There’s always more to discover with an AARP membership! Check out your member benefits.

Reply
Treasured Social Butterfly
0
Kudos
195
Views

Re: What Happened To Our Tax Refunds ?

195 Views
Message 41 of 58

@GailL1 wrote:

 

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?

 


I agree with you about adjusting withholding.  I was surprised at the large extent of my refund because I wasn't sure of how much my taxes would be.  Between my wife and I we have multiple sources of retirement and interest income, so I had additional withholding from the main source.  After preparing taxes I adjusted withholding where we could be earning interest.  I left a small cushion to take care of variables.

 

This is the time to start preparing for 2019 taxes, not December 31st.

Report Inappropriate Content
0
Kudos
195
Views
Valued Social Butterfly
3
Kudos
211
Views

Re: What Happened To Our Tax Refunds ?

211 Views
Message 42 of 58

A top culprit for the confusion is the fact that the IRS made changes to withholding tables about a year ago.

 

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

 

Average tax refund down 8.4 percent in first filing week

 

 

The average tax refund from the IRS dropped 8.4 percent in the first week of the 2019 filing season compared to the same period last year, according to agency statistics.

 

 

The dip, to $1,865 from $2,035, is an early barometer of the season, which is being watched more closely than usual because it reflects the first full year under the 2017 tax overhaul and comes on the heels of a protracted government shutdown that hit the IRS just as it was gearing up for the annual exercise.

 
 

The number of individual tax returns received and processed by the IRS also fell sharply year over year, by 12.4 percent and 25.8 percent, respectively. The data for this year cover Jan. 28 to Feb. 1, matched against Jan. 29 to Feb. 2, 2018.

 

 

The data reflect only one week of filing in a process that will last until April 15 for most taxpayers, and refund predictions by tax experts have been all over the map. Morgan Stanley has estimated they will rise by 26 percent, but others are less optimistic.

 

 

“There are going to be a lot of unhappy people over the next month,” said Edward Karl, vice president of taxation for the American Institute of CPAs. “Taxpayers want a large refund."

 

 

Some 71 percent of taxpayers received refunds last year worth about $3,000 on average, Karl said, which represents the single largest financial transaction for the bulk of those people in a given year.

 

 

The size and number of refunds will be politically sensitive this year in particular. Democrats, who uniformly opposed the GOP-drafted Tax Cuts and Jobs Act, say more people will owe the IRS this year because of confusion about withholding. But House Ways and Means Committee ranking member Kevin Brady (R-Texas), an architect of the plan, has predicted that the number of taxpayers getting refunds will be around the same as in previous years.

 

 

A statement from the IRS stressed the early nature of this year's statistics.

 

 

“IRS systems are operating smoothly to start the filing season, and refunds are being issued,” the statement added. “The IRS encourages taxpayers to e-file as the quickest way to receive their refunds."

 

 

Various factors could have played a part in the filing decrease so far, including the federal government shutdown that ended just three days before filing season opened Jan. 28. The IRS had recalled previously furloughed workers during the closure to prepare, but thousands didn’t return when summoned and a backlog was expected to greet them when they did.

 

 

In addition, continued taxpayer uncertainty about the tax law changes that took effect last year was expected to prompt many to take longer than usual to file this year and maybe even prompt more filing extension requests than normal.

 

Comment :

 

Average tax refund down 8.4 percent in first filing week

 

Not for the plutocrats.

 

Clearly .................. billionaires need an other tax cut, or tax haven, or a price fixing scheme, or something.

 

I don't know how they make it.

 

 

Report Inappropriate Content
3
Kudos
211
Views
Valued Social Butterfly
5
Kudos
215
Views

Re: What Happened To Our Tax Refunds ?

215 Views
Message 43 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. Since you know so much you should start a tutorial.

 

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. Then you are calling many here "stupid' Gail, even so-called Conservatives and Indepenedents. People aren't "stupid" because they get a tax return.

 

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??? What does that have to do with the topic Gail. Oh ............... nothing.

 

Their tax liability was lower for tax year 2018. Who are "they" Gail? No most people's weren't.  Did they not notice it in their paycheck? "They" should have noticed in their paychecks that their "tax liability" was lower?  How is that? A paycheck stub shows withholdings but not a "tax liability"  Probably not, they just spent it just the same as the rest of their check without even thinking about it. What does that have to do with seeing or not seeing their "tax liability" in their paychecks?  Oh ...... nothing.

 

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. Oh, you know that to be true with even one person, let alone everyone? Have a crystal ball?

 

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. And how to you know or what makes you think that most didn't?

