your shit in and adjust during the year. I was exactly on and check it a couple times a year. If you get a refund you were just overpaying/giving them a free loan.
@unksol I agree, but for my (retired/widowed) Mom’s taxes for instance I have really no idea what her capitol gains on her Wells Fargo Funds will be until the end of the year. Hate to have money held back then have the CG be less than I estimated…
@narfcake At least I had those paid back in February. We get slammed this time of year. Our company liability insurance is also due. That got paid. But these taxes, I thought we’d be okay because of his medical last year (all the radiation treatments) but nope.
@Gypsigirl213@Kidsandliz As long as you find someone in the states to accept your Meh packages for you (thanks sis!), I say you should totally take off to the great white north! We don’t claim to be full, eh?
@curtise Hey I even have a social insurance number from working (legally) in Canada. No idea where it is though. It’s been years. I never filed Canadian taxes either. I just let them keep what they took (no idea if I was owed a refund either - I didn’t earn much as the job I had was exempt from minimum wage as it also offered room and board) and skipped back over the border. Statue of limitations is long gone by now
I’m relieved, I didn’t owe anything. So many people I know who are used to getting thousands back each year ended up having to pay thousands instead. I got money back, just not as much as normal, so I’m relatively happy as I was convinced I’d be paying out my nose like most of my peers.
The meek paying the price for the rich getting their massive tax cuts.
@OnionSoup You can’t just look at whether you got a refund or owe at the end of the year. You need to look at your effective tax rate.
The withholding tables were changed this year for the worse. In general, people were taking home more money from each paycheck, to the point that even those with a lower total tax bill would still see a smaller refund or even end up owing.
Most taxpayers payed less income tax this year. Another large group paid about the same. I think it’s looking like it’s mostly upper-middle class people in states with higher local taxes that are paying more. Maybe you’re in that group, but just looking at your refund or balance owed won’t tell you that.
@OnionSoup Again, are you basing that on calculating your effective tax rate, or are you basing that on the size of your refund? Because your first post looks like you are only looking at the latter, but that number is essentially meaningless, except that it hurts in the moment if you aren’t expecting it.
What were your effective tax rates for 2017 versus 2018?
This is an old analysis, but their updated numbers aren’t a whole lot different: https://www.taxpolicycenter.org/feature/analysis-tax-cuts-and-jobs-act
Now they say 65% of filers paid less, about 6% paid more, and the rest paid about the same. I can’t find a direct article for those numbers at the moment, though. Only indirect sources, like the New York Times.
And, for what it’s worth, I am not defending or attacking the changes in tax code. I’m just in favor of math.
@Limewater I’m not going to post my tax information online, I’m under audit…
… But yes, I ended up paying more this year than last year. I paid a little less each paycheque when the new system switched over, but got back a lot less for refund at the end. I’m glad I never changed by deductions because, having it set too high is what saved me.
@Barney I like stamps and mailing things. I also don’t want to pay more than the price of a stamp to file my taxes. And I’m not ecstatic about filing stuff electronically, having had my credit cards compromised a few times online.
@Barney@heartny I call BS. No one likes stamps or mailing things and e-filing is pretty much free. Now why we have to efile thorough companies instead of the IRS directly. Or why we even have to file in the first place… Or why they don’t collect on those who cheat… Lots of other issues to worry about.
@narfcake@unksol Unsurprising that the highest bidder gets to make the laws in this country. Who knew that there’s a much a easier way to get a tax bill, but it’s lobbyists that pay to prevent it. Where shall I expat to?
@OldCatLady I totally understand. Mom “filed” her tax paperwork places I couldn’t locate so I had to recreate a bunch of it, which was complicated by the death of my dad last year as well… Plus my POA isn’t any good for the trust stuff she has (what a giant PITA that’s been).
Next year I plan to either intercept or have her keep all her mail for me to review starting in Dec. She is starting to show signs of dementia, but I don’t want to totally take over her life if I don’t have to…
My wife does our taxes using H&R Block software (EE degree - she likes numbers and math). We e-filed federal and mailed state on Friday. I didn’t get around to updating my W-4 for 2018, so we owed a pretty big chunk this year. Fortunately we had the resources to cover it, but Ouch!
@unksol i noticed that & thought maybe it was just a display glitch, but i guess meh bot ate it somehow. i have a note in my notepad app on my phone that’s nothing but ascii emojis so i copypasted it…not possible to paste everything but one character in the middle heh. it was there before i hit post…but here we are ᕕ(ᐛ)ᕗ
@Barney@unksol yeah, i knew they had one but i couldn’t remember it off hand. (not bc it’s hard to remember but bc i use other sites that also have simple commands for such things and i mix them up. so it’s quicker to copy paste than look it up )