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Re: Where did your tax refund go?

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Message 1 of 58

@NOTHAPPENING wrote:

@TxGrandpa2 wrote:

@NOTHAPPENING wrote:



Scout is just throwing words around again like lil Donny and Reagan tax scam. Inflation (as you know) has nothing to do with lower tax rates. Lower tax rates ALWAYS put more money in your pocket instead of the government regardless of inflation rate!


Over the years I've had over withholding from my primary source because I would come up paying each year due to multiple sources of income.  With the tax cuts, my taxes was a fifth of what it had been, resulting in a huge refund.  I've already calculated approximately what my taxes for this year will be, leaving a small cushion for safety.

 

I'm of the opinion that only a small percentage will end up owing more than was withheld.

 

 


I agree. It is difficult to see the actual savings since there are so many variables and to add to the complexity, many employers are taking less income taxes out of pensions (because of the lower rates). Those that live in high tax blue states that had bigger deductions than $10K are the ones that may have to pay more.

 

__________________________________________________________

You are correct it is difficult to see the actual savings. There would be savings if the tax cuts were paid for in the total budget. The fact is not one cent of the tax cuts were paid for, and the money being returned is being added to the National debt which has to be paid back to the people holding the notes plus interest. Trump has tried to get some back by Tariffs but that has failed since it has caused job loss, and higher prices to people. The way it stands now all middle income on down will pay more taxes in the coming years to cover the National Debt. The only people who tells us about the great tax cut they got are the far right in the middle class on down, and they do not understand any of it. Keep in mind what the experts have told us about them.


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Re: Where did your tax refund go?

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Message 2 of 58

@TxGrandpa2 wrote:

@NOTHAPPENING wrote:



Scout is just throwing words around again like lil Donny and Reagan tax scam. Inflation (as you know) has nothing to do with lower tax rates. Lower tax rates ALWAYS put more money in your pocket instead of the government regardless of inflation rate!


Over the years I've had over withholding from my primary source because I would come up paying each year due to multiple sources of income.  With the tax cuts, my taxes was a fifth of what it had been, resulting in a huge refund.  I've already calculated approximately what my taxes for this year will be, leaving a small cushion for safety.

 

I'm of the opinion that only a small percentage will end up owing more than was withheld.

 

 


I agree. It is difficult to see the actual savings since there are so many variables and to add to the complexity, many employers are taking less income taxes out of pensions (because of the lower rates). Those that live in high tax blue states that had bigger deductions than $10K are the ones that may have to pay more.

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Re: Where did your tax refund go?

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@Roxanna35 wrote:

I have spoken to my accountant and he has told me that I don't  need to withhold more in my different @W2"  or 0199's  that we are fine and not to worry.  So I will see when my taxes are completed

 


Suggest that it might be best to wait for your completed 1040 before making any decision.  I've had additional withholding over the years based on the fact that normally not enough was withheld on incomes that fluctuated with interest and dividends.

 

My accountant (me) recommended the additional withholding based on previous experience.  I base future withholding on whether I had to withhold additional or less based on the present year's 1040.  Never took anyone's word.


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Message 4 of 58

I have spoken to my accountant and he has told me that I don't  need to withhold more in my different @W2"  or 0199's  that we are fine and not to worry.  So I will see when my taxes are completed

s

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Message 5 of 58

@NOTHAPPENING wrote:



Scout is just throwing words around again like lil Donny and Reagan tax scam. Inflation (as you know) has nothing to do with lower tax rates. Lower tax rates ALWAYS put more money in your pocket instead of the government regardless of inflation rate!


Over the years I've had over withholding from my primary source because I would come up paying each year due to multiple sources of income.  With the tax cuts, my taxes was a fifth of what it had been, resulting in a huge refund.  I've already calculated approximately what my taxes for this year will be, leaving a small cushion for safety.

 

I'm of the opinion that only a small percentage will end up owing more than was withheld.

 

 


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Message 6 of 58

@TxGrandpa2 wrote:

@Olderscout66 wrote:


That won't tell you anything either because the dollars are different in each year. Each buck you made in 2017 is worth $1.03 in 2018, and to be completely accurate, you need to be more selective than that in picking your inflation factor.

Where does the 'inflation factor' enter in when comparing whether one received a higher or lower refund, or whether the tax itself was higher or lower than for 2017?  My refund was higher for my 2018 return because of a lower tax.  I had compensated my withholding based on having several sources of income from several pensions, interest and dividends from different sources.

 

As far as being given $24,000 of the money that should go towards the infrastructure, there is a provision that you could return or donate that amount and earnarking it to the infrastructure. 

 

Perhaps you can explain how we are given $24,000 returned in our taxes?  I didn't receive mine, just a deduction, not actual dollars.



Scout is just throwing words around again like lil Donny and Reagan tax scam. Inflation (as you know) has nothing to do with lower tax rates. Lower tax rates ALWAYS put more money in your pocket instead of the government regardless of inflation rate!

