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Mon Feb 11, 2019, 01:35 PM

IRS Reporting 25% ***Fewer*** People Getting Tax Refund This Year

https://jimheath.tv/2019/02/americans-expecting-tax-refund-could-be-in-for-big-shock-irs-refunds-down-25/

The average tax refund check is down 8 percent ($170) this year compared to last, the IRS reported Friday, and the number of people receiving a refund so far has dropped by almost a quarter.

Early data can shift around a lot, tax experts say, but thereís reason to believe frustrations could rise as more Americans complete their tax returns.


So

Not only 25% LESS people getting ANY money

Of the 75% left

They're getting nearly 10% less than last year !!

To get the info first hand go to bottom of chart here
https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-february-1-2019


Yep, we'll see if the 5th avenue theory is going to last

92 replies, 3752 views

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Reply IRS Reporting 25% ***Fewer*** People Getting Tax Refund This Year (Original post)
uponit7771 Feb 11 OP
Dennis Donovan Feb 11 #1
uponit7771 Feb 11 #2
Dennis Donovan Feb 11 #4
oasis Feb 11 #3
Johnny2X2X Feb 11 #5
JenniferJuniper Feb 11 #7
uponit7771 Feb 11 #11
iluvtennis Feb 11 #40
uponit7771 Feb 11 #69
uponit7771 Feb 11 #8
Ms. Toad Feb 11 #62
cbdo2007 Feb 11 #13
IronLionZion Feb 11 #22
DeminPennswoods Feb 11 #65
Flaleftist Feb 11 #6
uponit7771 Feb 11 #10
DeminPennswoods Feb 11 #66
MineralMan Feb 11 #9
GoCubsGo Feb 11 #12
uponit7771 Feb 11 #17
Hortensis Feb 11 #32
LakeArenal Feb 11 #49
Hortensis Feb 11 #54
LakeArenal Feb 11 #55
Hortensis Feb 11 #61
LakeArenal Feb 11 #90
Hortensis Feb 12 #92
Achilleaze Feb 11 #14
gratuitous Feb 11 #15
rgbecker Feb 11 #16
dalton99a Feb 11 #19
doc03 Feb 11 #18
uponit7771 Feb 11 #20
Hortensis Feb 11 #31
doc03 Feb 11 #48
at140 Feb 11 #76
doc03 Feb 11 #82
at140 Feb 11 #83
Johonny Feb 11 #21
uponit7771 Feb 11 #33
malaise Feb 11 #23
Awsi Dooger Feb 11 #26
malaise Feb 11 #73
uponit7771 Feb 11 #34
malaise Feb 11 #35
IllinoisBirdWatcher Feb 11 #71
SunSeeker Feb 11 #24
DemKittyNC Feb 11 #25
Hortensis Feb 11 #27
Hortensis Feb 11 #28
groundloop Feb 11 #29
uponit7771 Feb 11 #43
stopbush Feb 11 #30
uponit7771 Feb 11 #37
wellst0nev0ter Feb 11 #36
MiniMe Feb 11 #38
Kablooie Feb 11 #39
uponit7771 Feb 11 #44
SHRED Feb 11 #41
Laura PourMeADrink Feb 11 #42
roamer65 Feb 11 #50
uponit7771 Feb 11 #59
sarcasmo Feb 11 #45
Calista241 Feb 11 #46
uponit7771 Feb 11 #58
iluvtennis Feb 11 #47
Thomas Hurt Feb 11 #51
uponit7771 Feb 11 #57
roamer65 Feb 11 #64
Keefer Feb 11 #52
uponit7771 Feb 11 #56
RhodeIslandOne Feb 11 #53
Ms. Toad Feb 11 #60
uponit7771 Feb 11 #67
Ms. Toad Feb 11 #72
The Truth Is Here Feb 11 #63
uponit7771 Feb 11 #68
The Truth Is Here Feb 11 #70
at140 Feb 11 #77
MichMan Feb 11 #74
roamer65 Feb 11 #75
at140 Feb 11 #78
MichMan Feb 11 #80
at140 Feb 11 #81
roamer65 Feb 11 #87
at140 Feb 11 #89
Clash City Rocker Feb 11 #79
uponit7771 Feb 11 #84
ecstatic Feb 11 #85
uponit7771 Feb 11 #86
roamer65 Feb 11 #88
Danascot Feb 11 #91

Response to uponit7771 (Original post)

Mon Feb 11, 2019, 01:39 PM

1. All of those Trump supporters who danced around me a year ago...

...saying their guy got them a bigger refund...

