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I messed up. I'm not a spreadsheet type person like synch. I owe $4600 in federal taxes. I have not yet compared 2018 tax reform income taxes to what it would have been under old tax law. Maybe this weekend.

PSU
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Even sync was behind on that this year.

Yeah, he has the spreadsheets, but they did not match to the penny...

peace & $4600 is not a lot of money
t
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Lots of people are having that issue:

https://www.vox.com/policy-and-politics/2019/2/6/18214039/ir...

IRS changed the withholding rules to reduce the number of people getting refunds, at least partially to juice up the apparent size of the tax cut in people's take home pay.
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I’m jealous that you could even do your taxes. I’m still waiting on brokerage statements which I don’t expect until later this month.

I’m hoping we owe, but with the new tax laws, I know I didn’t get the estimated taxes right and am pretty sure we’ll be getting a refund.

On a brighter note, with my retirement back on June 1, I won’t owe that extra Medicare tax nor do I expect to be paying AMT that we’ve paid for years.
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I’m jealous that you could even do your taxes. I’m still waiting on brokerage statements which I don’t expect until later this month.

I have simple taxes. W2s, interest, dividends and capital gains. No self-employment, rentals, partnerships or other types of income. I only have one brokerage for taxable accounts and it already supplied my 1099.

PSU
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I’m biking in New Zealand. I’ll look at taxes when I get back.
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It is not called a Tax, but looks, walks & smells like a Tax.

It is the "Income Related Monthly Adjustment Amount (IRMAA)" being applied (deducted) from my monthly Social Security direct deposit. IRMAA and the $1.50 increase in my Medicare premium decreased my 2.8% COLA for 2019 into egg-zac-lee a $5.00 increase. {new gubbermint math}

Yup, a first world problem, created by dysfunctional politicians in office.
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We are getting an enormous (to me anyway) refund. We had significantly underpaid the year before, so we paid estimated taxes last year. We're getting all of that back plus 25% or so. From what I can tell, we must have hit a sweet spot where we no longer have AMT hitting us, the standard deduction increase helped us, and the changes to taxes on rental income helped us. Our taxes have also swung so wildly the last 5 years that TurboTax declined to offer a prediction on what it'll look like for us next year.

ThyPeace, major changes in jobs, selling one house and paying off the mortgage on another, one-time things associated with inheritances...
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Lots of people are having that issue:

https://www.vox.com/policy-and-politics/2019/2/6/18214039/ir......

IRS changed the withholding rules to reduce the number of people getting refunds, at least partially to juice up the apparent size of the tax cut in people's take home pay.


Yup. I noticed this when the revised Notice 1036 came out early in 2018 (they did the regular ones in December 2017...but then the new tax law was passed later in December...)

Originally I just assumed the issue was because of the rush job the IRS had to do in getting the new tables out, but as you note, there was apparently at least some political push to have lower withholding relative to liability overall so more would be due at filing (and probably to make the tax cuts "look better" prior to the 2018 mid-terms. If that was at least part of the reason, it would go under "epic fail").

I adjusted our stuff because spreadsheets, but as tconi noted, I had a mistake in one of mine (pulled in an incorrect value by not updating a formula properly) so we owed slightly more at filing than I'd initially calculated. Not a *big* deal, but still annoying.

We fall into the sizable category of people with higher taxable income than last year due to the changes, but lower tax liability. We also benefit from the expansion of the child tax credit (both in amount and AGI phaseout level), which...well, one could argue that maybe there would be better places to put that from a policy perspective.

-synchronicity, doesn't earn a lot of money
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OMG, synch's alive.

Still have not gotten around to calculating my tax under the old tax law versus 2018 tax reform. I bet synch has a spreadsheet for that.

PSU
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doesn't earn a lot of money

Compared to whom ?
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doesn't earn a lot of money
------------
Compared to whom ?


Whatever he earns is not a lot of money.

PSU
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Still have not gotten around to calculating my tax under the old tax law versus 2018 tax reform. I bet synch has a spreadsheet for that.

I did that for 2017 at the same time that I filed them under the old law. And of course I did this year's under the old law, too. I wouldn't call it a dedicated spreadsheet, more like a few extra formulas referencing old tables and such on my regular tax spreadsheet.

-synchronicity, but of course...
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