How many of you people are retired? Are you benefiting from the new federal tax rate?

[SMS]

We netted 7-8k more because of reduced withholding and we get back 2k, same as last year.

You had a $600 a month reduction in your withholding? Damn. I hadn’t heard of anyone’s dropping that much.

Just read that they expect so many people to owe this year that they eased the threshold for penalties for not having enough withholding, which is kind of funny because withholding was one of the things modified by the plan.

My wife already claims single zero. I moved to married zero. Now I’ll have to change to single zero as well. Those withholding tables are way off if a family of 5 has to claim single zero lol.

 

[Hobbes]

^^^ After passing the tax bill the politicians convinced SoT Mnuchin to jigger the tax withholding tables to under withhold so wage earners would think they got a lot more money. The thinking was it might be enough for the Rs to hold on to the house.
Taxpayers wouldn't find out different until they filed their tax returns and that would be after the midterm elections.
https://www.npr.org/2018/08/01/6344...in-april-due-to-under-withholding-report-says

IRS is supposed to be releasing new withholding guidance in the next few weeks to make withholding more accurate so some people may see more taxes withheld.

 

[SMS]

Feels like a shell game, and the percentage of folks paying no federal income tax has risen by a percentage point.

 

[Gunbuffer]

Feels like a shell game, and the percentage of folks paying no federal income tax has risen by a percentage point.

Y’all have five kids?
That IS a Shell game.

 

[ignerntbend]

I think they have three. My psychic powers and my dull pencil rarely fail me.

 

[Gunbuffer]

I’ll confirm those figures I gave w the accountant/wife. Memory isn’t my strong suit

 

[CHenry]

I'm paying an additional $200 this year. Not bad but I dont like it. lol

 

[SMS]

Y’all have five kids?
That IS a Shell game.

LOL. 3 kids, hence the "family of five". 3 is killin' me. I'd be plum insane if I had 5 of them LOL.

I’ll confirm those figures I gave w the accountant/wife. Memory isn’t my strong suit

Yeah, I'd be interested to see how that worked out. A decrease of withholding to the tune of $7-$8 thousand a year while still getting a refund is significant! That's more than some folks pay in taxes for a whole year lol. Most folks saw a modest reduction.

I had actually thought the new plan would work out slightly in our favor, but as usual our progressive tax system punishes success and now more people aren't paying FITW, and those of us that are have to shoulder more of the tax burden.

 

[CGS1]

We are getting about the same amount back as last year.
My wife is an accountant so I let her take care of all our stuff.

 

[John6185]

I bought a plug-in Prius so hopefully with the federal kick back I will not pay-i will receive whatever I paid in-the problem is it is an extra form that the tax prep will charge me for $75.00 or more.