 

Guess we can strongly suspect that these people don't live on a budget or they would have noticed they were getting paid more. No Gail, they wern't "getting paid more", some may have been clearing more after tax withholdings, but of course many were not. You and many others can "strongly suspect" many things that are wrong.

 

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? Evidently you don't think that most are capable, one of those things that you could "strongly suspect" yet be wrong about.


 


"The only thing man learns from history is man learns nothing from history"
Report Inappropriate Content
5
Kudos
215
Views
Treasured Social Butterfly
2
Kudos
215
Views

Re: What Happened To Our Tax Refunds ?

215 Views
Message 44 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?

 

 

 

 


What Fool from the Baby Boomer generation would pay anything to Trump all year except for the Absolute Maximum Minimum

 

We are all going to die sometime & I'll be keeping control of all my money up until the last day & when they send me a Tax Bill on April 15th for my last year - my family will tell them to expletive it

 

 

( " RESIST TRUMP! - DON'T BACK DOWN!)

" )
" - Anonymous

Report Inappropriate Content
2
Kudos
215
Views
Valued Social Butterfly
2
Kudos
216
Views

Re: What Happened To Our Tax Refunds ?

216 Views
Message 45 of 58

@jimc91 wrote:

Be happy that AOC's green new deal is not yet a reality!  

 

Can you imagine what your tax liability would be for all the free stuff and cost for infrastructure would be?

 

 


I would rather my taxes went for those things than a stupid and useless Vanity Wall.  But then, of course, AOC's green deal isn't a reality nor part of the Dem's platform.  Nor is it part of this topic.


"The only thing man learns from history is man learns nothing from history"
Report Inappropriate Content
2
Kudos
216
Views
Valued Social Butterfly
3
Kudos
212
Views

Re: What Happened To Our Tax Refunds ?

212 Views
Message 46 of 58

@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?

 

 

 

 

Report Inappropriate Content
3
Kudos
212
Views
Treasured Social Butterfly
7
Kudos
258
Views

Re: What Happened To Our Tax Refunds ?

258 Views
Message 47 of 58

@jimc91 wrote:

Be happy that AOC's green new deal is not yet a reality!  

 

Can you imagine what your tax liability would be for all the free stuff and cost for infrastructure would be?

 

 


Yeah by all means let's not spend a Cent on Infrastructure......... all the 100 year old Water & Sewer Pipes can continue to explode through our City Streets

 

While the thousands of bridges all across the Country continue to deteriorate & fall into the waterways - have no fear - we will have a 100 Billion $$ Memorial to Trump at our Southern Border

 

Free Stuff - what about the Trillions in Free Stuff - Trump & the GOP gave away to the Richest Individuals & Corporations in the Country at a time when unemployment is at its lowest - corporate profits & the stock Market are setting records

 

Lastly - several reports came out recently from the US Intelligence Agencies showing how vulnerable our critical Energy Infrastructure is & how the Chinese & Russians already have the capability to shut off our lights & heat anytime they want & we have no way to prevent it 

 

I dont know how you people even dare call yourselves Americans

 

 

( " RESIST TRUMP! - DON'T BACK DOWN!)

" )
" - Anonymous

Report Inappropriate Content
7
Kudos
258
Views
Treasured Social Butterfly
1
Kudos
274
Views

Re: What Happened To Our Tax Refunds ?

274 Views
Message 48 of 58

@mickstuder wrote:

Trumps put out a propoganda commercial - trying to trick people into believing they aren't getting a refund because it's their fault - they should have re-adjusted their withholdings

 

Yeah - that'll work - they'll take more out of you each week instead of sending you a big bill at the end of the year

 

It's the same amount either way folks - there is no Tax Break for the Middle Class


Have you taken a look at your tax bill this year?  After filing my taxes I took a look at my withholding.  I did some adjusting down to my withholding.  We have five sources of income so it took some calculating to insure enough will be withheld without under or over withholding.

Report Inappropriate Content
1
Kudos
274
Views
Treasured Social Butterfly
1
Kudos
295
Views

Re: What Happened To Our Tax Refunds ?

295 Views
Message 49 of 58

Be happy that AOC's green new deal is not yet a reality!  

 

Can you imagine what your tax liability would be for all the free stuff and cost for infrastructure would be?

 

 

VIMTSTL
Report Inappropriate Content
1
Kudos
295
Views
Treasured Social Butterfly
2
Kudos
280
Views

Re: What Happened To Our Tax Refunds ?

280 Views
Message 50 of 58

I owed. But I expected that. In blue states, a $10,000 cap on deducting state and local taxes is a joke.

Report Inappropriate Content
2
Kudos
280
Views