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xsubsailor

Fed. Income taxes

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I try to get as close to zero as possible each year, but never get very close. I've mailed them a check for a lot of years in a row now.

 

All federal taxes should be confiscated in cash once per year. All federal elections should be held on the same day.

Edited by gregintenn
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1 hour ago, xsubsailor said:

 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.

That makes sense.

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My Federal Refund usually balances out my State Liability. I am not in a friendly tax bracket and I try my best to keep both of them as close to zero as possible.

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9 hours ago, xsubsailor said:

 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.

I understood what you said. I am hoping that will be the case for me too. Just got my first 1099s today.

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I finally got my 1099s and figured out my taxes. My tax bill went down by $878 and my refund went up about $300 so I'm happy for now. :P

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I got my 1099 from Social Security about mid-January. The 1099 from my pension came in the mail at about 3:00 pm on Feb. 1. By 4:00 pm my taxes had been done by H&R BLock and filed electronically. I know exactly how much I paid in and I'll be getting roughly 2/3 of it back as a refund. :D

Yes, I do overpay and yes, I do this on purpose. I have the maximum withholding amount taken out of my checks. One: I hate the whole idea of having to pay in. Two: Its nice to get that big refund all in one lump sum. Three: this is my safety valve because I'm now living on a fixed income. If at some time in the future I find it difficult to get by on my monthly retirement payments. I can go in and adjust my tax withholding and give myself a raise.  ;)

Having .gov holding some of my money interest free all year doesn't bother me one bit. I will get most of it back. If I had a little extra to spend each month, no doubt I would. Savings accounts don't pay squat anyway. :rolleyes: So this is just a happy bonus that I get back each spring. ;)

I know everybody hates paying taxes. But they are a necessary evil. Yeah, .gov wastes billions of out tax dollars every year. And that does piss me off no end. But also remember that this is also the money that pays, for police and fire protection, educates our kids, keeps the roads repaired and the lights on. Taxes pay the day to day operating expenses and keep our little world humming along as usual. While I would truly love to see better management and accountability of just how our tax money is spent, the point is that this nation couldn't survive without them. 

Hell, taxes paid my salary for 25 years. I believe I gave the citizens their money's worth. :usa:

Oh BTW: if you're getting a refund, I strongly suggest you get you taxes filed as soon as possible. I have no doubt that the government will shut down again in about 10 days. IRS is pretty much overwhelmed at tax time in a normal year. If the government gets shut down for a month again, its gonna be a real mess.  :shake:

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My wife and I file jointly and got $545 back this year. We had the refund in the bank one week after filing. First refund in over 10 years so after paying $1200 last year we are more than happy. I plan on retiring this coming November so not sure what to expect for next year. Have been doing some preliminary looking into Medicare and such but didn’t realize how much is involved. Am thinking I may need a financial advisor to guide me through all this. 

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2 hours ago, alleycat72 said:

I got back 2k more than expected. Time to change my deductions.

 I wouldn't do that yet. If the liberal left takes control in 2020 you might have to increase your deductions :D

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22 hours ago, Grayfox54 said:

....Savings accounts don't pay squat anyway. :rolleyes:

up to 2.4% online these days. Better than loaning it to the gummit for nothing. Much better.

- OS

Edited by Oh Shoot
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First refund I have had in years. First time doing electronic filing since I never saw a reason to rush a check to them. I filed last Thursday afternoon and the money showed up in my checking account yesterday. Hard to believe, would have been happy with 3 or 4 weeks.

I have already adjust my withholding so I should be even or owe some next year.

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Prepared my federal return today.  Spoiler alert, I'm not a "taker" despite being left of center.  Also took some time to see what my 2018 income and investment return numbers come out to into a spreadsheet set up for the 2017 tax code.  2.75% difference to my financial benefit through the tax code changes.   Not much stimulation going to the goods and services economy from it though, it was all additive to my investment contributions for the year.

Overall, I'm having 13.98% of my good fortune from 2018 pulled via income tax, and with Social Security & Medicare throw in, overall 20.89% of what I earned is due to the federal government coffers.  I'll be cutting a check for what's left to owe sooner or later.

Edited by btq96r

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Last year I calculated what I thought we would be saving in taxes, and we used that savings to sign up for a new truck payment to replace my 18 year old truck. I would not have gotten a new truck had it not been for that tax savings. But just like the Pres said, people would spend the money, which I did, and that helped other people (dealership, manufacturer, suppliers, etc.).

I also used some of the money to increase my 401k contributions, which will help out in my future. I figured with the extra money, I would enjoy something now, and be responsible and plan ahead for a better future. All that, and a net gain / loss of $0 in my paycheck, so I never even noticed it.

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Filled ours out today. We made $11k more than last year and paid $700 less in taxes. I can see how some folks got a tax break like we did, and others would have seen an increase.

There is only one form this year: 1040. No EZ or A. It is also only one page. Much easier to fill out than in years past.

I still owe them $200. That is as close as I've ever been able to get to 0.

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9 minutes ago, Raoul said:

What is this mysterious  tax refund of which you speak?

 

 

That is the money you give .gov to use all year with no fees paid to you.

Me, I keep .gov's money all year to do as I wish with no fees paid to .gov.

We have not done ours yet. like waiting till April.

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5 minutes ago, RED333 said:

That is the money you give .gov to use all year with no fees paid to you.

Me, I keep .gov's money all year to do as I wish with no fees paid to .gov.

We have not done ours yet. like waiting till April.

I too have the same ornery streak.

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I am not the smartest boy in class, just smarter than the average bear. Never did under stand "wanting a refund". Even as a young adult I tried to keep the amount as close to 0 as possible, as an older butt head I find myself taking advantage of .gov when I can.

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I received a larger refund this year, which was a nice surprise because I had adjusted my withholding and was expecting less of a refund. But we received the child credit on both kids this year which resulted in the large refund and a net tax payment 50% less than the prior year.

My effective tax rate went dropped from 13.x% to 11.x% before the child credit, which then dropped us down to 6.x%. I paid 50% less tax this year than last year, and my taxable income went up by 15k so we are happy.

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15 hours ago, gregintenn said:

There is only one form this year: 1040. No EZ or A. It is also only one page. Much easier to fill out than in years past.

You didn't have to use any of those new schedule forms?  I found them an annoying change.  And I wasn't in love with the "one page" that's really a two page postcard size that you can't treat like a postcard 1040.  The old one wasn't overly complicated.

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41 minutes ago, btq96r said:

You didn't have to use any of those new schedule forms?  I found them an annoying change.  And I wasn't in love with the "one page" that's really a two page postcard size that you can't treat like a postcard 1040.  The old one wasn't overly complicated.

Yeah. I wasn't counting the additional forms. I've always filled them out. The new 1040 looks to me like the old 1040 EZ, except everyone can use it. It sure seemed simpler to me.

I'm telling you, freefilefillableforms.com is the way to go. Just fill in the blanks and click "submit". Free for everyone.

Edited by gregintenn

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4 hours ago, gregintenn said:

I'm telling you, freefilefillableforms.com is the way to go. Just fill in the blanks and click "submit". Free for everyone.

I'm way to skeptical to give the kind of financial information that a return offers about myself to a "free" website. 

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