Well, a year later, how do you feel? I won't call you stupid since your brains are already screaming that at you.

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Response to Dennis Donovan (Reply #1)

Mon Feb 11, 2019, 01:41 PM

2. +1, there's not a mixed aisle forum I've lurked where there aren't MAGA Cultist screaming

... as we type.

They are so brain dead, wtf did they expect !?!?

The guy whos pockets got bent by 25 million for running a fake college is going to look out for them ?!?!?

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Response to uponit7771 (Reply #2)

Mon Feb 11, 2019, 01:43 PM

4. Low-information voters. We were warned...

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 01:41 PM

3. Deplorables at the bottom get less, but they "Made Trump Great Again".

Dumbass mofos.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 01:44 PM

5. What happened?

Whoa. That is a huge amount

I don't fully get why, tax rates went down, the standard deduction went up. I do know that incorrect withholding tables were sent to some employers, but that would effect so many filers. At the end of the day, for most people, they let their employers decide the withholding amount as we usually just claim what we always do.

I make pretty good money, I kept my claim at 0, I noticed a pretty big chunk extra in my pay checks starting in January of 2018. I haven't done my taxes yet, have no idea what to expect. I realize that some deductions went down, but the standard deduction went way up, my question is specifically, what went wrong?

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Response to Johnny2X2X (Reply #5)

Mon Feb 11, 2019, 01:49 PM

7. My state and property taxes

are waaayyy more than 10k, which is the max deduction this year.

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Response to JenniferJuniper (Reply #7)

Mon Feb 11, 2019, 01:53 PM

11. +1, We moved last year, no deduction for expenses and had to claim any help from company

... as income.

REALLY screwed up

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Response to JenniferJuniper (Reply #7)

Mon Feb 11, 2019, 04:15 PM

40. Same here. And found out that $10K applies even if you own 2 properties.

I have friend who has main home and a small second vacation cabin in California - the $10K applies to him.

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Response to iluvtennis (Reply #40)

Mon Feb 11, 2019, 05:34 PM

69. Yes, we found that out the hard way too !! We move to another state ... getting bent

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Response to Johnny2X2X (Reply #5)

Mon Feb 11, 2019, 01:49 PM

8. Bottom line the ... MIDDLE CLASS TAX REFUNDS ... were shifted from end of year to payroll

... and the middle class didn't get a tax "cut"

The rich top line went down ... so they got a tax "cut"

Since there was only a shift of realization of funds to payroll (meaning people got their money spread over 2018) then of course when it comes to the end of the year there's nothing there.

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Response to uponit7771 (Reply #8)

Mon Feb 11, 2019, 05:12 PM

62. That's largely my understanding of what is happening -

but it is impossible to tell from the data in the chart whether there is increased tax liability - or just a shift in when it is paid.

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Response to Johnny2X2X (Reply #5)

Mon Feb 11, 2019, 01:59 PM

13. Just depends on the situation...the standard deduction is much more

than my previous itemized deduction, and they doubled the child income tax credit from $1000 to $2000 per kid, so I had a $0 tax amount this year and got back my full refund, which was quite a bit.

All of these aggregated measures are hard because they leave out so much information.

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Response to Johnny2X2X (Reply #5)

Mon Feb 11, 2019, 03:12 PM

22. The IRS adjusted withholding tables based on new rates and deductions

for the impacted workers, it's mainly due to the larger standard deduction, so IRS withheld less. These workers would have noticed higher paychecks but maybe didn't expect the lower refund, or were even counting on that refund money to pay for big bills. This is common for students who work, also people on hourly rates whose hours vary, or if they work multiple part time jobs.

