If you suspect you're a scam target, AARP's fraud helpline is here for you. Learn more.

Reply
Treasured Social Butterfly
0
Kudos
162
Views

Re: What Happened To Our Tax Refunds ?

162 Views
Message 31 of 58

@myexper wrote:


It doesn't help much when Trump also took away personal deductions!


Sure and now we have a $12,000 standard deduction (personal deduction) each, plus the $1300 for being over 65.  An older couple filing jointly has a total of $26,600.  Larger than in past years without itemizing...and not having to save receipts. 

Report Inappropriate Content
0
Kudos
162
Views
Valued Social Butterfly
1
Kudos
164
Views

Re: What Happened To Our Tax Refunds ?

164 Views
Message 32 of 58

We have our self proclaimed expert again with all the answers and attacks on those in disagreement. Oh Brother - it gets old !!

Report Inappropriate Content
1
Kudos
164
Views
Valued Social Butterfly
3
Kudos
190
Views

Re: What Happened To Our Tax Refunds ?

190 Views
Message 33 of 58

@TxGrandpa2 wrote:

@rker321 wrote:

I knew it  I knew it  and I knew it.  HOw many times we asked in this message board whether we liked the tax law?

And how many times people here said that we should all be grateful for the Tax law and how wonderful it was going to be for everyone.

I remember my answer, I will not say whether I like it or not until I can see how is going to affect me.

Well, yes, I had the feeling that it would screwed me. to kingdom come. and apparently it has.


Of course you did.  And how can you say that it will be adverse to you until you fill out and file your tax forms?  For those who only take the standard deduction it does help a lot.

 


It doesn't help much when Trump also took away personal deductions!

DUMP TRUMP AND MAKE AMERICA GREAT AGAIN!!!
Report Inappropriate Content
3
Kudos
190
Views
Valued Social Butterfly
1
Kudos
192
Views

Re: What Happened To Our Tax Refunds ?

192 Views
Message 34 of 58

ChasKy53 wrote  

It screwed me too. I'm not talking in reference to a tax refund check either, I'm talking about an increase in the percentage I pay.

 

-----------------------

Do you know why?  Limit on SALT ?

Having to pay some more in could be due to many things unrelated to tax reform.

 

I always have to pay more in - mainly due to tax on SS benefit, higher than normal royalties - usually in the last quarter or higher investment dividends - usually account for most of these higher amounts on the taxes which I file quarterly. 

 

 

 

 

* * * * * * * * *
MY SIGNATURE: "It’s Always something" - Roseanne Rosannadanna
Report Inappropriate Content
1
Kudos
192
Views
Valued Social Butterfly
0
Kudos
197
Views

Re: What Happened To Our Tax Refunds ?

197 Views
Message 35 of 58

@williamb39198 wrote:

It’s very interesting that this is not the “tax reform” that it was sold as, and shouldn’t it simplify the tax code instead of making it confusing?...simple, it was not reform. 

And some here refer to others as stupid because they do not understand the confusion created by the tax cuts?

Much confusion because many may not have fully realized that this was a tax cut

for the wealthy or the new code is confusing...welcome to trumpland!

 

 


This has little to do with the actual tax reform - it has to do with the withholding tables employers use each year to deduct their employees income taxes each pay period.

 

in order to cut back on many of the refunds the IRS sends out each year as a result of people OVER- WITHHOLDING - they tweeked the withholding tables to create a more accurate measure of tax liability for the adverse worker.

 

Is it a problem for people to know where their money is going by an analysis of their pay stub from pay period to pay period.  Uncle Sam is not a bank nor is it suppose to just hold somebody's money.

 

Like I replied to another poster on this same subject - perhaps the IRS should hold all refunds until the tax filing season is over or better yet, until November or December - think people would then figure out what their actual tax liability is from a regular ole job?

 

 

* * * * * * * * *
MY SIGNATURE: "It’s Always something" - Roseanne Rosannadanna
Report Inappropriate Content
0
Kudos
197
Views
Recognized Social Butterfly
1
Kudos
204
Views

Re: What Happened To Our Tax Refunds ?

204 Views
Message 36 of 58

@GailL1 wrote:

@ChasKy53 

 

GOOD GRIEF -

No wonder we have so many people who are financially illiterate and can't manage their money  - One of the fundamentals of money management is know where YOUR money goes, why and how much.

 

What stupid person would keep THEIR money in the hands of Uncle Sam especially if they don't owe it - Their money is doing NOTHING there for them just sitting around for Uncle Sam to send it back as a REFUND!  NO interest, no dividends, no earnings for the person that owns that money - it is just being parked for a while.