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Message 7 of 58

@Olderscout66 wrote:


That won't tell you anything either because the dollars are different in each year. Each buck you made in 2017 is worth $1.03 in 2018, and to be completely accurate, you need to be more selective than that in picking your inflation factor.

Where does the 'inflation factor' enter in when comparing whether one received a higher or lower refund, or whether the tax itself was higher or lower than for 2017?  My refund was higher for my 2018 return because of a lower tax.  I had compensated my withholding based on having several sources of income from several pensions, interest and dividends from different sources.

 

As far as being given $24,000 of the money that should go towards the infrastructure, there is a provision that you could return or donate that amount and earnarking it to the infrastructure. 

 

Perhaps you can explain how we are given $24,000 returned in our taxes?  I didn't receive mine, just a deduction, not actual dollars.



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Message 8 of 58

@Olderscout66 wrote:

@NOTHAPPENING wrote:

@Roxanna35 wrote:

I just took my daughter to the tax preparer and she is pernanently disabled so she was ok. but I    asked the lady how were other feeling about their refund. and she told me that many of them were surprised to see that instead of a refund they owe money, and many also were not what they had received in previous years, and yes, they wer not happy.

I just sent my paperwork to my accountant, and I am sure that we  are going to get screwed like I had predicted.  So, perhaps I will  be one of those that will be very unhappy with the results.


Assuming you live in northern Florida, didn't itemize either in 2017 or 2018, and currently paying a net federal income tax, you will pay less taxes this year than last year. You CAN'T tell from a refund either year if you are better or worse. Just compare the tax you paid in 2017 with the tax you paid in 2018 (assuming all incomes were the same each year).


That won't tell you anything either because the dollars are different in each year. Each buck you made in 2017 is worth $1.03 in 2018, and to be completely accurate, you need to be more selective than that in picking your inflation factor. If you're a couple, you probably had a slight benefit from the Trumpscam, but if you've got kids, losing the personal deduction and the inflation kindled by donny's moronic trade wars cost you a bundle.

 

If you're income was $1,000,000 in each year, you were given $24,000 of the money that should've gone to repair our crumbling infrastructure, including schools. If you had to shell out more for school expenses in 2018 than you did in 2017, the increase is to cover the $24,000 donny gave to all million-dollar earners.


My response was specific to rker who I assume is a senior with no kids to deduct and your inflation was high at 3% (really 2% - please check) and that has nothing to do with if you are better off with lower taxes than higher taxes. It is always better (regardless of inflation rate) if you get your own money back instead of having the government waste it. Why not tell me how she would be better off since we had a 2% inflation rate with higher taxes? She wouldn't!!!!!!

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Re: Where did your tax refund go?

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Message 9 of 58

@NOTHAPPENING wrote:

@Roxanna35 wrote:

I just took my daughter to the tax preparer and she is pernanently disabled so she was ok. but I    asked the lady how were other feeling about their refund. and she told me that many of them were surprised to see that instead of a refund they owe money, and many also were not what they had received in previous years, and yes, they wer not happy.

I just sent my paperwork to my accountant, and I am sure that we  are going to get screwed like I had predicted.  So, perhaps I will  be one of those that will be very unhappy with the results.


Assuming you live in northern Florida, didn't itemize either in 2017 or 2018, and currently paying a net federal income tax, you will pay less taxes this year than last year. You CAN'T tell from a refund either year if you are better or worse. Just compare the tax you paid in 2017 with the tax you paid in 2018 (assuming all incomes were the same each year).


That won't tell you anything either because the dollars are different in each year. Each buck you made in 2017 is worth $1.03 in 2018, and to be completely accurate, you need to be more selective than that in picking your inflation factor. If you're a couple, you probably had a slight benefit from the Trumpscam, but if you've got kids, losing the personal deduction and the inflation kindled by donny's moronic trade wars cost you a bundle.

 

If your income was $1,000,000 in each year, you were given $24,000 of the money that should've gone to repair our crumbling infrastructure, including schools. If you had to shell out more for school expenses in 2018 than you did in 2017, the increase is to cover the $24,000 donny gave to all million-dollar earners. It's just more of what Republicans have been doing to the bottom 99% for the past 34 years.

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Message 10 of 58

@Roxanna35 wrote:

I just took my daughter to the tax preparer and she is pernanently disabled so she was ok. but I    asked the lady how were other feeling about their refund. and she told me that many of them were surprised to see that instead of a refund they owe money, and many also were not what they had received in previous years, and yes, they wer not happy.

I just sent my paperwork to my accountant, and I am sure that we  are going to get screwed like I had predicted.  So, perhaps I will  be one of those that will be very unhappy with the results.


Assuming you live in northern Florida, didn't itemize either in 2017 or 2018, and currently paying a net federal income tax, you will pay less taxes this year than last year. You CAN'T tell from a refund either year if you are better or worse. Just compare the tax you paid in 2017 with the tax you paid in 2018 (assuming all incomes were the same each year).

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