Also impacted are people who deduct business expenses or moving expenses or home equity loans, but lost those deductions during the tax reform.

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Response to Johnny2X2X (Reply #5)

Mon Feb 11, 2019, 05:23 PM

65. Personal exemptions went away

The increase in the standard deduction for a single filer went from $6,350 to $12,000, and increase of $5,650. But that was offset by the loss of the personal exemption of $4,050, meaning a net cut of $1,600. Since the personal exemption and standard deduction would have increased by the CPI (2.8%), iirc, they would have been roughly $6,530 and $4,160, for a total of about $11,000 making the standard deduction increase closer to $1,000.

For anyone who had even modest investments, most mutual funds sold high while the market was hitting record highs. This generated higher than average capital gains income.

For those with state/local taxes over $10,000, the excess was not deductible.

It seems the insertion of a new rate of 12% between 10% and 15% marginal rates did not help reduce taxes that much.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 01:46 PM

6. Aren't the people expecting a return usually the first to file?

I don't think that 25% will go down much.

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Response to Flaleftist (Reply #6)

Mon Feb 11, 2019, 01:52 PM

10. Right, only 40% have filed by now but that 40% usually are the biggest refund recepients.

... even if the number is 12.5% that's still a hit to the economy seeing a lot of people put the money back into circulation.

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Response to uponit7771 (Reply #10)

Mon Feb 11, 2019, 05:26 PM

66. Usually file as soon as all my forms arrive

Haven't gotten a refund in a few years.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 01:51 PM

9. And I hope they're all Trump voters.

Let them see what their "hero" did to them, firsthand.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 01:58 PM

12. ***Fewer***

Not "Less." Sorry. Just a peeve of mine.

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Response to GoCubsGo (Reply #12)

Mon Feb 11, 2019, 02:14 PM

17. thx

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Response to GoCubsGo (Reply #12)

Mon Feb 11, 2019, 03:46 PM

32. :) Tweaked my anal trait as well. Oh, well.

For anyone who's saying twf/huh?, "few(er)" is more appropriate for what can be counted, "less" for what is better measured in volumes. Fewer elephants. Less water, unless it's fewer gallons.

As for "who cares?" It's just a burden some of us bear (and the OP's kind fix is appreciated).

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Response to Hortensis (Reply #32)

Mon Feb 11, 2019, 04:38 PM

49. I, too, have the same reaction..

Also number vs amount. Canít help it.

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Response to LakeArenal (Reply #49)

Mon Feb 11, 2019, 04:59 PM

54. "Can't help it." Wonder if there's a self-help group.

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Response to Hortensis (Reply #54)

Mon Feb 11, 2019, 05:02 PM

55. Oh, I have been called a Grammar Nazi.

In light of recent events, an in fortunate label indeed!!

Grammar Perfectionist donít work none neither. 😉

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Response to LakeArenal (Reply #55)

Mon Feb 11, 2019, 05:10 PM

61. If you must, I'd go for educator or maybe just

well meaning. Best watch for incoming, though, and maybe wear a heavy coat if not naturally thick skinned like me.




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Response to Hortensis (Reply #61)

Mon Feb 11, 2019, 08:14 PM

90. I'll only talk grammar generally on DU.

Never call out anyone specifically.

Not fair when someone is feeling emotional about a topic and is making a point.

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Response to LakeArenal (Reply #90)

Tue Feb 12, 2019, 03:44 AM

92. :)

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 02:00 PM

14. republicans lied to American taxpayers, and is now pissing on them

while the fatcat rich republicans enjoy their REPUBLICAN TAX CUTS FOR THE WEALTHY

REPUBLICAN MESSAGE for working Americans:

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 02:02 PM

15. We did okay

But then again, we outstripped the standard deduction by several thousand dollars thanks to property tax on our residence and charitable donations (totaling more than 1/3 of our gross income). Not everyone can or wants to do that.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 02:02 PM

16. Now we know why Paul Ryan quit.

His big happy smile wasn't going to help him overcome this.

Hopefully this will be the end of Mitch too.

