2018 NY tax return Results...

mnm99

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Oct 2, 2015
2,445
Long Island
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I'm getting my taxes done today. I'll post back if it was good or bad for me. I'm curious to see how other people made out with the changes.
 
Sucked for me in Maryland. Loss of work expense deduction was the killer.
 
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We made out better, have to pay appx $470.00 less than last year.
We have zero deductions, so we use the general deduction.
 
Won’t know until I go to the accountant in the middle of March, but I expect to pay more this year.
The limit on the SALT deduction is going to hurt. and although the market was down overall last year, capital gains were good so that will add to the damages.
 
Dropped ours off to the CPA the other day. Usually takes him a couple of weeks so we will see. We usually itemize but doubt we will be doing that this year
 
Well the results are in...So I got back around $800 in state, but owed $6200 in federal. My wife and I both claim Married 0. Last year we owed $1600. Now we made $4000 more and paid $3100 less in Federal taxes. Ar least I accounted for it and put away 5K during the year just to give back. You do the math We got screwed by this great tax plan. Such BullS***!
 
Well the results are in...So I got back around $800 in state, but owed $6200 in federal. My wife and I both claim Married 0. Last year we owed $1600. Now we made $4000 more and paid $3100 less in Federal taxes. Ar least I accounted for it and put away 5K during the year just to give back. You do the math We got screwed by this great tax plan. Such BullS***!
Don't blame Washington. I'm guessing they're finally getting what you owe them as you can no longer deduct all of your sky high state and local taxes. Seems to me to be a state taxation issue.
 
Well the results are in...So I got back around $800 in state, but owed $6200 in federal. My wife and I both claim Married 0. Last year we owed $1600. Now we made $4000 more and paid $3100 less in Federal taxes. Ar least I accounted for it and put away 5K during the year just to give back. You do the math We got screwed by this great tax plan. Such BullS***!
When you say you 'paid $3,100 less in Federal taxes' do you mean less withholding from your paycheck? That's what it sounds like to me.

If so, it looks like you came out about the same, maybe a bit better considering your income was higher by 4,000. Sounds like you just have to get your withholding straightened out.

It would be interesting if you went to Jaybeaux survey and figured your effective tax rate for this year and last. Total tax liability/taxable income
 
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When you say you 'paid $3,100 less in Federal taxes' do you mean less withholding from your paycheck? That's what it sounds like to me.

If so, it looks like you came out about the same, maybe a bit better considering your income was higher by 4,000. Sounds like you just have to get your withholding straightened out.

It would be interesting if you went to Jaybeaux survey and figured your effective tax rate for this year and last. Total tax liability/taxable income

Guys, Please don't start the "hey you guys are finally paying what you should, It's your state ect... stuff" The thread was for NEW YORK, and I was just wondering what other NEW YORK people are getting. Thanks.
Yea $3100 less taken from federal. All said and done because of the less deductions I did owe around $1800 more then last year. When I saw my paycheck go up, I put that amount away. Whoever figured out what amount should be deducted was way off. Just pisses me off when the government was touting that were getting more money in our checks now, just for me to give it all back and some. I feel bad for people that didn't put money away like I did. I am now filing single/married AND taking out additional money. Single married they will take out as much as I can so I at least break even next year. Last year I had 43K in Itemized deductions. This year was 27K.
 
If you get your taxes done by a professional and have for a few years, you can ask them to run you a multi-year comparative summary that will show your income and taxes over that period. All decent tax preparation software does that and results are sometimes surprising because you can see the true picture of what has actually changed in your taxes, not what the overstuffed politicians will spout from the podium to get elected.
 
Well the results are in...So I got back around $800 in state, but owed $6200 in federal. My wife and I both claim Married 0. Last year we owed $1600. Now we made $4000 more and paid $3100 less in Federal taxes. Ar least I accounted for it and put away 5K during the year just to give back. You do the math We got screwed by this great tax plan. Such BullS***!

You made more money, paid $3,100 less in federal taxes, and are complaining about the New Tax Law? I'm lost.

While I appreciate you sharing your experience, you haven't told us anything. If I said last year I got a $25,000 refund and this year paid $10,000, that really doesn't tell you much. That's why in my survey (other thread) I am asking people to express their total tax liability (tax paid) as a percentage of their Taxable Income (income after all deductions, exemptions, etc. The figure upon which your federal tax is based).

Jaybeaux
 
You made more money, paid $3,100 less in federal taxes, and are complaining about the New Tax Law? I'm lost.

While I appreciate you sharing your experience, you haven't told us anything. If I said last year I got a $25,000 refund and this year paid $10,000, that really doesn't tell you much. That's why in my survey (other thread) I am asking people to express their total tax liability (tax paid) as a percentage of their Taxable Income (income after all deductions, exemptions, etc. The figure upon which your federal tax is based).

