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GLADIATOR 02-05-2019 07:08 PM

Official 2018 Federal Tax Return Group Therapy
 
I have been waiting to make this thread for a year now. With the new Trump/GOP tax law, I am curios to see how everybody made out. Me? I got fucked. But I can only speak for myself and would like to know how the rest of you will fair with your 2018 Federal Tax returns. I get it, everyone is different so I created a poll. Most of you know my political stance so I hope it doesn't get political but it's gonna get political...

Here is my situation: Middle class single income under 100K annually. Own a home. Son in college and daughter in grade school. Filing together with my wife. With the new tax bill I got to bring home an additional $500 for the year on my paycheck. For the last 10 years I have received a refund of $4k-$6K. This year I am only getting back $2k plus the $500 take home. So, 2017 I received $4k refund so I will use that as a benchmark. I was returned $1500 less on my federal tax returns than last year. Gut punch, right? But, here is the real kick in the balls...when my son graduates college, I lose that credit and I will owe $2000 on my federal taxes in my same scenario!!!!! That means not only do I have to give back that $500, but I have to have an additional $1500 to be taken out of my paycheck to break even and I will not get a refund anymore under the new Trump/GOP tax bullshit law??!!??!!

What the fuck....

Mook 02-05-2019 07:13 PM

I wont know until my accountant tells me if I'm fucked this go around or not. Last year, I got mega fucked b/c it was the first year reporting as a business owner and I fucked up.

Fingers crossed I fair better this year.

Sprayin 02-05-2019 07:14 PM

My situation has changed drastically over the past year, so it's not a fair comparison. I'm happy with my return though.

willizm 02-05-2019 07:14 PM

I got to get all my stuff together and sent off to my cpa. Not expecting much back.

Ryan02Stang 02-05-2019 07:15 PM

Comparing anything other than your effective tax rate is flat out worthless. I'll post mine once I'm done with my 2018 tax filing.

Return and extra/less money in your paychecks means nothing without further context.

Marko 02-05-2019 07:36 PM

Quote:

Originally Posted by Mook (Post 3863425)
I wont know until my accountant tells me if I'm fucked this go around or not. Last year, I got mega fucked b/c it was the first year reporting as a business owner and I fucked up.

Fingers crossed I fair better this year.

In the next couple years I’m gonna get raped. I have to pay taxes on tax deferred accounts.

I’m single. No dependents. I can’t a find anything to write off or get a tax break either.

Unless I open/start some dummy business. To get tax breaks. Idk.

BADAZZTEALCOBRA 02-05-2019 07:57 PM

Gotta do mine still, but after seeing a nice bump per week I’m not expecting the same return I used to get. :dunno:

Bub 02-05-2019 08:02 PM

Finished mine. Added a kid this year. Wife had a few part time jobs that didn't take fed tax out. Overall I saw about $25 a week extra take home and I got $1k less than previous years. I'm okay

Nccstud 02-05-2019 08:06 PM

Waiting on the wife's W2 from her old job...then going to file. Got 9k back last year, so here's hoping. I use it to pay my property taxes

1quick 02-05-2019 08:11 PM

I haven't submitted mine yet but ive put all the info in just to see where I will end up, ive made out pretty well, wife only claims about 4k worth of income and i end up paying all of her taxes at tax time, I made about 15k more this year than in past but paid about the same in taxes, I looked up a check from 2017 thats within 25 bucks of my last check and Im getting about 75 bucks a check more take home than in 2017 right now, my return is almost identical to last years, so I put about 2k more in my pocket this year while making more money, gross adjusted comes in under 100k 2 young kids

Blood on Blood 02-05-2019 08:12 PM

Quote:

Originally Posted by GLADIATOR (Post 3863424)
I have been waiting to make this thread for a year now. With the new Trump/GOP tax law, I am curios to see how everybody made out. Me? I got fucked. But I can only speak for myself and would like to know how the rest of you will fair with your 2018 Federal Tax returns. I get it, everyone is different so I created a poll. Most of you know my political stance so I hope it doesn't get political but it's gonna get political...

Here is my situation: Middle class single income under 100K annually. Own a home. Son in college and daughter in grade school. Filing together with my wife. With the new tax bill I got to bring home an additional $500 for the year on my paycheck. For the last 10 years I have received a refund of $4k-$6K. This year I am only getting back $2k plus the $500 take home. So, 2017 I received $4k refund so I will use that as a benchmark. I was returned $1500 less on my federal tax returns than last year. Gut punch, right? But, here is the real kick in the balls...when my son graduates college, I lose that credit and I will owe $2000 on my federal taxes in my same scenario!!!!! That means not only do I have to give back that $500, but I have to have an additional $1500 to be taken out of my paycheck to break even and I will not get a refund anymore under the new Trump/GOP tax bullshit law??!!??!!

What the fuck....



Ideally - you want to break even


And you know this, MAN!

tinfoilhat 02-05-2019 08:16 PM

Got a nice refund. Tax rate is 3% less for me this year.

Marko 02-05-2019 08:18 PM

Quote:

Originally Posted by Nccstud (Post 3863457)
Waiting on the wife's W2 from her old job...then going to file. Got 9k back last year, so here's hoping. I use it to pay my property taxes

Wow. Dude. Thatís crazy. To pay that much in property taxes in IL. Fuck that.

Shawn1112 02-05-2019 08:38 PM

I always do my own taxes and we averaged about $5k refund with both kids. About $3500-$4000 last few years with just 1 kid. This is the first year we cant claim any kids and its showing that I will owe about $1200. Combined my Wife and I made about $20k more than last year. I called my accountant that I use for my business, he said drop all my shit off to him and he will attempt to work his magic.

GLADIATOR 02-05-2019 09:24 PM

Quote:

Originally Posted by Blood on Blood (Post 3863470)
Ideally - you want to break even





And you know this, MAN!



I guess you canít understand that I will be paying more taxes.

Nccstud 02-05-2019 10:14 PM

Quote:

Originally Posted by Marko (Post 3863486)
Wow. Dude. Thatís crazy. To pay that much in property taxes in IL. Fuck that.

Mine were about 7k last year. The downside of 4 acres in IL lol

Flyn 02-05-2019 10:18 PM

I made more this year and got back more. Plenty of business deductions this year but still, I'm happy. The fact that my business is cranking helps too.

Blood on Blood 02-05-2019 10:54 PM

Quote:

Originally Posted by GLADIATOR (Post 3863568)
I guess you canít understand that I will be paying more taxes.

Cause the State Income Tax is eating you a new asshole

Blood on Blood 02-05-2019 10:58 PM

In relation to political discussions-

Wife’s liberal family “All you care about is paying less taxes, jobs and the Constitution, your rights!”

Me: “Yep!”

03GTGreen 02-05-2019 11:19 PM

Going to get fucked since i cant claim per diem anymore which is complete bs imo

Ron Vogel 02-06-2019 01:48 AM

I’m getting back about half of what I normally do. Same income as prior year. Getting back 2900 federal, paying 500 state. And my wife’s minivan just lost reverse, so it’s spoken for already

Spivitz 02-06-2019 04:39 AM

I got more than last year and deposited yesterday
:smile:

SleeperLS 02-06-2019 06:06 AM

Married, no kids, no deductions, maximum withheld every paycheck. Got 60 bucks back last year in total. I am not expecting any better this year. The rape is real.

Stink Star Productions 02-06-2019 06:42 AM

Tough to say for me because I’m getting a $9,900 solar tax credit so I’m not sure what that does to the rest of my return

PANDA 02-06-2019 07:22 AM

As a single/unmarried homeowner I think I am going to get fucked this year.


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