2018 Tax Changes Have Screwed me to the tune of $750

Topic by Ranger One

Ranger One

Home Forums Money 2018 Tax Changes Have Screwed me to the tune of $750

This topic contains 17 replies, has 8 voices, and was last updated by Ranger One  Ranger One 11 months, 1 week ago.

Viewing 18 posts - 1 through 18 (of 18 total)
  • Author
    Posts
  • #886296
    +5
    Ranger One
    Ranger One
    Participant
    16836

    Some bulls~~~. I itemized last year for Federal (and thus I had to for state).

    In 2018 the Federal standard deduction was raised to compensate for the changes made to the rates… basically in my case being an was on the Federal… as long as I use the standard.

    But the state standard deduction is only $4,500… a tiny fraction of the itemized deductions from last year. Thus I am f~~~ed, through no fault of my own to the tune of $750.

    All my life I've had doubts about who I am, where I belonged. Now I'm like the arrow that springs from the bow. No hesitation, no doubts. The path is clear. And what are you? Alive. Everything else is negotiable. Women have rights; men have responsibilities; MGTOW have freedom. Marriage is for chumps. If someone stands in the way of true justice, you simply walk up behind them and stab them in the heart-R'as al Ghul.

    #886299
    +4
    Beer
    Beer
    Participant
    11832

    I don’t have enough write offs to make itemizing worth it. Between the bigger standard deduction and lower brackets I’ll save about 3-4k this year.

    Really it sounds like your state sucks more than anything, but that was kind of the intent of the tax reform, to stop subsidizing high tax states through write offs. Most states let you itemize though even if you don’t for federal.

    #886346
    +2
    WPL
    WPL
    Participant
    2390

    I’m going to owe about the same amount this year as I did last year (around $1000), with the same W4 selections. If the tax cuts are benefiting someone, it ain’t I.

    #886350
    +3
    TaxGuy
    TaxGuy
    Participant

    Really it sounds like your state sucks more than anything, but that was kind of the intent of the tax reform, to stop subsidizing high tax states through write offs. Most states let you itemize though even if you don’t for federal.

    Or to punish states with high income taxes that didn’t vote for Trump. Semantics.

    The whole purpose for the state tax write-off is that, without it, you are paying a dollar of tax to your state, and then paying federal tax on that same dollar. Which means you payed $1.25 or so in tax on that dollar.

    But your state tax deduction from the federal return is not a deduction on your state tax return. So if that’s all it is, there is something else causing the higher tax on the state return. To put it another way, if your state tax deduction was the driver for being able to itemize on your federal return, then you should have only received the standard deduction on your state return last year as well.

    Order the good wine

    #886367
    +3
    Ranger One
    Ranger One
    Participant
    16836

    Really it sounds like your state sucks more than anything, but that was kind of the intent of the tax reform, to stop subsidizing high tax states through write offs. Most states let you itemize though even if you don’t for federal.

    Or to punish states with high income taxes that didn’t vote for Trump. Semantics.
    The whole purpose for the state tax write-off is that, without it, you are paying a dollar of tax to your state, and then paying federal tax on that same dollar. Which means you payed $1.25 or so in tax on that dollar.
    But your state tax deduction from the federal return is not a deduction on your state tax return. So if that’s all it is, there is something else causing the higher tax on the state return. To put it another way, if your state tax deduction was the driver for being able to itemize on your federal return, then you should have only received the standard deduction on your state return last year as well.

    Mortgage interest and property taxes were the primary drivers of itemizing.

    All my life I've had doubts about who I am, where I belonged. Now I'm like the arrow that springs from the bow. No hesitation, no doubts. The path is clear. And what are you? Alive. Everything else is negotiable. Women have rights; men have responsibilities; MGTOW have freedom. Marriage is for chumps. If someone stands in the way of true justice, you simply walk up behind them and stab them in the heart-R'as al Ghul.

    #886379
    +1
    TaxGuy
    TaxGuy
    Participant

    Mortgage interest and property taxes were the primary drivers of itemizing.

    And are you saying that you got screwed on your state taxes? I would think you should still be able to itemize on your state return. Just because you took the standard deduction on your federal return shouldn’t limit you to the standard on your state return. Unless your state has a f~~~ed up rule about that. I’m not a state tax person so I don’t know every f~~~ed up rule in every f~~~ed up state.

    Are you using TurboTax or one of the other software products to do your return?

    Order the good wine

    #886388
    +2
    Beer
    Beer
    Participant
    11832

    I’m going to owe about the same amount this year as I did last year (around $1000), with the same W4 selections. If the tax cuts are benefiting someone, it ain’t I.

