mnm99
Well-Known Member
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.
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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.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
Absolutely. My real estate takes are $15600 alone.Im curious if the property tax cap had anything to do with your results since you live in NY?
I used to live in Jersey, so I know your pain. Sorry about your results. At least now you can plan for it this year and get ahead of it. Good luckAbsolutely. My real estate takes are $15600 alone.
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
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
Absolutely. My real estate takes are $15600 alone.
The withholding tables are written for average folks. NY folks pay above average state taxes so they need to account for that.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.
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.