Anyone nervous to do their taxes?

[jerseygal]

We got kicked in the teeth hard! We got back 2800 last year and owe 6900 this year with little income change. Obviously not a fan of the changes. Hopefully the next administration will reverse them.

I would take a good look to ensure that your return is correct. A change from the previous year of $9,700 makes no sense at all, unless there were very unusual events.

 

[jerseygal]

There is a NEW tax credit of $500 this year, for other dependents, for those who's dependents are 17 or older, who can't take advantage of the child tax credit of $2,000 each. That should be beneficial to many as many dependents, say for example are college students in previous years are obviously 17 or older and taxpayers couldn't apply the OLD child tax credit of $1,000. Should help many!

 

[jerseygal]

I did read an article yesterday that because of the shutdown and implementation of the new tax law, refunds will take longer this year. Additionally, the uncertainty of Feb 15th for another shutdown looms, extremely concerning. File as soon as possible!

 

[sjberg79]

We haven't officially filed yet but I did the quick run and it looks like we will owe about $1000. Previous years we always got $3000-5000 back. We live in NY so the cap on the SALT is extremely punishing to us (which was exactly their point). It looks like we will get that money back from NY at least though, so we will break even over all.

 

[kydisneyfans]

There is a NEW tax credit of $500 this year, for other dependents, for those who's dependents are 17 or older, who can't take advantage of the child tax credit of $2,000 each. That should be beneficial to many as many dependents, say for example are college students in previous years are obviously 17 or older and taxpayers couldn't apply the OLD child tax credit of $1,000. Should help many!

I may be wrong but it looks like the person claimed had to make less than $4150 in able to take the credit.

 

[jerseygal]

I may be wrong but it looks like the person claimed had to make less than $4150 in able to take the credit.

There is an exception, if your dependent is under 24 and a full time college student. There is a income limit married filing jointly, something like $400,000, extremely liberal income limitation. Many parents of college students will benefit from the new credit AND if you have dependents UNDER 17 and you phase out of the child tax credit, you can take the$500 credit instead of the $2000 child tax credit.

 

[jerseygal]

Yes, tri state residents like NJ, NY, and Ct will be hit, high real estate tax and high state income tax !

 

[shoney]

Yes, tri state residents like NJ, NY, and Ct will be hit, high real estate tax and high state income tax !

Prob true! I know last year we received a refund of $5400 from our federal taxes. Accountant ran it through again with this years tax laws and said it would only be $2k. She urged us to add additional withholding and we didn’t. I guess we will just have to wait and see.

 

[barkley]

Yes, tri state residents like NJ, NY, and Ct will be hit, high real estate tax and high state income tax !

california residents are getting hit hard too. surrounding states w/lower property taxes and low/no state income taxes are already seeing an increased influx of retirees relocating.

 

[deide71]

There is a NEW tax credit of $500 this year, for other dependents, for those who's dependents are 17 or older, who can't take advantage of the child tax credit of $2,000 each. That should be beneficial to many as many dependents, say for example are college students in previous years are obviously 17 or older and taxpayers couldn't apply the OLD child tax credit of $1,000. Should help many!

Unfortunately if you used to itemize you lost the personal exemption for those same dependents of $4000. For us that was a loss of $1200 in tax savings replaced by a $500 credit. Net loss of $700.

 

[chicagodisneyfan]

We’re paying $8,000 less in 2018 than 2017 with similar incomes.

Thank God for the new leadership!

We will owe thousands, not blessing the new leadership here.

 

[TwoMisfits]

Unfortunately if you used to itemize you lost the personal exemption for those same dependents of $4000. For us that was a loss of $1200 in tax savings replaced by a $500 credit. Net loss of $700.

That's true...but overall rates went down 3% at every level...so at $100K of taxable income, you'd save $3K...

This money was given directly into paychecks all year, so it would be no surprise to see a lower refund and yet have paid much lower taxes...

 

[Dakota731]

Correct! People need to look at total tax paid for the year compared to 2017 - not your refund! We got more in our paycheck each week so we will get a little less refund but a few thousand less paid in total taxes. Works great for us!

 

[Tiggerlover91]

I did read an article yesterday that because of the shutdown and implementation of the new tax law, refunds will take longer this year. Additionally, the uncertainty of Feb 15th for another shutdown looms, extremely concerning. File as soon as possible!

When my return was accepted on the 28th, Turbo Tax showed a refund to be to me by the 18th. On where's my refund, it says 21 days from acceptance date. That is also the 18th.

 

[Mackenzie Click-Mickelson]

When my return was accepted on the 28th, Turbo Tax showed a refund to be to me by the 18th. On where's my refund, it says 21 days from acceptance date. That is also the 18th.

We haven't done state yet but for Federal we filed Tuesday the 29th (edited: correct day of the month), it was approved Friday February 1st and the money should be deposited on Tuesday the 5th. Pending any issues that's 7 days from filing.

If you have certain deductions/credits, etc your return would be delayed for further review (and this was in effect for 2017 tax season).

 

[LovePug]

Filed last night and will be getting a nice refund. As I suspected, itemizing did not reach the standard deduction for HOH of $18,000 and I still came our over $400 more than last year's refund.

 

[Tiggerlover91]

We haven't done state yet but for Federal we filed Tuesday the 29th (edited: correct day of the month), it was approved Friday February 1st and the money should be deposited on Tuesday the 5th. Pending any issues that's 7 days from filing.

If you have certain deductions/credits, etc your return would be delayed for further review (and this was in effect for 2017 tax season).

Yes. I remember that. Luckily, we do not .However, looking at your refund deposit...maybe ours is delayed. Your refund is hitting 2 weeks before mine

 

[Mackenzie Click-Mickelson]

Yes. I remember that. Luckily, we do not .However, looking at your refund deposit...maybe ours is delayed. Your refund is hitting 2 weeks before mine

I think ours in the past has been pretty quick normally but your guess is as good as mine on timing when you have a fairly simple return lol. If ours doesn't hit on the 5th I'll chime back in to say that.

 

[BrerRabbit66]

There is a Federal Law that prohibits refunds being issued before Feb. 15th for any Federal Return claiming Earned Income Tax Credit and/or Additional Child Tax Credit. If not claiming one of these two credits, then refunds should be issued without delay.

 

[Mackenzie Click-Mickelson]

There is a Federal Law that prohibits refunds being issued before Feb. 15th for any Federal Return claiming Earned Income Tax Credit and/or Additional Child Tax Credit. If not claiming one of these two credits, then refunds should be issued without delay.

Yes this is what I was already referring to in my prior comment.