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How much more Federal Taxes are you paying this year?
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Poll

How much more Federal Taxes are you paying this year?
Not Applicable
 54%  [ 24 ]
$1 - $1,500
 4%  [ 2 ]
$1,501 - $3,000
 13%  [ 6 ]
$3,001 - $4,500
 6%  [ 3 ]
$4,501 - $7,000
 2%  [ 1 ]
$7,001 - $8,500
 2%  [ 1 ]
$8,501+
 15%  [ 7 ]
Total Votes : 44


amother




Slategray


Post  Sat, Mar 09 2019, 10:18 pm
How much more Federal Taxes are you paying this year than last year?
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amother




Wheat


Post  Sat, Mar 09 2019, 10:29 pm
Actually getting a refund this year, while I had a bill last year.
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pesek zman




 
 
 


Post  Sat, Mar 09 2019, 10:48 pm
Refund about the same as last year. I have high deductions (OOP medical)
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amother




Babypink


Post  Sat, Mar 09 2019, 10:49 pm
The new tax laws are actually favorable in my situation. Our income is pretty low, but even if it would go up significantly (iyh!), we would still come out ahead. Mostly because the increased child tax credits are worth more than the reduced deductions for me.

I help my parents with their taxes and it's slightly favorable for them too, although not significantly. They have no dependent children.

I would imagine those who itemized deductions in the past lost out the most.
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flmommy




 
 
 


Post  Sat, Mar 09 2019, 10:52 pm
Why isn’t there a choice to reflect getting more money back?
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amother




Aqua


Post  Sat, Mar 09 2019, 10:52 pm
Our taxes went down.
I work for a CPA firm. Most clients did better with the new laws too.
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amother




Cyan


Post  Sun, Mar 10 2019, 12:37 am
Went from $8,000 last year to about $200 this year.

I recently started working. Although I declare 0 dependents, the amount of taxes they take off unfortunately isn't enough (since they don't consider dh's salary in reference to my paycheck). We also sold some stocks this year.
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amother




Seashell


Post  Sun, Mar 10 2019, 11:04 pm
My tax return is a bit smaller than last year. I did not qualify for a tax credit for college tuition which was worth $2500. Also last year I got all my state taxes refunded and not this year, I can't figure out why. I used TurboTax. I didn't file yet because I need to figure out what's up with the state taxes.
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mig100




 
 
 


Post  Mon, Mar 11 2019, 1:39 am
Im shocked how little everyone pays. Do u mean the total amount paid- throughout yhe year includin estimates and amount deducted from.w2? Or only amount due at the end of the year?
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amother




Lemon


Post  Mon, Mar 11 2019, 1:54 am
Our total tax liability went down significantly this past year. We usually itemize because of medical expenses, childcare, self employment expenses etc. this year it didn’t make sense to itemize and we did much better (also had another baby so we got an extra credit for that)

People hit the hardest are the ones living in states with high income and property taxes, I think.
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amother




Lemon


Post  Mon, Mar 11 2019, 1:56 am
amother wrote:
My tax return is a bit smaller than last year. I did not qualify for a tax credit for college tuition which was worth $2500. Also last year I got all my state taxes refunded and not this year, I can't figure out why. I used TurboTax. I didn't file yet because I need to figure out what's up with the state taxes.


It’s probanly because of the cap on deducting state taxes (income and property tax) which I think is 10,000. So states like NY NJ and CA are going to be hit with a possible larger tax liability
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amother




Babypink


Post  Mon, Mar 11 2019, 9:29 am
amother wrote:
It’s probanly because of the cap on deducting state taxes (income and property tax) which I think is 10,000. So states like NY NJ and CA are going to be hit with a possible larger tax liability


The cap is on the federal tax return, not state. The poster was talking about her state tax return.

