Fed. Income taxes

[xsubsailor]

 I got bored and looked up the new tax form today.  I haven't received my 1099s yet but being on a fixed income it doesn't vary much from year to year so I plugged the numbers in from last years tax forms and used the new forms/tables for this year.  I got back $440 of my money last year but this year it should be around $1800  

1040 is here:

https://www.irs.gov/forms-pubs/about-form-1040

[mikegideon]

Enjoy...

 

[xsubsailor]

 How could I possibly enjoy a picture of the Wicked Witch of the west 

[Ronald_55]

36 minutes ago, mikegideon said:

Enjoy...

 

Crap, I was about to eat. I will have to let my stomach settle from that shock. Put warnings next time....

[mikegideon]

51 minutes ago, xsubsailor said:

 How could I possibly enjoy a picture of the Wicked Witch of the west 

I meant, enjoy your tax refund. Nancy wants to take it.

[MP5_Rizzo]

1 hour ago, xsubsailor said:

I got back $440 of my money last year but this year it should be around $1800  

When I hear people talk about their refund I ask them if they know how much they actually paid in.  Rarely does anyone actually know the amount.

[A.J. Holst]

37 minutes ago, MP5_Rizzo said:

When I hear people talk about their refund I ask them if they know how much they actually paid in.  Rarely does anyone actually know the amount.

I know.

5 figures before the decimal.

[E4 No More]

9 minutes ago, A.J. Holst said:

I know.

5 figures before the decimal.

Me too.

[Raoul]

2 hours ago, mikegideon said:

Enjoy...

 

Where's a bucket of water when you need one..... 

[btq96r]

3 hours ago, xsubsailor said:

I got back $440 of my money last year but this year it should be around $1800

If you didn't have any changes in dependent status?  That seems way too high for a refund.  Makes me wonder if your employer adjusted how much was withheld after tax reform was passed. 

I remember my first paycheck was a copy of 2017 from income tax withholding, but once the systems were updated with the new tax changes, I saw the surplus hitting my paychecks.  My *all things money* spreadsheet shows I'll get refund of less than $100.  After I tally up investment dividends and capital gains, I'll end up owing.  That's the way I like it, not giving the government an interest free loan. 

Edited January 13, 2019 by btq96r

[Alleycat72]

I'm a bit worried about mine. I have 6 dependents, but who knows. I did an estimate and my wife did an estimate and they were considerably different. 

[jpx2rk]

Have the new tax schedules for '18 been released yet??

[xsubsailor]

4 hours ago, A.J. Holst said:

I know.

5 figures before the decimal.

 

4 hours ago, SWJewellTN said:

Me too.

 You guys just make too much money 

[Jeb48]

My taxes have been all over the places because of changes in income sources, different deductions and such so I try to figure what the minimum I can pay ahead of time to avoid penalties, then pay what ever it figures out to be when I do my taxes. I have owed most year in the last 10 or so. With the new tax laws and my sources of income being more consistent, I hope this year I can hit it pretty close but still slightly low. I really don't like loaning the government money. 

[hipower]

6 hours ago, SWJewellTN said:

Me too.

5 very low figures for me. After the nest knee job, I got to get some part time work to fund my addictions.

[C.lunn]

Haven't had a refund in 10 years.

[TripleGGG]

What's a refund? 

[mikegideon]

I pay every year. Always over $5K

[E4 No More]

11 hours ago, xsubsailor said:

 

 You guys just make the government too much money 

I fixed it for you.

[1fast4by]

I haven't received a "refund" in years and years, not sure that this year will be any different. 

[owejia]

All you guys complaining, just be thankful you make enough to have to pay taxes on!!!!!

[E4 No More]

27 minutes ago, owejia said:

All you guys complaining, just be thankful you make enough to have to pay taxes on!!!!!

We should be thankful for theft?

[owejia]

Somebody has to support all the beaucrats and government workers , because they produce no products that can be sold like the real world does.

[Capbyrd]

I suck at savings.  And if did save it, I'd just have some emergency that made me spend it.   

Doing my taxes this way, allows me to have a little bit of money come in all at once, without a bill or emergency needing attention.   And if I'm lucky, I get to buy a new gun or stock up on some ammo or buy a new tool.  

[xsubsailor]

20 hours ago, btq96r said:

If you didn't have any changes in dependent status?  That seems way too high for a refund.  Makes me wonder if your employer adjusted how much was withheld after tax reform was passed. 

 

 After reading my OP I can see how you misunderstood what I meant.  I used last years (2017) numbers with the new tax forms and the same withholding. 

Yes, you're correct. The withholding for 2018 decreased so we would see an increase month to month so the amount I paid in will be less, hence less of a refund. I guess I just should have just said my taxes for 2018 decreased $1360 from 2017 while my income stayed the same.  Since I haven't received my 1099s for 2018 I have no idea how much of a refund, if any, I will be getting.

Edited January 14, 2019 by xsubsailor