    The calculations all changed with the new tax laws…with the same W4 selections, if you made roughly the same you made in 2017, you’d have been paid in less over the course of 2018. The only thing that matters is how many total dollars your tax bill amounts to, not your return or what you pay in.

    #886389
    +3
    Ranger One
    Ranger One
    Participant
    16836

    Mortgage interest and property taxes were the primary drivers of itemizing.

    And are you saying that you got screwed on your state taxes? I would think you should still be able to itemize on your state return. Just because you took the standard deduction on your federal return shouldn’t limit you to the standard on your state return. Unless your state has a f~~~ed up rule about that. I’m not a state tax person so I don’t know every f~~~ed up rule in every f~~~ed up state.
    Are you using TurboTax or one of the other software products to do your return?

    “Unless your state has a f~~~ed up rule” — Maryland makes you use standard if you used standard on Federal, and itemized if you itemized on Federal. Thing is, the Maryland standard deduction is TINY.

    I’m using TurboTax… using itemized this year would indeed made more taxes for me than standard.

    What do you expect from a state of run by stupid gun-grabbing, tax-and-spend-addicted liberal c~~~s? I’d be tickled pink if a meteor hit Annapolis and wiped it off the face of the Earth while the legislature was in session.

    All my life I've had doubts about who I am, where I belonged. Now I'm like the arrow that springs from the bow. No hesitation, no doubts. The path is clear. And what are you? Alive. Everything else is negotiable. Women have rights; men have responsibilities; MGTOW have freedom. Marriage is for chumps. If someone stands in the way of true justice, you simply walk up behind them and stab them in the heart-R'as al Ghul.

    #886392
    +2
    TaxGuy
    TaxGuy
    Participant

    I found it. It was a new law that Maryland just passed last year. That’s messed up. It specifically says if you itemize for Federal you have your choice on your state return. But if you take the standard deduction on your Fed then you have to use the standard for the state.

    Order the good wine

    #886393
    +2
    Beer
    Beer
    Participant
    11832

    Or to punish states with high income taxes that didn’t vote for Trump. Semantics.

    I’m in a high tax state, and quite bluntly if people want to view it as punishment, then they deserve it. Stop voting for moron state and local politicians who want to keep raising taxes, spending money, and have no plan to reduce our state deficit or debt. After a while it just becomes comical listening to people around here making 2x, 3x, or even more than the average national wage bitch about “the rich” not paying their fair share in one breath, then in the next breath bitching because they can’t write off all their SALT taxes anymore. They are clueless that a top 10%er might consider the top 1% as “rich,” but the bottom 90% is considering the top 10% as “rich,” and by someone else’s definition, they are now paying their fair share.

    For me it sucks paying high state taxes whether I can write them off or not. As far as I’m concerned if someone who voted for those high taxes now wants to complain they can’t write them off, GOOD. Let them take a bite out of the turd sandwich with me. Subsidizing high tax states just subsidizes stupidity, and I’m not a fan of subsidizing stupidity.

    #886394
    +2
    Beer
    Beer
    Participant
    11832

    What do you expect from a state of run by stupid gun-grabbing, tax-and-spend-addicted liberal c~~~s?

    This is the problem right here…current federal tax laws just don’t cater to these people anymore.

    #886398
    +2
    Ranger One
    Ranger One
    Participant
    16836

    Personally, I don’t give a f~~~ what the rich or the poor do, I’m trying to survive long enough financially to cobble together enough preps to survive when Western civilization finally and inevitably collapses. And when it does, and there is no rule of law, I’m not going to fondly remember the kinds of people that hindered my efforts, and they sure as fk won’t benefit from my efforts.

    All my life I've had doubts about who I am, where I belonged. Now I'm like the arrow that springs from the bow. No hesitation, no doubts. The path is clear. And what are you? Alive. Everything else is negotiable. Women have rights; men have responsibilities; MGTOW have freedom. Marriage is for chumps. If someone stands in the way of true justice, you simply walk up behind them and stab them in the heart-R'as al Ghul.

    #886870
    +1
    Narwhal
    narwhal
    Participant

    I’m in a high tax state, and quite bluntly if people want to view it as punishment, then they deserve it. Stop voting for moron state and local politicians who want to keep raising taxes, spending money, and have no plan to reduce our state deficit or debt.

    It’s a matter of perspective, and honestly, 99% of the population has an incorrect perspective. A ‘fair share’ should be defined not by how much you’re able to provide but by how much you consume…or rather how you benefit from what is consumed. The government has been preaching nonsense about people paying their fair share for so long that people can’t even think for themselves on what that means and question it.