Jaybeaux


And as I posted in the other tax thread,
Why does this conversation keep going back to what one will "owe" or "got back"? What did one earn? What did they pay on the earning? What percentage is that to compare with last year or other returns?

MM
 
You made more money, paid $3,100 less in federal taxes, and are complaining about the New Tax Law? I'm lost.

While I appreciate you sharing your experience, you haven't told us anything. If I said last year I got a $25,000 refund and this year paid $10,000, that really doesn't tell you much. That's why in my survey (other thread) I am asking people to express their total tax liability (tax paid) as a percentage of their Taxable Income (income after all deductions, exemptions, etc. The figure upon which your federal tax is based).

Jaybeaux

Okay, here are the numbers, I was off a bit now that I'm looking at this year and last year return. Why are you lost? Yes I made more money and paid less in federal taxes, BUT I have to give it all back and some. I didn't make out better then last year. Without getting into dollar for dollar and deductions.
Last year I owed 780 and because my federal deduction was a little short. This year My deduction was A LOT short, by $7,281. That is the difference from my witholding and what I owe. SO I put away 5K knowing I would have to give it back, But I'm still short $2,281. So as I said, Just giving it all back and some. The more you make, the more they take. Unless your a millionaire and own a business. Okay I'm done...When is boating season again!! LOL
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You made more money, paid $3,100 less in federal taxes, and are complaining about the New Tax Law? I'm lost.

While I appreciate you sharing your experience, you haven't told us anything. ...That's why in my survey (other thread) I am asking people to express their total tax liability (tax paid) as a percentage of their Taxable Income (income after all deductions, exemptions, etc. The figure upon which your federal tax is based).

Jaybeaux

And we are still lost because we didn't not have the actual data needed to find the answer.

MM
 
Absolutely. My real estate takes are $15600 alone.

Mine are 17k and I fully expect to pay more this year to the feds because of the cap on SALT deductions but as much as I’d like to blame the feds, it isn’t their fault that our state and local government and school districts are so expensive to run. It’s our own fault and the rest of the country shouldn’t have to subsidize it.
I pay taxes to a state government where the governor decided to give away free tuition in state colleges to anyone making less than about 120k or so a year, people move to from other states because of the liberal entitlement policies here and both the leaders in the state assembly and state senate have been indicted and convicted in recent years, a county where the county executive and his wife have been indicted, and a township where the town supervisor has been indicted, all for corruption. One of our Village Mayors was indicted a few years back for it, and my school district is one of more than 50 in my county. Basically, all the layers of government exist locally to provide appointed positions to political party operatives so they can supplement their income and get taxpayer provided benefit packages.
Whose fault is it that the sales tax in my county is 8.625%?
Should some poor schmuck in Idaho have to subsidize all of that? Is it a Trump’s fault that we keep electing the same local thieves and choose to have all those isolated school districts each having their own top heavy and well paid administrations?
Honestly, I’m in favor of a flat federal tax rate with zero deductions so people who live in places like we do wake up and see how much their local governments waste.
I was glad when they did away with the consumer interest deductions back in the 80’s because it pissed me off that I was subsidizing people who couldn’t handle their credit cards responsibily.
I can remember the dire warnings about how it was going to kill retail business and especially the car business because people wouldn’t spend money or buy cars anymore if they couldn’t write off the interest.
I wish they would do away with the home mortgage interest deduction too. Why the hell should I subsidize people who take monster mortgages?
 
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Guys, Please don't start the "hey you guys are finally paying what you should, It's your state ect... stuff" The thread was for NEW YORK, and I was just wondering what other NEW YORK people are getting. Thanks.
Yea $3100 less taken from federal. All said and done because of the less deductions I did owe around $1800 more then last year. When I saw my paycheck go up, I put that amount away. Whoever figured out what amount should be deducted was way off. Just pisses me off when the government was touting that were getting more money in our checks now, just for me to give it all back and some. I feel bad for people that didn't put money away like I did. I am now filing single/married AND taking out additional money. Single married they will take out as much as I can so I at least break even next year. Last year I had 43K in Itemized deductions. This year was 27K.
The withholding tables are written for average folks. NY folks pay above average state taxes so they need to account for that.
 
Why are you lost? Yes I made more money and paid less in federal taxes, BUT I have to give it all back and some.

We are lost because that makes no sense. If you make more money and pay less in federal taxes, you are in fact better off. The amount you owe or get refunded based on your withholding is meaningless. The only line that matters is Line 15 of your 1040 -- Total Tax.
 

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