Speaking of...

[baldo]

...tax returns.

Has anyone filed their taxes for last year?

Are there any differences in your refund (if you normally get something back?)

[scooperhsd]

Since the standard deduction has been raised, there will not be as many itemized deductions any more. SOmething like 20k for married  -about twice as large as last year.

[RDAbull]

I have filed several sets already for my clients and it really makes a difference what income level they are at.

as well s being a CPA I taught Federal Income taxes to undergrads and graduate students at Miami University for 20 years.  I told my class in Dec if '17 when they wrote this abortion of a tax code that they had a chance to fix some of the problems in the system and blew it.  Republicans suck at taxes codes I guess.

The only thing I can think of that will be worse is when the Democrats try their hand at taxes.

Ya'll need to elect me the Benevolent Despot and I can fix everything.

[f6gal]

Since they also decreased the withholding, the refunds are not likely to be significantly different.  The key is to compare taxes paid, not the refund. 

My goal is to get a $0 refund, as I don't want the gov't holding my money interest free.

[scooperhsd]

Since they also decreased the withholding, the refunds are not likely to be significantly different.  The key is to compare taxes paid, not the refund. 

My goal is to get a $0 refund, as I don't want the gov't holding my money interest free.

Or maybe with you owing them a slight amount.

[GiG]

Ya'll need to elect me the Benevolent Despot and I can fix everything.

Ya got my vote, Rog, and however many more it takes to elect you!

In the mail today I got a "statement" from Discover Card, that they filed with IRS. Had a dispute with them 7 years ago over a $200 chair that was delivered damaged. Discover ruled with the low life chair company that never delivered the replacement as promised, and I canceled the card. So, now, apparently, I have an additional $900 income because Discover added all sorts of fees, but all I really got was a damaged $200 chair.  
Being on the hook with IRS for $900 income over a crappy chair (worth $50) makes me want to lose my mind up in here...
OK rant over, vote early, vote often.
GiG. - "taxation is (fill n the blanks)...

[The emperor has no clothes]

I have filed several sets already for my clients and it really makes a difference what income level they are at.

as well s being a CPA I taught Federal Income taxes to undergrads and graduate students at Miami University for 20 years.  I told my class in Dec if '17 when they wrote this abortion of a tax code that they had a chance to fix some of the problems in the system and blew it.  Republicans suck at taxes codes I guess.

The only thing I can think of that will be worse is when the Democrats try their hand at taxes.

Ya'll need to elect me the Benevolent Despot and I can fix everything.

They all talk a good game at tax reform. NONE OF THEM FOLLOW THRU. You got my vote too Roger 

[Gavin_Sons]

Filed mine and got them back already. Not a significant amount more but was a little more.

[cookiedough]

Since they also decreased the withholding, the refunds are not likely to be significantly different.  The key is to compare taxes paid, not the refund. 

My goal is to get a $0 refund, as I don't want the gov't holding my money interest free.

Or maybe with you owing them a slight amount.

we usually get tad bit of money back WI being state and pay in a little to Federal so about equal.  Still irks me having to pay into Federal a smidge.    I have no idea how some people get 2-5K back in a refund unless they get a ton of money taken out of their paycheck upfront which I think is dumb giving the govt. YOUR money upfront out of your paycheck week after week.    I also have no idea on how anyone can itemize deductions vs. just taking the standard deduction since 1990 I never once could itemize, always had to do standard deduction.  Maybe because I live the simple,  medium to probably LOW income life?   

that being said, I always wait until late March/early April to do them.  If I knew I was getting money back like over 100 bucks which never is the case, I would be filing now.

[scooperhsd]

When you see the ads for those "$6000" refunds - what you're usually seeing is the Earned Income Credit, as well as an almost total return of what they paid in (income tax-wise - they still have to pay the SS tax, etc.).

[The emperor has no clothes]

I'd be curious how our high state and local tax people in California and New York fare with the new tax laws. Supposedly they are the most vulnerable.

[Jess from VA]

The states with the most socialism and free money programs (and democrat majorities) deserve the most trouble.

You reap what you sew.

Don't like it, maybe reconsider your vote (and your political philosophy).

[Gavin_Sons]

Since they also decreased the withholding, the refunds are not likely to be significantly different.  The key is to compare taxes paid, not the refund. 

My goal is to get a $0 refund, as I don't want the gov't holding my money interest free.

