Income Taxes

[ChesBay]

I realize this post might get moved but curious if others are experiencing this:

I did my taxes yesterday. I've used Turbo Tax Deluxe since 1998 and have records from the last 20 years.

It appears under the "New Tax laws". I am getting a return $480.00 less than recent years with pretty much identical circumstances. This is consistent with some news articles I have read.

I am going to try crunching numbers in some different but legal ways. I checked for errors yesterday but will also do it again with a fresh set of eyes.

Is anyone else experiencing anything similar?

[Oddity]

Not me. Family of 6 (2 non-custodial away at college), same passive income for past 12 years, ~$2,000 more this year. Banner year for wealth redistribution around here. Thanks, everyone else paying taxes.

[Treeza04]

Was less tax withheld thru the year?

[ChesBay]

Was less tax withheld thru the year?

Yes, I always withhold enough to cover my taxes and get a couple hundred in a refund rather than have to pay at tax time.

I will check my work and rework numbers in the next day or two. Hopefully, I made an error. I usually get a refund of approximately $500.00, this year $50.00

[gjnl]

The IRS and thus tax preparers have been warning that Americans may not be having enough money withheld from their paychecks and will face a smaller refund when they file their 2018 tax returns. The IRS suggested during 2018 that workers check the Withholding Calculator (https://www.irs.gov/individuals/irs-...ing-calculator) and tinker with the withholdings on the W2s.

On the upside, if you are getting a smaller refund and haven't been counting on that refund to pay off Christmas bills, etc., at least you haven't been giving the government an interest free loan for a year. The trick in tax planning always is withholding enough to avoid penalties, and not withholding too much so you get a large refund back.

[tprewitt]

Doesn't Turbo Tax have a year to year comparison step at the completion/print page?

Yes, I always withhold enough to cover my taxes and get a couple hundred in a refund rather than have to pay at tax time.

I will check my work and rework numbers in the next day or two. Hopefully, I made an error. I usually get a refund of approximately $500.00, this year $50.00

[Art454]

Most people are mad they not getting as much back this year. You should not expect much back if you do your taxes right. Why would you want the IRS paying you with no interest? But if you owe them its a penalty plus interest. If people learned how to save they would not depend on getting much back.

[Andy]

~$2,000 more this year. Banner year for wealth redistribution around here. Thanks, everyone else paying taxes.

With the highly localized meteor showers that inexplicably target my properties and cause me to deduct the repairs from my W2 withholding, in addition to the normal non-payment of tax on income reasoning, that EIC might be going away due to a shortage of funds at the IRS. You just wait...this creative accounting season might be a doosie, I hear Our President is de-funding IRS's investigative division

Is anyone else experiencing anything similar?

Probably lower withholding as already mentioned

Most people are mad they not getting as much back this year. You should not expect much back if you do your taxes right. Why would you want the IRS paying you with no interest? But if you owe them its a penalty plus interest. If people learned how to save they would not depend on getting much back.

Y'all doing it wrong. IRS is always giving me interest...but then they want to tax it again, bastards...

[triumph]

ChesBay: Have you deducted every possible 'disability-related' expense? Think I mentioned before that when I was working I used to deduct many things under this title, not Medical, where there's a limit. I believe it's only used if the disabled taxpayer is employed, and I saw it listed in a tax prep. book where it was called 'disability-related work expenses".

[gjnl]

ChesBay: Have you deducted every possible 'disability-related' expense? Think I mentioned before that when I was working I used to deduct many things under this title, not Medical, where there's a limit. I believe it's only used if the disabled taxpayer is employed, and I saw it listed in a tax prep. book where it was called 'disability-related work expenses".

Impairment–related work expenses (IRWE) https://www.ssa.gov/ssi/spotlights/spot-work-expenses.htm

[Mike_Stan]

Exactly right. Most people have their withholding messed up. They act like they are getting a gift from the government at the end of the year. Not good to withhold to much.

Most people are mad they not getting as much back this year. You should not expect much back if you do your taxes right. Why would you want the IRS paying you with no interest? But if you owe them its a penalty plus interest. If people learned how to save they would not depend on getting much back.

[Mize]

It's somewhat disturbing that the average American cannot add up their increased paycheck amounts and combine that with their return to figure this crap out. Math is hard.

[Andy]

It's somewhat disturbing that the average American cannot add up their increased paycheck amounts and combine that with their return to figure this crap out. Math is hard.

But that would take all the fun away from tax season. I mean really, no big screen tv or new hooptie from Honest J's Kar Kredit Kingdom? So boring

[ChesBay]

Thanks to everyone for replies and ideas. I redid my taxes and things are acceptable. Somehow a small retirement withdrawal (which is acceptable/ no penalty because I’ve been determined disabled by SSA since breaking both legs in a fall a few years ago and having private LTD)
It seemed to be more of TurboTax error which I’ll take the blame for apparently making a small mistake that took me down a road of capitol gains, etc. which thankfully was ultimately unecessary.
Thanks for the IRWE’s recommendations Triumph. I would like to get back to work part time at some point if possible and I will keep in mind.

[triumph]

gjnl:
Thanks - glad to see the information has greatly expended since I was working, and passage of ADA!
It would be nice if there were similar deductions for disabled persons in retirement who use the same impairment-related equipment to function. Putting them under Medical is futile.
(Sorry to hijack the original post).