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Response to rgbecker (Reply #16)

Mon Feb 11, 2019, 02:30 PM

19. +1. Ryan and McConnell were the architects of the Great American Tax Heist

aka the tax scam

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 02:26 PM

18. I got an $11 refund last year, this year I owe

Last edited Mon Feb 11, 2019, 04:30 PM - Edit history (1)

$332. My opinion they lowered the withholding to fool us into thinking we got a bigger tax cut. Another Don the Con job.

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Response to doc03 (Reply #18)

Mon Feb 11, 2019, 02:34 PM

20. I wish I only owed 332

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Response to doc03 (Reply #18)

Mon Feb 11, 2019, 03:42 PM

31. Your opinion is shared by all honest analysts.

That is of course what they did.

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Response to Hortensis (Reply #31)

Mon Feb 11, 2019, 04:36 PM

48. Yes I am retired and estimate my quarterly tax, I based my withholding on my January

pension check. In February they cut my withholding which caused me to under pay for the year.
As Elizabeth Warren said "Trump is nothing but a cheap two bit con man."

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Response to doc03 (Reply #18)

Mon Feb 11, 2019, 06:44 PM

76. Check your tax rates for this year and last year

Tax rate = Calculated total tax / Adjusted Gross Income.

I have not done my tax yet but curious how others are making out on taxes this year versus last year.
Refund is a meaningless number, all that number tells you is if your tax withholding each paycheck was too much or too little. Your calculated total tax owed has no direct relationship with refund size.

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Response to at140 (Reply #76)

Mon Feb 11, 2019, 07:20 PM

82. My taxes actually went down about $700 but by lowering

the withholding rate it gave me an extra $332 in income that I had to pay back. Also the government had my $332 interest free for the year. I paid around $5200 in 2017 and $4500 in 2018. I always estimate my tax so I about break even, I don't believe in overpaying and letting the government use my money for nothing.

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Response to doc03 (Reply #82)

Mon Feb 11, 2019, 07:32 PM

83. You are doing it right! Glad you saved $700 in taxes

I am much like you, I do not wish to give a interest free loan during the year and then IRS pays the loan back in form of a refund.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 03:10 PM

21. All this is money that pumped the economy last year

but will be pulled out of the economy this year. Fewer refunds, less back, more that have to pay, is all money not spent into this years economy. Meanwhile the billionaires getting cuts won't spend any more than usual. It's a terrible economic plan.

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Response to Johonny (Reply #21)

Mon Feb 11, 2019, 03:47 PM

33. +1, yep ... when the economy needs it lest

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 03:12 PM

23. Every Democrat who comes on TV or radio must call ReTHUGs on their lies re

tax benefits

This is HUGE!

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Response to malaise (Reply #23)

Mon Feb 11, 2019, 03:36 PM

26. Wait for the final numbers then pound it with commercials and emphasis

Still too early now

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Response to Awsi Dooger (Reply #26)

Mon Feb 11, 2019, 06:09 PM

73. I disagree

NOW NOW NOW!! Cite the IRS data

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Response to malaise (Reply #23)

Mon Feb 11, 2019, 03:48 PM

34. +1, it is political malpractice not to mention what the IRS is reporting right now. that's a LOT of

... people not getting a refund this year compared to next year

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Response to uponit7771 (Reply #34)

Mon Feb 11, 2019, 03:50 PM

35. 100% correct

In fact - this should be all ovver the Twitterverse already

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Response to malaise (Reply #23)

Mon Feb 11, 2019, 05:56 PM

71. "Repeal and Replace the Repugnant Tax SCAM"

We should develop a consistent repetitive message. Pound it home to the uninformed voter.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 03:19 PM

24. K & R for exposure.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 03:32 PM

25. ...

The @DNC needs to run with this big time.

