2018 Taxes - Did the tax cut hurt or help you?

[DenverGP]

Just finished up my taxes for this year.

I had used an IRS calculator mid year which suggested my withholdings might be low, so I bumped up my 401k contrib and had a little more tax withholding for the last half of the year. Apparently over-corrected, because I'm getting back about $800.

I've seen a bunch of news stories about how peoples returns are lower this year. But that could just be because there was less withheld from their check all year due to the cuts, so therefore they weren't over-withheld by as much. If we used the "refund amount" like the news stories do, it would look the tax cut hurt me, because my refund was lower this year. But that's just because my withholdings were lower.

The important number is from the "total tax" line.

No change in living situation from last year. Last year I itemized all my deductions, mortgage interest, charitable contributions, etc. This year just used the standard $24000 deduction for married filing joint. My taxable income increased by $3000 (it actually increased by a larger amount, but I pushed most of the increase into my 401k). But my Total Tax line decreased by $1350.

So taxes were much easier, and I saved a bit.

[ray1970]

Haven?t even thought about mine yet. I usually cut the IRS a check for the $1K - $2K I shorted them throughout the year. Two years ago I had to cut them a check for about $4K. If I can get that number back to where it was I?ll be stoked.

[Irving]

Haven't even looked this year, but I know already that I'm in trouble, especially if I owe anything close to what I owed last year. I contributed nothing to any pre-tax accounts this year so I think I'll owe way more. Ouch.

[Bailey Guns]

Ours was a good news/bad news year.

Good news, our incomes went up. I got a nice raise from my company due to the corporate tax changes. Wife's went up substantially.

Bad news, I claimed married/1 all year, wife claimed married/0 all year. Her employer way under-withheld for some unknown reason and we're gonna wind up paying close to $4500, including a penalty. Our MAGI is too high so retirement deductions are limited.

But, it's way easier this year. The $24000 standard deduction is more than what we could've come up with in traditional deductions. We've adjusted withholdings already this year...not gonna get caught like that again.

[Doc45]

I’ll find out tomorrow, not very optimistic.

[cfortune]

My income bumped me into the next bracket and my deductions were somehow significantly less (like 6000 less than last year) even though nothing has changed other than my income. Getting back about 2500 less than I did last year.

[drew890]

Income went up and was married this year.
Went from large refunds in the past to a $4 refund this year.

[colorider]

A lot of people are getting less of a refund because they paid less in withholding. They kinda skip that part in the news stories. Lots of people just looking at the refund check amount instead of what they paid overall.

[davsel]

Would love to have them remove "withholding" and make everyone cut a check at the end of the year so people SEE how much the govt is taking.
Of course that would only account for about half the population and the rest would still get a check from the govt.

I hate taxes

[Bailey Guns]

Would love to have them remove "withholding" and make everyone cut a check at the end of the year so people SEE how much the govt is taking.

I'd be OK with that.