Or maybe with you owing them a slight amount.

we usually get tad bit of money back WI being state and pay in a little to Federal so about equal.  Still irks me having to pay into Federal a smidge.    I have no idea how some people get 2-5K back in a refund unless they get a ton of money taken out of their paycheck upfront which I think is dumb giving the govt. YOUR money upfront out of your paycheck week after week.    I also have no idea on how anyone can itemize deductions vs. just taking the standard deduction since 1990 I never once could itemize, always had to do standard deduction.  Maybe because I live the simple,  medium to probably LOW income life?   

that being said, I always wait until late March/early April to do them.  If I knew I was getting money back like over 100 bucks which never is the case, I would be filing now.

I guess I'm one of those dumb ones, I get significantly more than 6k back 

[..]

Since they also decreased the withholding, the refunds are not likely to be significantly different.  The key is to compare taxes paid, not the refund.  

My goal is to get a $0 refund, as I don't want the gov't holding my money interest free.

Too many are unable to understand this economic logic.

I am getting a refund of $420 this year. Darn it.

And in response to the OP I'm getting back less than last year.

[..]

This is like trying to compare our bike insurances.

Not going to work.

[baldo]

https://www.politico.com/story/2019/02/08/average-tax-refund-down-1158440

I've had two friends that have ended up with a bill from the IRS this year when they've always gotten refunds in the $1500 range every year. Both have had no changes in income or deductions, everything the same year to year.

I've also seen several articles with many angry taxpayers with the same complaint.

A good friend of mine is a tax preparer. Right after the new tax codes were finalized, he told me there were going to be a lot of very unhappy people in his office come this time. Particularly first responders because they were losing deductions for equipment and dues.....

[Rams]

I guess I'm one of those dumb ones, I get significantly more than 6k back 

Gavin,

Some folks see their tax returns as a way to save money.   
What they are really doing is providing the government with an interest free loan of their money.
My goal has always been to get as small of a return as possible.   I'd rather have the use of my money to spend or save at my own discretion.     Some folks prefer to with hold as much tax as possible and pay up at tax time.     I'm not frugal enough to save that money for the government.     Pay as you go works for me, I just don't want the government to hold any extra funds that they might give back to me.

Rams 

[Serk]

People are being distracted by Form 1040 line 19, your total refund, whereas the real important number is line 15, total amount of extortion payment required to keep the mafia from killing your family and burning your house down.

The true test is to see how much the total theft paid has changed, the amount of refunds being received is incidental.

(As for me, we're not filing 2018 until we get 2017 remedied. Muddies the waters a bit when your spousal unit's employer is shut down by a guns out FBI raid mid way through the year, hard to get a W-2 in that situation... Interesting story, I'll tell it sometime if anyone's interested.)

[RDAbull]

We in the business have coined a term for a large tax refund:  Intaxifcation

The hangover is when you realize it was always your own money, you just let the government use it for a year for free.  $500 a month more in free cash flow in my pocket makes more sense than a $6,000 tax refund, but that's just me.

[The emperor has no clothes]

People are being distracted by Form 1040 line 19, your total refund, whereas the real important number is line 15, total amount of extortion payment required to keep the mafia from killing your family and burning your house down.

The true test is to see how much the total theft paid has changed, the amount of refunds being received is incidental.

(As for me, we're not filing 2018 until we get 2017 remedied. Muddies the waters a bit when your spousal unit's employer is shut down by a guns out FBI raid mid way through the year, hard to get a W-2 in that situation... Interesting story, I'll tell it sometime if anyone's interested.)

I'm interested. Sounds like a "made for TV movie"

[The emperor has no clothes]

We in the business have coined a term for a large tax refund:  Intaxifcation

The hangover is when you realize it was always your own money, you just let the government use it for a year for free.  $500 a month more in free cash flow in my pocket makes more sense than a $6,000 tax refund, but that's just me.

I've been telling my wife that every year for decades. And then this time of year rolls around and she hears of her friends getting 4-5 thousand back, and the battle continues. 

[RDAbull]

We in the business have coined a term for a large tax refund:  Intaxifcation

The hangover is when you realize it was always your own money, you just let the government use it for a year for free.  $500 a month more in free cash flow in my pocket makes more sense than a $6,000 tax refund, but that's just me.

I've been telling my wife that every year for decades. And then this time of year rolls around and she hears of her friends getting 4-5 thousand back, and the battle continues. 

Rob, Just tell Brenda that you finally sought the "Professional Advise" she has been telling you to get for years:  And you were proven correct/sane (this time)

[cookiedough]

Since they also decreased the withholding, the refunds are not likely to be significantly different.  The key is to compare taxes paid, not the refund. 

