Did my 2018 taxes last night...

Discussion in 'The Dungeon' started by wood600rr, Jan 29, 2019.

  1. wood600rr

    wood600rr Well-Known Member

    Not ashamed to share my basic financials, married, no kids, own a home, one W-2 for each of us, she's a part-time student.

    Last year, almost the same income (I'm salary plus commission)...paid in $19k in taxes combined, refund was $5k

    This year, paid in 19k again (on $10k more income, meaning I took home more on every check), refund...$9,500!

    Standard deduction married filing jointly is now $24,000...

    Thanks Trump!!!!
    bacolmm, Fencer, D-Zum and 6 others like this.
  2. SPL170db

    SPL170db Trackday winner

    bacolmm, G2G and kangasj like this.
  3. TX Joose

    TX Joose Well-Known Member

    I was under the impression for those in a situation similar to yours, would get a smaller return. Guess you don't really know until you do it.
  4. kangasj

    kangasj Well-Known Member

    That's awesome dude. Trump's approval rating may be climbing a bit between now and April 15th as more people figure this out.... I'd be happy just to hold my own as I've paid off my accounts that had interest deductions...
  5. gixxerreese

    gixxerreese Well-Known Member

    Me too getting back a $1000 more then last year. But I’m sure it’s just peanuts to Pelosi and I should just give it to the government.
    bacolmm likes this.
  6. SVbadguy

    SVbadguy I survived the Mt Course

    Running my numbers my tax rate ends up being .40% lower this year. :rolleyes:
    My refund will be about a 1/3 of last year, so I guess closer to 0 for a change is a good thing.
    Pkelly2020 and bacolmm like this.
  7. Pittenger5

    Pittenger5 Well-Known Member

    Im getting 78 bucks back. Guess I had them withhold the right amount all year.
  8. auminer

    auminer Renaissance Redneck

    Getting within $100 is nice! :beer:
  9. Newsshooter

    Newsshooter Well-Known Member

    I did a quick calc last week, looks like we'll be paying more than last year, I have extra taken out each check and we made less too. :)
  10. sharky nrk

    sharky nrk Rubber Side Up

    I have not finished mine yet but at the moment it is looking like I will be getting less back this year with most things being the same but not a huge swing in either direction really. Kind of shocking given that the standard deduction for married joint went up so much and little else changed in my taxes.
  11. Motofun352

    Motofun352 Well-Known Member

    You understand the goal is not to be getting anything back, right?
  12. sharky nrk

    sharky nrk Rubber Side Up

    yes, for me personally and my statement, I meant that more as given the deduction was much greater and I didn't adjust my withhold between 17 and 18 I did not expect the result.
  13. Hooper

    Hooper Well-Known Member

    Let's see... My take-home pay increased by almost $100 per paycheck last year after the tax reform but it looks like I'm getting about $800 less this year on my tax return. I'm actually okay with that. The math seems simple enough.
    bacolmm likes this.
  14. wood600rr

    wood600rr Well-Known Member

    I don't mind a large refund, it's like forced savings and comes at a good time every year.

    I have other investments that bear interest but if I got more on my checks and no refund I'd blow the money during the year.
    motoracer1100 and XFBO like this.
  15. eggfooyoung

    eggfooyoung You no eat more!

    What's this 'refund' you guys speak of???
    beac83, _indy and BHP41 like this.
  16. BHP41

    BHP41 Well-Known Member

    eggfooyoung likes this.
  17. TX Joose

    TX Joose Well-Known Member

    You mean right before race season? :crackup:
    Phl218 likes this.
  18. blkduc

    blkduc no time for jibba jabba

    Long story short...we came out ahead of last year. It might be fun digging up all the TDS folk's posts here saying we were foolish for thinking we were going to do better with the Trump tax credit.
    bacolmm, XFBO and wood600rr like this.
  19. COOP 1

    COOP 1 Well-Known Member

    + 3
    ggunn9 likes this.
  20. XFBO

    XFBO Well-Known Member

    Those TDS dudes will NEVER admit it if they come out ahead, especially if it's a big return.

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