Anyone nervous to do their taxes?

[BrerRabbit66]

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

No problem, I just took it a step further and listed the specific credits that cause the delay.

 

[Mackenzie Click-Mickelson]

No problem, I just took it a step further and listed the specific credits that cause the delay.

Oh no worries was more or less clarifying that that was the credits/deductions thing I had mentioned in my other comment

 

[runwad]

Shew just got done. I was nervous but everything turned out fine. Our refund is a little smaller but only because we can no longer get the AOTC for our oldest, already claimed 4 years, so we got the LLC. I'll take it.

The higher single deduction really helped my kids get more of their money back too. So it was a win all the way around in the Runwad Family today

 

[LilyWDW]

Well, did mine this morning. Getting about a $300 refund between fed and state. I am happy with that since my aim is to get as close to 0 as possible, but this was my first year at this job for the whole year. So seems I did pretty well.

 

[Southernmiss]

2 in college this year gave us a boost and we don't owe! First time in a few years. Pleasantly surprised. But that refund will go right back into college tuition due in March.

 

[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).

I know I'm quoting your post again, but I JUST checked our refund status. (10:38pm on Saturday Feb. 2nd) Supposed to be in our bank by February 6th!! WOO HOO!!! SO EXCITED!!!

 

[Mackenzie Click-Mickelson]

I know I'm quoting your post again, but I JUST checked our refund status. (10:38pm on Saturday Feb. 2nd) Supposed to be in our bank by February 6th!! WOO HOO!!! SO EXCITED!!!

Yay! That's def. good news!

 

[knewton64]

QUESTION -


on the new 1040, what line do i out my taxes that I owe???

Yes, I understand how much taxes I have paid...... and yes, i see what column to put that figure on....

yes, i see how much taxes i owe........


yes, i can subtract the two and input the remaining figure into the correct column....

but......

what column do i use to input the figure of how much i owe for taxes????????? ie - using the tax chart


i am a former 1040ez user and dont see that column on the 1040??

 

[Soldier's*Sweeties]

2 in college this year gave us a boost and we don't owe! First time in a few years. Pleasantly surprised. But that refund will go right back into college tuition due in March.

This was the first year I was able to take advantage of the education credit. I’m pretty happy about it.

 

[AlohaNow]

QUESTION -

on the new 1040, what line do i out my taxes that I owe???

what column do i use to input the figure of how much i owe for taxes????????? ie - using the tax chart

i am a former 1040ez user and dont see that column on the 1040??

Line 11. And on the tax chart, of the four filing categories offered, you choose yours and then follow down to your amount on line 10 'taxable income'. Hope this helps!

 

[4kids4karen]

Very HAPPY this year. Last year we did not get any child tax credit but our extra witholdings save us from having to pay in. This year we got it four our 15 and 17 year old (he just turned 17 in January). If it was not for the child tax credit, we would have owed so it looks like we will be increasing our withholdings yet again. We live in Florida so no state taxes. Both DH and I received annual raises and bonuses, so income slightly higher than last year. We also itemized medical last year as we had a lot of out-of-pocket expenses for DH, Our 2017 refund was $2765. Getting back $3211 using standard deductions for 2018. Thank goodness for that Child Tax Credit law change. LOL.

 

[runwad]

Very HAPPY this year. Last year we did not get any child tax credit but our extra witholdings save us from having to pay in. This year we got it four our 15 and 17 year old (he just turned 17 in January). If it was not for the child tax credit, we would have owed so it looks like we will be increasing our withholdings yet again.

edit: Never mind I was thinking the $500 I got for my kids.

 

[Mackenzie Click-Mickelson]

I know I'm quoting your post again, but I JUST checked our refund status. (10:38pm on Saturday Feb. 2nd) Supposed to be in our bank by February 6th!! WOO HOO!!! SO EXCITED!!!

Just wanted to come back in and say our federal refund did indeed get deposited today

So hopefully yours is still on track to be deposited tomorrow

 

[Tiggerlover91]

Just wanted to come back in and say our federal refund did indeed get deposited today

So hopefully yours is still on track to be deposited tomorrow

Woo Hoo!!!! Ours still says to be deposited on the 6th! Crossing fingers!

 

[LBHouse]

Filed ours yesterday. $10k+ coming.

I'll add my support for finally getting some reasonable leadership.

 

[runwad]

^ Wow you win. Be sure to fund your IRA with your windfall, your future self will thank you

 

[irt9206]

Looks like we'll be getting back about 4.5k less. But we payed 3.5k less in taxes and made 3k more than last year. Looks like close to a wash.

 

[AlohaNow]

I received my final needed scrap of paper in yesterday’s mail so my numbers are complete! Our overall tax rate did in fact go down. I keep a year-over-year column that automatically populates in Excel, so that was easy to see. I always try to keep as close to zero as possible as far as owing/paying, and the mid-year tax analysis that I do in my spreadsheet certainly kept us on track. I always take our final June paychecks and see where we are in order to make any necessary adjustments to our tax plan. For federal we will get back just under $300, so I was pretty darn close. This is not passing judgement on anyone who likes the big refund! Last year’s refund turned into a cruise deposit, so that worked out well for us. I get it. I’m just a big tax nerd.

 

[kamik86]

My overall tax rate went down 2%. Without kids, neither of us in school, and with our mortgage and student loans being pretty small we end up not even itemizing our deductions so many things don't end up effecting us much.

Refund is similar in size to last year (try to keep it small but without having to owe) and have plans for where I will put it when it comes in.

 

[Dancind]

Me! Definitely not looking forward to doing taxes. It takes me days. DH is a self employed contractor and I have to bug him for weeks to give me his files so I can do taxes. He hasn't made any quarterly payments, and he had a big job last year. Cannot tell you how much I am dreading that. Yes, we just finished paying 2017 taxes and penalties in December.

I have an annuity that does withholding. The even wilder card is our rental income from a house we own in another state. Someone said there's a new credit for rental income? We are hardly on the President's level, but think it will help us? We probably have a loss on that income.