 

That right there should tell you something about how these people run their lives and how they think and reason.  Remember the ole joke - When asking a person how much they paid in taxes for a specific year - some would reply, I paid NOTHING cause I got a Refund.  Where did they think the refund came from???

 

Their tax liability was lower for tax year 2018.  Did they not notice it in their paycheck?  Probably not, they just spent it just the same as the rest of their check without even thinking about it.

 

Since many people have their paycheck auto deposited - and they probably don't even look at their paystub with the income tax, payroll taxes, even misc.deductions - no wonder they were surprised.

 

To keep tract of THEIR money, you would think that they would keep up with whatever changes which are made to the tax code (Federal and State) at least those things that will directly affect them. 

 

Guess we can strongly suspect that these people don't live on a budget or they would have noticed they were getting paid more.

 

Think they will even go to the trouble of adjusting their tax withholding for 2019 so that they can once again build their "refund" or not having to pay?


Throughout the years, whenever I received a big tax refund, my first thought was that I was paying way too much in taxes and I would indeed adjust my withholding.  Better to put the 'extra bucks' in a savings account and collect even minimum interest than let the government hang on to it for a year.  Sure, nice to see a big check all at once, but bottom line, it was not bonus money.  It was money I overpaid.  I was always happy with a $200 refund check.

 

But there were times I owed.  Or I received a fed refund, but owed state.  In that case, taxes were always filed at the deadline, because I was determined they would get my money when it was due and not a day sooner.

 

Simplistic thinking, maybe.  People have scoffed at me, saying it doesn't really matter and they liked getting a big refund.  To each his own.

 

I have not done my 2018 taxes yet, because frankly, I am afraid to see what's going to happen.  Major changes in lifestyle this past year -- semi-retired, ventures, investments coupled with a new tax law?  So, in this case, I will not really know how to adjust what, where, when until I do my taxes.  However, I do know that I am not in the top 1%, so expecting the worse, but hoping for a pleasant surprise.



    

Report Inappropriate Content
1
Kudos
204
Views
Valued Social Butterfly
3
Kudos
214
Views

Re: What Happened To Our Tax Refunds ?

214 Views
Message 37 of 58

It’s very interesting that this is not the “tax reform” that it was sold as, and shouldn’t it simplify the tax code instead of making it confusing?...simple, it was not reform. 

And some here refer to others as stupid because they do not understand the confusion created by the tax cuts?

Much confusion because many may not have fully realized that this was a tax cut

for the wealthy or the new code is confusing...welcome to trumpland!

 

Never Forget

Report Inappropriate Content
3
Kudos
214
Views
Treasured Social Butterfly
0
Kudos
206
Views

Re: What Happened To Our Tax Refunds ?

206 Views
Message 38 of 58

@rker321 wrote:

I knew it  I knew it  and I knew it.  HOw many times we asked in this message board whether we liked the tax law?

And how many times people here said that we should all be grateful for the Tax law and how wonderful it was going to be for everyone.

I remember my answer, I will not say whether I like it or not until I can see how is going to affect me.

Well, yes, I had the feeling that it would screwed me. to kingdom come. and apparently it has.


Of course you did.  And how can you say that it will be adverse to you until you fill out and file your tax forms?  For those who only take the standard deduction it does help a lot.

 

Report Inappropriate Content
0
Kudos
206
Views
Valued Social Butterfly
3
Kudos
182
Views

Re: What Happened To Our Tax Refunds ?

182 Views
Message 39 of 58

@rker321 wrote:

I knew it  I knew it  and I knew it.  HOw many times we asked in this message board whether we liked the tax law?

And how many times people here said that we should all be grateful for the Tax law and how wonderful it was going to be for everyone.

I remember my answer, I will not say whether I like it or not until I can see how is going to affect me.

Well, yes, I had the feeling that it would screwed me. to kingdom come. and apparently it has.


It screwed me too. I'm not talking in reference to a tax refund check either, I'm talking about an increase in the percentage I pay.


"The only thing man learns from history is man learns nothing from history"
Report Inappropriate Content
3
Kudos
182
Views
Valued Social Butterfly
1
Kudos
200
Views

Re: What Happened To Our Tax Refunds ?

200 Views
Message 40 of 58

I knew it  I knew it  and I knew it.  HOw many times we asked in this message board whether we liked the tax law?

And how many times people here said that we should all be grateful for the Tax law and how wonderful it was going to be for everyone.

I remember my answer, I will not say whether I like it or not until I can see how is going to affect me.

Well, yes, I had the feeling that it would screwed me. to kingdom come. and apparently it has.

Report Inappropriate Content
1
Kudos
200
Views