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Fed. Income taxes


xsubsailor

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 I got bored and looked up the new tax form today.  I haven't received my 1099s yet but being on a fixed income it doesn't vary much from year to year so I plugged the numbers in from last years tax forms and used the new forms/tables for this year.  I got back $440 of my money last year but this year it should be around $1800  guntootsmiley.gif

1040 is here:

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1 hour ago, xsubsailor said:

I got back $440 of my money last year but this year it should be around $1800  

When I hear people talk about their refund I ask them if they know how much they actually paid in.  Rarely does anyone actually know the amount.

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3 hours ago, xsubsailor said:

I got back $440 of my money last year but this year it should be around $1800

If you didn't have any changes in dependent status?  That seems way too high for a refund.  Makes me wonder if your employer adjusted how much was withheld after tax reform was passed. 

I remember my first paycheck was a copy of 2017 from income tax withholding, but once the systems were updated with the new tax changes, I saw the surplus hitting my paychecks.  My *all things money* spreadsheet shows I'll get refund of less than $100.  After I tally up investment dividends and capital gains, I'll end up owing.  That's the way I like it, not giving the government an interest free loan. 

Edited by btq96r
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My taxes have been all over the places because of changes in income sources, different deductions and such so I try to figure what the minimum I can pay ahead of time to avoid penalties, then pay what ever it figures out to be when I do my taxes. I have owed most year in the last 10 or so. With the new tax laws and my sources of income being more consistent, I hope this year I can hit it pretty close but still slightly low. I really don't like loaning the government money. 

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I suck at savings.  And if did save it, I'd just have some emergency that made me spend it.   

Doing my taxes this way, allows me to have a little bit of money come in all at once, without a bill or emergency needing attention.   And if I'm lucky, I get to buy a new gun or stock up on some ammo or buy a new tool.  

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20 hours ago, btq96r said:

If you didn't have any changes in dependent status?  That seems way too high for a refund.  Makes me wonder if your employer adjusted how much was withheld after tax reform was passed. 

 

 After reading my OP I can see how you misunderstood what I meant.  I used last years (2017) numbers with the new tax forms and the same withholding. 

Yes, you're correct. The withholding for 2018 decreased so we would see an increase month to month so the amount I paid in will be less, hence less of a refund. I guess I just should have just said my taxes for 2018 decreased $1360 from 2017 while my income stayed the same.  Since I haven't received my 1099s for 2018 I have no idea how much of a refund, if any, I will be getting.

Edited by xsubsailor
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