My goal is to get a $0 refund, as I don't want the gov't holding my money interest free.

Or maybe with you owing them a slight amount.

we usually get tad bit of money back WI being state and pay in a little to Federal so about equal.  Still irks me having to pay into Federal a smidge.    I have no idea how some people get 2-5K back in a refund unless they get a ton of money taken out of their paycheck upfront which I think is dumb giving the govt. YOUR money upfront out of your paycheck week after week.    I also have no idea on how anyone can itemize deductions vs. just taking the standard deduction since 1990 I never once could itemize, always had to do standard deduction.  Maybe because I live the simple,  medium to probably LOW income life?   

that being said, I always wait until late March/early April to do them.  If I knew I was getting money back like over 100 bucks which never is the case, I would be filing now.

I guess I'm one of those dumb ones, I get significantly more than 6k back 

Sorry,  did not mean to call you specifically dumb Gavin.  Like said,  comparing tax information from one person to the next is like discussing which oil or oil filter to use being best.   Everyone has different incomes and lifestyles/jobs from $15 per hour to $30+ per hour pay.   Making a generalization that  giving the govt. too much money upfront out of weekly or bi-weekly paychecks then getting a 2-6K huge refund come tax season does not fit the bill for all of us,  just probably more than 1/2 of us.  I would love to see a 2-3K refund come tax time, but for me, that means too much money OUT of my bi-weekly paycheck to save much money day to day living.   Still upsets me I still have to pay IN some to federal taxes come April.  Makes me happy when I see a little refund though WI state taxes to offset paying into federal. 

[f6gal]

https://www.politico.com/story/2019/02/08/average-tax-refund-down-1158440

I've had two friends that have ended up with a bill from the IRS this year when they've always gotten refunds in the $1500 range every year. Both have had no changes in income or deductions, everything the same year to year.

I've also seen several articles with many angry taxpayers with the same complaint.

A good friend of mine is a tax preparer. Right after the new tax codes were finalized, he told me there were going to be a lot of very unhappy people in his office come this time. Particularly first responders because they were losing deductions for equipment and dues.....

You're still missing the point.  Their withholding was reduced, thus a lower refund (your article even says due to withholding).  They aren't paying more tax.  One can choose to increase their withholding, if they want a bigger refund.

P.S.  IOW, they got bigger paychecks throughout the year instead of getting a big refund.

[0leman]

I just finished doing my taxes.    The withholding was about $1500 less than last year, and the refund is about double last year (about $150 more).  Refund is around $390, not close to the large refund some are getting.  Even the State tax refund is more than last year (had to pay last year). 

So for us, the tax change made a difference.  Not enough for another trip to Hawaii   

[baldo]

https://www.politico.com/story/2019/02/08/average-tax-refund-down-1158440

I've had two friends that have ended up with a bill from the IRS this year when they've always gotten refunds in the $1500 range every year. Both have had no changes in income or deductions, everything the same year to year.

I've also seen several articles with many angry taxpayers with the same complaint.

A good friend of mine is a tax preparer. Right after the new tax codes were finalized, he told me there were going to be a lot of very unhappy people in his office come this time. Particularly first responders because they were losing deductions for equipment and dues.....

You're still missing the point.  Their withholding was reduced, thus a lower refund (your article even says due to withholding).  They aren't paying more tax.  One can choose to increase their withholding, if they want a bigger refund.

P.S.  IOW, they got bigger paychecks throughout the year instead of getting a big refund.

I'll ask them about that....but they were very emphatic that everything had stayed the same. I'll see if their weekly take home changed.

[f6gal]

https://www.politico.com/story/2019/02/08/average-tax-refund-down-1158440

I've had two friends that have ended up with a bill from the IRS this year when they've always gotten refunds in the $1500 range every year. Both have had no changes in income or deductions, everything the same year to year.

I've also seen several articles with many angry taxpayers with the same complaint.

A good friend of mine is a tax preparer. Right after the new tax codes were finalized, he told me there were going to be a lot of very unhappy people in his office come this time. Particularly first responders because they were losing deductions for equipment and dues.....

You're still missing the point.  Their withholding was reduced, thus a lower refund (your article even says due to withholding).  They aren't paying more tax.  One can choose to increase their withholding, if they want a bigger refund.

P.S.  IOW, they got bigger paychecks throughout the year instead of getting a big refund.

I'll ask them about that....but they were very emphatic that everything had stayed the same. I'll see if their weekly take home changed.

They need to compare total tax for each year.  That's the real story.