To that poster: you just have to compare last year's state tax return and this year's line by line and see where there's differences. I enjoy the nitty gritty tax details and my state tax return confuses the heck out of me.
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amother




Babypink


Post  Mon, Mar 11 2019, 9:32 am
mig100 wrote:
Im shocked how little everyone pays. Do u mean the total amount paid- throughout yhe year includin estimates and amount deducted from.w2? Or only amount due at the end of the year?


Op's question was on how much more taxes you paid this year compared to last year. Overall. That's how I understood it.

So if someone paid $10,000 taxes last year overall and this year $9000, their tax liability went down.
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amother




Dodgerblue


Post  Mon, Mar 11 2019, 10:08 am
around $2000 more- definitely due to the salt cap.
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amother




Cerulean


Post  Mon, Mar 11 2019, 10:21 am
amother wrote:
Op's question was on how much more taxes you paid this year compared to last year. Overall. That's how I understood it.

So if someone paid $10,000 taxes last year overall and this year $9000, their tax liability went down.


OP's question specifies Federal taxes.
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amother




Taupe


Post  Mon, Mar 11 2019, 10:29 am
mig100 wrote:
Im shocked how little everyone pays. Do u mean the total amount paid- throughout yhe year includin estimates and amount deducted from.w2? Or only amount due at the end of the year?


Many people don't see the whole picture.
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mig100




 
 
 


Post  Mon, Mar 11 2019, 12:37 pm
amother wrote:
Many people don't see the whole picture.


thats exactly what im wondering.

I find it hard to beleive that 60% are paying nothing. and only a small percentage are paying over 8k ( relatively low tax bracket)

most - especially those who are employees on w2- pay taxes throughout the year. what is paid with the tax return is only to make up for any differences between what was paid and what should be paid. meaning someone may have 100k withheld from their paycheck and "paid to federal taxes". Yet, be "paying nothing in federal taxes" with their return.

I consider that person to be paying 100k ( money that was part of their paycheck was paid to the fed government, rather than being part of their paycheck)

im wondering if the reason for these surprising responses, is that most are understanding the question differently than me and answering based on how much they are paying with their tax return ONLY?
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amother




Taupe


Post  Mon, Mar 11 2019, 1:55 pm
mig100 wrote:
thats exactly what im wondering.

I find it hard to beleive that 60% are paying nothing. and only a small percentage are paying over 8k ( relatively low tax bracket)

most - especially those who are employees on w2- pay taxes throughout the year. what is paid with the tax return is only to make up for any differences between what was paid and what should be paid. meaning someone may have 100k withheld from their paycheck and "paid to federal taxes". Yet, be "paying nothing in federal taxes" with their return.

I consider that person to be paying 100k ( money that was part of their paycheck was paid to the fed government, rather than being part of their paycheck)

I'm wondering if the reason for these surprising responses, is that most are understanding the question differently than me and answering based on how much they are paying with their tax return ONLY?


well if you want to get all technical about it....the question was about taxes being paid "this year" which is 2019, so any withholdings were taxes paid last year (of course other than what is going on with 2019 pay)....

:-)
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doctorima




 
 
 


Post  Mon, Mar 11 2019, 2:54 pm
mig100 wrote:
thats exactly what im wondering.

I find it hard to beleive that 60% are paying nothing. and only a small percentage are paying over 8k ( relatively low tax bracket)


The question in the subject isn't how much your total tax liability is, but how much MORE you're paying this year than you paid last year. Certainly well more than 60% of us have federal tax liabilities, but many owe less than they did last year due to the new tax laws and/or changing personal circumstances. At least that's how I understand OP and her poll.
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amother




Coral


Post  Mon, Mar 11 2019, 3:05 pm
amother wrote:
Our total tax liability went down significantly this past year. We usually itemize because of medical expenses, childcare, self employment expenses etc. this year it didn’t make sense to itemize and we did much better (also had another baby so we got an extra credit for that)

People hit the hardest are the ones living in states with high income and property taxes, I think.


Which is many of us in NY and NJ.
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