and I came out a little ahead this year. Last year I had to pay a little, I didn't make any adjustments in my withholding until I could see how the tax changes affected me. This year I'll get back a little so I'll leave it as is and see what happens.
Hey Miller I got my taxes done
- Thread starter 3Rfan
- Start date
Haven't got mine done yet but it sounds like Trump did alright by you guys. I expect to pay more (barely) based on what the preparer said last year.
Well I didn't quite get the break the millionaire crowd did but it was better than paying more this time of year. Hard to tell if the difference was in the tax cut stuff or just in the difference in my wife's income changes and tax with holdings.
RR retirement is different on withholding than other incomes. They tell me what they will holdout, which is never enough, and I tell them when I want them to take out more so I come out at least even. They sent out a letter in late 2017 that said the SS equivalent part of my RR retirement may not be taxable so they would hold out less. That was only true if your income is below a certain amount and mine was not low enough for that so that money is still taxable and I had to make sure I adjusted for that. For 2018 year I left it where it was and waited to see what happened. I guess I won't be buying much of anything with what I get back but at least I don't have to send in more in April. I did get my extra $20 a month all year though.
Good Lord
Whether you overpaid or underpaid your taxes in 2017 versus 2018 has absolutely nothing to do with the tax rate that you were taxed at and the actual amount of taxes that you had to pay
You'll have to explain that one to me. If there is not enough held out of my paycheck to match the amount I will owe at the end of the year I will owe money. NO one could tell me throughout the year how much my tax burden would be based on my income because they didn't yet how the new tax cut thang would turnout. Are you telling me if my tax rate goes up, or down, it makes no difference in what I will get back or pay in?
This Trump guy must be awesome, I filed my tax return last Tuesday and according to my computer my federal tax refund will be in my account tomorrow. Still no new car, maybe a tank or two of gas, but that's the fastest return I've ever seen.You'll have to explain that one to me. If there is not enough held out of my paycheck to match the amount I will owe at the end of the year I will owe money. NO one could tell me throughout the year how much my tax burden would be based on my income because they didn't yet how the new tax cut thang would turnout. Are you telling me if my tax rate goes up, or down, it makes no difference in what I will get back or pay in?
Well 3R, Trump saved me $1700 with the lower brackets. Good thing too because my farm income is all over the $77K threshold meaning I pay 22% federal, 15% SS, and north of 6% state. Add those up and it's a good thing I ain't rich or i'd be paying over 50% AFTER the rates got lowered a couple percent.
Glad to hear how rich you are. You did say your farm income' so I assume you make a bunch more on your regular job. Heck I saved a couple hundred dollars but I'm a poor old retired guy on a fixed income ya know. Now those dang gas prices are going up faster than I can keep up with. At least b-ball season is over so I don't drive as much. They say it might get to $3 a gallon soon, $2.40 some places here already. With all this oil we produce why is oil up to $60 again.
Called Supply and Demand. Economy is roaring so demand is strong . I guess you didn’t pass Economics 100 huh