This one issue alone could easily put any front runner Dem Candidate in the White House come 2020.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 03:38 PM

27. :). nt

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 03:40 PM

28. :). nt



Could only wish they were all either nonvoters, third-party voters, or Republican voters.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 03:40 PM

29. Not only do I owe the IRS for the first time ever, my net tax bill went up.

The net total taxes I pay went up by over $2000 this year, plus I owe the IRS over $1200 when I normally get a nice refund. Bottom line - I got screwed in order that the $Billionaire$ could pay less (not to mention that the budget deficit is exploding). I've already emailed my repub congress critters expressing my discontent with their tax scam.

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Response to groundloop (Reply #29)

Mon Feb 11, 2019, 04:22 PM

43. +1, we got bent and withheld as much as possible.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 03:41 PM

30. I just did a quick overview of our taxes.

Looks like we will owe over $4000 to the Feds. Last year our refund was around $3000.

The big change? I had a fulltime job from Jan thru July this year where I grossed $38000. Only $161 was withheld in Fed taxes. I assume that was based on the new tables. That, or our accountant screwed up royally.

The other differences: after I lost that job, I was paid $9000 in unemployment benefits. No taxes taken out and fully taxable. Also, my wife and I received around $17,000 in SS benefits, which is taxable at 50%.

Iím counting on my tax guy to do his usual miracle. Heís the best $200 I spend each year.

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Response to stopbush (Reply #30)

Mon Feb 11, 2019, 03:52 PM

37. +1, the tax folk have to work magic this year

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 03:52 PM

36. Whomp Whomp. Thoughts and Prayers

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 03:54 PM

38. Once again, refunds have more to do with withholding than anything else

They messed with the withholding tables so people would see a bigger check. What was withheld was too little, you owe the tax you owe at the end of the year. This whole thing was a bait and switch. W tried it with the same results.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 04:09 PM

39. Ah yes but how many of the top 1% get MORE back?

My bet is 100%

If so the new tax plan is a tremendous success!
Hooray!

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Response to Kablooie (Reply #39)

Mon Feb 11, 2019, 04:25 PM

44. 100% of the top 1% got a tax CUT .. .where the middle income bracket breaks shifted lower

... and the upper 33% got bent hard.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 04:18 PM

41. They already got a small break

On their paychecks.
Remember them bragging about that?

Well, why then are they surprised when they aren't getting it at the end of the year?

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 04:22 PM

42. Totally anecdotal - but I read about 50 or so posts to Yahoo's story on this.

Based on the vast majority of people, they got less of a refund because they changed their withholding (dialed it down). Obviously, people don't realize that total taxes paid is what matters.

Just a wild guess, but perhaps with fewer itemization tax payers - the withholding charts match outcome better?

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Response to Laura PourMeADrink (Reply #42)

Mon Feb 11, 2019, 04:40 PM

50. You are correct in your assumption.

Single w/no kids and for years have taken the standard deduction. Nearly same income as last year and did not change my withholding. Overall tax reduction for me was about 22 percent from tax year 2017 to tax year 2018. Where I usually owe about $50 now I get a refund of about $200. This tax scam is very much against working families.

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Response to roamer65 (Reply #50)

Mon Feb 11, 2019, 05:07 PM

59. +1, I have more than 2 children and we're getting bent. My SIL is cartwheeling in cash now ...

... which seems like a regressive tax policy but prolly not to her .. lol

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 04:29 PM

45. #TrumpTaxScam

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 04:30 PM

46. I wonder how much of that is due to the State and local tax deduction cap?

Will be interesting to see this develop.

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Response to Calista241 (Reply #46)

Mon Feb 11, 2019, 05:06 PM

58. It's not just the SALT cap, before we could take the standard and itemized now its just

... itemized with a cap on SALTs

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 04:32 PM

47. Joy Reid: Those tax cuts for corps & billionaires aren't just going to pay for themselves.


@JoyAnnReid
8h8 hours ago
More Joy Reid Retweeted Kyle Griffin
Those tax cuts for corporations and billionaires arenít just going to pay for themselves, folks.



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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 04:46 PM

51. I don't know if I am an outlier here...

but I got a modest bump every paycheck and ended up with an equally modest refund about what I usually get.

