[Edit: Year 3 now] Year 2 of the New Tax Law - Impacts to you. (1 Viewer)

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    wardorican

    wardorican

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    We had a thread about this in a prior incarnation, I may include some information from it later.

    It's early tax filing season, so we should get to see some more data about how your overall taxable income has changed from 2017, to 2018, to 2019, as well as refunds (we know refunds dropped a lot, but overall taxable income mostly went down, but there have been exceptions).

    I'm not quite done filling out my taxes. Luckily, we have some education credits to help us out that I haven't put in yet, otherwise, so far, it would't look good for us. I believe 2019 should be a bit worse of a tax year than 2018, since there was a tax break decay every year, until it goes away, if I recall correctly.

    Only share what you're comfortable with. I'd like this to remain more about the facts as they come in, but I'm sure as we get data, opinions will come in.
     
    The only update sweeter is when it hits my account...

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    I'm almost done with my taxes, just waiting on one form. I haven't looked at the end result yet, but I'll update this.

    Again, the reason for the year to year is that the Trump tax cuts built in increases for everyone except corporations and wealthy. So, odds are everyone's taxes will creep up. Also, in light of Covid relief, or not relief, showing how much or little we gained for all the debt that was added will be interesting.

    Mine will be a mixed bag, since my wife stopped working in Sept to finish Grad school. And I was part time employed for a while during this. Got some unemployment, but overall lost out. Then I did a few other things that massage my taxes.
     
    wardorican said:
    I'm almost done with my taxes, just waiting on one form. I haven't looked at the end result yet, but I'll update this.

    Again, the reason for the year to year is that the Trump tax cuts built in increases for everyone except corporations and wealthy. So, odds are everyone's taxes will creep up. Also, in light of Covid relief, or not relief, showing how much or little we gained for all the debt that was added will be interesting.

    Mine will be a mixed bag, since my wife stopped working in Sept to finish Grad school. And I was part time employed for a while during this. Got some unemployment, but overall lost out. Then I did a few other things that massage my taxes.
    Click to expand...
    I'm still waiting on my wife's main W2.

    Last year was the first year we didn't owe in a LONG time (in fact, we got a few hundred back). We made a bit more this year, but largely our situation was similar to last year. But I have no idea what our tax situation will be. When we get that last W2, I'll be just as surprised as anyone else.
     
    brandon said:
    I'm still waiting on my wife's main W2.

    Last year was the first year we didn't owe in a LONG time (in fact, we got a few hundred back). We made a bit more this year, but largely our situation was similar to last year. But I have no idea what our tax situation will be. When we get that last W2, I'll be just as surprised as anyone else.
    Click to expand...

    Same here. No idea what to expect. Only claiming 2 kids this year as opposed to 3. So my tax credits and such will be smaller. I suspect my refund will be a good bit smaller this year. We'll see i guess.
     
    My taxable income was $5,176 higher in 2020, my taxes paid were $1,076 higher (but my refund is like $20 more). My 2019 effective rate shows as 12.12%, 2020 as 12.69%. I filed last week.
     

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