Who's getting a big tax refund this year?

[ultimatebob]

I don't like giving the US Government an interest free loan, so I adjust my withholdings regularly during the year. Once I get my final 1099's in, I'll probably have to pay between $6 to $18.

With current interest rates being what they are, I would have lost about $5 on the $500 that the government usually owes me at the end of the year. Not really a big deal.

This year I'll probably end up owing them money, so that buffer might come in handy.

 

[DietDrThunder]

With current interest rates being what they are, I would have lost about $5 on the $500 that the government usually owes me at the end of the year. Not really a big deal.

This year I'll probably end up owing them money, so that buffer might come in handy.

I should have said 1099-Misc. It is usually the natural gas royalties on 7 wells that usually mess things up because the royalties aren't consistent year to year.

 

[ImpulsE69]

The last 20 years I've been pretty good about giving just enough to where it varies between giving/getting $200 or so. This year due to the changes, I don't know...but from my calculations it doesn't appear to be some great tax refund that Trump touted.

 

[Drako]

Hoping I owe a bit, but not sure. I have not been tracking my investment income that closely this year, so ...

 

[s0me0nesmind1]

Except no, it's not.

You're not getting a gift, you're getting back your own money which you have loaned out to the government interest-free for the last year.

Walk into a bank and get presented with two different "deals"

A) Give the bank $10,000 and come back in 14 months and be able to reclaim your $10,000 without earning a penny of interest

B) Take $10,000 and then come back 14 months later and repay the $10,000 without paying a penny of interest


Which deal is better for you? Deal A is getting a tax refund and deal B is paying. It's amazing how people are so easily fooled by that "refund" word. You overpaid to begin with, it's not free money.

GTFO with your logical thought process and knowing basic math. That has no place here.

 

[s0me0nesmind1]

Since I take the standard deduction (I don't pay much in mortgage interest / property taxes), It's very easy for me to calculate my taxes as the year progresses. I calculate my withholdings to get it as close to 0 as possible....

However that can be challenging, I get a lot of 1099-INTs for bank account opening bonuses, interest, etc...

 

[Red Squirrel]

Speaking of taxes, I play a bit with the stock market. I know with crypto currency here in Canada they want you to pay tax on every transaction, is it the same way with stocks? How do I even claim that? Will the stock broker send something in the mail to give to my tax person? I mostly bought, there's only like one stock where I cashed. I have no clue when it comes to this stuff, didn't go to school for accounting.

 

[s0me0nesmind1]

Speaking of taxes, I play a bit with the stock market. I know with crypto currency here in Canada they want you to pay tax on every transaction, is it the same way with stocks? How do I even claim that? Will the stock broker send something in the mail to give to my tax person? I mostly bought, there's only like one stock where I cashed. I have no clue when it comes to this stuff, didn't go to school for accounting.

lol. I don't know how it is in Canada - but in the US you literally owe taxes on anything and everything UNLESS they say otherwise.

That means - if you make an illegal drug sale - you owe taxes on that sale. That's how they got Al Capone ... on tax evasion.

 

[FeuerFrei]

I definitely got more refunded last year due to Trump's tax break (increase in minimum deduction), buuut ... still being penalized over health care's individual mandate. ~$600. My money's being stolen to fund your health care, and you're not welcome.

 

[IronWing]

I definitely got more refunded last year due to Trump's tax break (increase in minimum deduction), buuut ... still being penalized over health care's individual mandate. ~$600. My money's being stolen to fund your health care, and you're not welcome.

And when you get really sick, my money will be stolen to cover your deadbeat ass so I call it even.

 

[Sgt. York]

I definitely got more refunded last year due to Trump's tax break (increase in minimum deduction), buuut ... still being penalized over health care's individual mandate. ~$600. My money's being stolen to fund your health care, and you're not welcome.

I could have sworn that the increased standard deduction didn't kick in until this year.

 

[s0me0nesmind1]

I could have sworn that the increased standard deduction didn't kick in until this year.

I was about to say that, but I *THINK* he is referring to it literally... as in, it's 2019 and it affected his employer withholding throughout the year of 2018. I was 10 seconds away from replying something similar until I thought about it.

 

[IronWing]

Nevermind, more careful reading on my part.

 

[child of wonder]

Early numbers show I'll be paying in around $18,000. Blech.

 

[FeuerFrei]

Sounds good for this year's taxes - can't wait

The new tax law nearly doubles the standard deduction amount. Single taxpayers will see their standard deductions jump from $6,350 for 2017 taxes to $12,000 for 2018 taxes (the ones you file in 2019). Married couples filing jointly see an increase from $12,700 to $24,000.

 

[FeuerFrei]

I could have sworn that the increased standard deduction didn't kick in until this year.

Hmmm. My searching reveals there was a puny deduction increase for last year's filing (2017 taxes). I could have sworn it was more though. Maybe it's just due to the fact that a $125 refund is 40% more than the $75 refund I would have otherwise received (or thereabouts).
**ok, reviewing the return shows a significant increase in refund last year, like I thought. $470. Still can't figure out why.

 

[Exterous]

Probably more than we expected. We had more end of the year purchases for our business than we thought we would so we'll owe less business income tax.

Hasn't even occurred to me that it's tax prep time. Don't get my W-2 for a while.

My current employer is shockingly fast about it. It takes 30 days to make a retirement withholding change but I got my W-2 on the 4th

 

[T_Yamamoto]

me no get W2 yet.

me want my money now

 

[Ackmed]

I will likely have to pay in.

NOBODY is. No open government spewing out refunds for anybody until Trump gets his wall!

This is 100% wrong. But dont mind the facts, I know you dont normally.

 

[IronWing]

me no get W2 yet.

me want my money now

We're sorry, the IRS is no longer in service. Please hang up and try to get your money again.

 

[IronWing]

This is 100% wrong. But dont mind the facts, I know you dont normally.

The Dems offered a bill to reopen the IRS so refunds could be processed in a timely manner. Mitch McConnell said, "No."

 

[Ackmed]

Why dont you do some research before posting. Then get back to the thread.

 

[IronWing]

Why dont you do some research before posting. Then get back to the thread.

Despite Trump's claims, there is no legal basis for keeping the IRS operating during Trump's shutdown. The matter is already in the courts. Go read the Anti-Deficiency Act and get back to us.

 

[Brainonska511]

Sounds good for this year's taxes - can't wait

If I remember correctly, the personal exemption vanished, so that doubling of the standard deduction isn't actually all its cracked up to be.

 

[IronWing]

If I remember correctly, the personal exemption vanished, so that doubling of the standard deduction isn't actually all its cracked up to be.

Yep, for a married couple, no dependents, the standard deduction plus exemptions was $20,800 in 2017. Still, $3200 x tax rate is better than nothing.