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Response to Thomas Hurt (Reply #51)

Mon Feb 11, 2019, 05:05 PM

57. Single with no kids made out like bandits, no incentives to buy houses though. Wonder what

... will happen to house buying among the single or 3 person family

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Response to uponit7771 (Reply #57)

Mon Feb 11, 2019, 05:21 PM

64. Not entirely correct.

Not all single folks made out like "bandits". If you are single and own a decent house in NY, CA, NJ or New England, you definitely will take a hit on the reduced SALT deduction. Remember that CA's top income tax rate is about 13 pct, for example. If I lived in CA instead of MI, I would be getting royally screwed, too.

So...if you are single, no kids, usually file standard deduction and don't live in a high SALT state...you may see the elimination of what I have called for years the "no child penalty", or the "baby subsidy".

*IF* the goal was to eliminate personal deductions for children, it should have been done slowly over time. In other words, existing decuctions should have stayed in place until the children reach 18. Children born after a certain date should then not be eligible. What the tax scamming Repukes have done is to throw a monkey wrench into the finances of millions of working families. That will result in the death of their "political party".

People need to get the gravity of what has truly happened. The Repuke party has messed around with the transfer payment compact between the states. There WILL be serious, long term repercussions with the damage they have done to it.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 04:55 PM

52. Because they didn't adjust their W4.

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Response to Keefer (Reply #52)

Mon Feb 11, 2019, 05:03 PM

56. They shouldn't have had to, the IRS had no business adjusting down instead of keeping the

... withholding amount the same.

That would force hundreds of millions of people to adjust to the correct amounts to keep par from last year.

Also, the 1%-ers got a tax ... CUT ... if the middle got a tax cut too then there wouldn't need to be an adjustment

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 04:57 PM

53. I got a smaller refund than last year.

Technically I got a raise, so that may have something to do with it.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 05:10 PM

60. The data is meaningless without the actual tax liability.

Refunds are only tallying up on tax day how accurate the withholding during the year was.

I would be quite peased to owe $500 for 2018, as opposed to a refund for 2017, if my tax bill went from $5,000 for 2017 to $4,000 for 2018 (just to pull numbers out of the air). Even if I'm paying a bill, my total out of pocket was $1,000 less for taxes.

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Response to Ms. Toad (Reply #60)

Mon Feb 11, 2019, 05:26 PM

67. 25% of the refund population didn't just screw up their taxes, Red Don's middle class tax increase

... is the cause of 25% of refund population from 2018 getting blanks this year.

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Response to uponit7771 (Reply #67)

Mon Feb 11, 2019, 06:03 PM

72. Not necessarily.

It isn't a matter of "screw{ing} up their taxes."

The withholding tables were changed in a sleight of hand to make it seem as if you got a pay raise.

If less money is taken out (to make it appear you got a raise), and nothing changed in the taxes you owed, you could easily go from a refund to owing - without doing anything at all

Refunds merely balance what you have paid during the year against your end of the year tax bill. So if the government changes what you paid during the year (to make it seem as if you got a raise), even if you owe the exact same amount of taxes, you will get less money back - or even owe.

E.g. If your 2017 tax bill was $1460, and your boss withheld $50/week, you would have paid $2600, and be owed a refund of $1140.

If your 2018 tax bill is also $1460, but the government changed the withholding tables to make it seem like you got a $30/week raise (i.e. they only withheld $20/week), you would have paid $1040 - not enough, so for the exact same tax bill ($1460), with no change on your part (i.e. you didn't screw up), you would owe $420.

Without knowing what the respective tax bills were, the change in refund amounts is totally meaningless.

Note: I'm not saying the taxes owed didn't change - just that the IRS is not providing enough data to determine if it is a real change in taxes owed - or just the sleight of hand backfiring.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 05:13 PM

63. Im getting the same refund I received last year.

Unchanged. Very odd.

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Response to The Truth Is Here (Reply #63)

Mon Feb 11, 2019, 05:28 PM

68. My SIL is swimming in cash, she's single no home, kids and decent job. We have more than 2 kids

... and very reduced deductions.

