If you have two incomes and no kids, the fed changes may well net out about even - our married filing jointly itemized return was about $24K, so now the standard deduction doesn't change much. We owed about $300 more to feds - basically due to compensation increases.
That said - look at your state returns.
We live in GA - they tax 5.75%, and state law says if you itemize on feds, you must do same on state... same if you claim standard deduction.
Well, with the standard deduction on feds , we end up paying $1500 more on state taxes due to the increased taxable income.
Trouble is, with the fed changes, we'd lose more than $1500 trying to itemize there.
So as middle income LRCers ($180K) we definitely lose in this new "tax cuts and jobs act" era.
Made $233k AND got $3k back in Taxes
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On Feb 1, when 1099’s are still in the mail, you’re claiming you’ve not only already filed your tax return but also have received your refund.
Yeah right!!!! -
He didn’t invest IN Charles Schwab. Moran #1.
I have a Schwab account and their 1099’s were sent on the 30th. So the OP is Moran #2. -
In Correct wrote:
HelpingYouOut wrote:
un do wrote:
My name is........hepcat wrote:
Taxes2019 wrote:
Well, Trump is good for something. I never really get taxes back. I either pay $100 or get refunded $100, but this year got over $3k back in a year in which I sold a home and sold stock. I'll take it.
Thanks for bragging. Just giving the Dems fodder to raise taxes.
Not raise taxes. Undo the disastrous tax cuts made by Republicans.
That would be raising taxes, genius.
Incorrect, moran.
Says the Dumbocrat.