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Response to uponit7771 (Reply #68)

Mon Feb 11, 2019, 05:39 PM

70. Maybe thats it.

My family and I live with my mom. I pay no rent, but do services for her in exchange for rent. We get 3 rooms and 2 bathrooms in the basement.

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Response to uponit7771 (Reply #68)

Mon Feb 11, 2019, 06:51 PM

77. Some are confusing tax owed with size of refund!

Only thing Refund size tells you if you had too much or too little tax withheld each paycheck.

If you had too much withheld, you get a bigger refund. But this is a stupid because all it means is you gave IRS interest free loan.

Smart thing to do is minimum amount required by law withheld each paycheck. The amount withheld should be enough so you do not get underpayment penalty. With this method, the IRS is giving you an interest free loan!

Note that total tax you owe IRS is exactly same regardless of size of tax withheld each paycheck.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 06:31 PM

74. My taxes went down significantly with the new tax laws

Married with no dependents and a house nearly paid off. Haven't itemized any deductions for 10 years as they never came close to the standard deduction.

My taxes went down approx. $2200 under the plan. Looking forward to not to have to write a big check to the IRS like I have had to do for the last several years.

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Response to MichMan (Reply #74)

Mon Feb 11, 2019, 06:38 PM

75. Similar situation to mine.

Except you are married. If you and I lived in NY or CA it would be completely different because we would have been itemizing deductions due to the higher income and property taxes.

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Response to MichMan (Reply #74)

Mon Feb 11, 2019, 06:54 PM

78. $2200 less tax this year compared to last year?

Are you sure you had about the same income in both years?

I have not done my taxes yet, but my situation is similar to yours.
Standard deduction, no dependents. Hoping for lower tax this year.

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Response to at140 (Reply #78)

Mon Feb 11, 2019, 07:05 PM

80. Haven't filed yet, but no change in income

I used this link, hoping it is correct

http://taxplancalculator.com/

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Response to MichMan (Reply #80)

Mon Feb 11, 2019, 07:20 PM

81. I will let you know my results

I can not compute before February 18, that is when I get all the tax forms from broker.
I am sure I will owe on April 15th, because I always have minimum amounts withheld.

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Response to at140 (Reply #78)

Mon Feb 11, 2019, 08:01 PM

87. I had between a $3000 and $4000 tax cut.

Nearly same situation from 2017 to 2018.

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Response to roamer65 (Reply #87)

Mon Feb 11, 2019, 08:09 PM

89. Good for you! I hope to get some tax cut as well when I figure taxes

Don't have all the tax documents yet, I am told last one will be available on Feb 18th.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 07:05 PM

79. It also shows 25% fewer tax returns processed, so this may be a wash

Our withholding was considerably less than last year, but we also moved to a different state and our income went up.

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Response to Clash City Rocker (Reply #79)

Mon Feb 11, 2019, 07:34 PM

84. It's not end of season yet so the number of people not get a deduction this year could go up, we'll

... see

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 07:37 PM

85. Something weird I'm noticing

People who made the same or less are paying MORE taxes. My salary increased $7000, and so far, CreditKarma shows a federal refund of over 1k, and I haven't put in all my deductions yet (although I doubt they'll total more than the standard deduction). I wish I could make an apples to apples comparison because last year, I got my highest refund ever--almost 8 grand. I had a lot of deductions last year though.

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Response to ecstatic (Reply #85)

Mon Feb 11, 2019, 07:44 PM

86. Red Don took away some big time federal deductions from last year. SALTs are were everyone is gettin

... bent, the upper 33% of middle incomes are getting bent the hardest especially if you have more than 4 people in the family.

Of course as close to apples to apples as last year as one can get in comparison

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Response to uponit7771 (Reply #86)

Mon Feb 11, 2019, 08:03 PM

88. SALT limitation and loss of personal deductions.

The 2 are a toxic mix for working families taxes.

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Response to uponit7771 (Original post)

Mon Feb 11, 2019, 10:18 PM

91. Maybe a series of ads saying something like

"Sheldon Adelson, who contributed millions to the trump and GOP campaigns, got tax breaks worth $700 million to him and his companies in the GOP tax bill. How big was your tax refund this year?".

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