    Taxes should not be based on income, property value, or a percentage of sales volume. It’s done that way because it’s convenient for the government and tends to win the vote of the majority of people, since they’ll be asked to pay less. There should be a flat tax for services rendered to all with tax on other services based on consumption as much as possible. People hate tolls, but it’s actually the best kind of tax since it’s based on consumption. If you don’t use the road, you don’t pay. The problem with tolls is that you’re almost always over-charged, with revenue going to other services besides maintaining the road and to private corporations who were granted a monopoly.

    So no, people with high state income tax shouldn’t pay less in fed taxes, but fed taxes shouldn’t be based on income anyway. It should be a flat tax covering national defense and other federal services, which should be greatly reduced to the original mandate of federal government. State really are less of a concern, as they should do what they please with taxes really, let the people of that state decide. Although I’d love to see a state experiment with doing an actual flat tax.

    Ok. Then do it.

    #886878
    IMickey503
    iMickey503
    Participant
    12465

    I really want to make a movie where women are all that’s left and they start taxing good looking skinny women and women that have big breasts because it is not fair, and they need to pay their fair share or some oddball nonsense like that.

    Oh wait.. Just when you thought this crazy train had no brakes… Welcome Argentina!

    And of course, if its on the BBC, you know its really good reporting.

    Now of you think this stupid idea has no merit? Welcome to Ugly Tax, and guess who it’s aimed at? MEN! Boy, strangely, women seem to be left out of this great fairness tax angle since they naturally seem to be more valuable them men on paper right?

    “If you earn 10-15% less than someone who does the same job, you’re paying the price of being less attractive.”Some dumb c~~~.

    If you think that this would never make it in the USA? THINK AGAIN. People actually thought this was a good idea..

    You are all alone. If you have been falsely accused of RAPE, DV, PLEASE let all men know about the people who did this. http://register-her.net/web/guest/home

    #886880
    Ranger One
    Ranger One
    Participant
    16836

    I really want to make a movie where women are all that’s left and they start taxing good looking skinny women and women that have big breasts because it is not fair, and they need to pay their fair share or some oddball nonsense like that.
    Oh wait.. Just when you thought this crazy train had no brakes… Welcome Argentina!
    And of course, if its on the BBC, you know its really good reporting.
    Now of you think this stupid idea has no merit? Welcome to Ugly Tax, and guess who it’s aimed at? MEN! Boy, strangely, women seem to be left out of this great fairness tax angle since they naturally seem to be more valuable them men on paper right?
    “If you earn 10-15% less than someone who does the same job, you’re paying the price of being less attractive.”Some dumb c~~~.
    If you think that this would never make it in the USA? THINK AGAIN. People actually thought this was a good idea..

    The Left has had a lot of dumb concepts and goals, so it is hard to actually pick out a single concept and goal that stands out as the worst, especially now, but if I had to pick, it is probably trying to guarantee equality of OUTCOME.

    All my life I've had doubts about who I am, where I belonged. Now I'm like the arrow that springs from the bow. No hesitation, no doubts. The path is clear. And what are you? Alive. Everything else is negotiable. Women have rights; men have responsibilities; MGTOW have freedom. Marriage is for chumps. If someone stands in the way of true justice, you simply walk up behind them and stab them in the heart-R'as al Ghul.

    #887061
    Hollowtips
    hollowtips
    Participant
    681

    Some bulls~~~. I itemized last year for Federal (and thus I had to for state).
    In 2018 the Federal standard deduction was raised to compensate for the changes made to the rates… basically in my case being an was on the Federal… as long as I use the standard.
    But the state standard deduction is only $4,500… a tiny fraction of the itemized deductions from last year. Thus I am f~~~ed, through no fault of my own to the tune of $750.

    If you don’t mind me asking, ballpark answer, how much do you make a year. I’ve been a student working part time every year except for this one and have never had to pay much if anything for taxes. I’m wondering when It’ll get to the point that it hurts to do my taxes.

    #891241
    Anonymousyam
    anonymousyam
    Participant
    4605

    I’m wondering when It’ll get to the point that it hurts to do my taxes.

    When you get to the point of making a middle class income that is below 80k a year as your taxes will both eventually increase (sunset provision in the tax bill in about 2027) or you cannot use the deductions which normal People commonly use (Trump cut those as well).

    Stop voting for moron state and local politicians who want to keep raising taxes, spending money, and have no plan to reduce our state deficit or debt

    You mean the Republican party who raises taxes on the middle class/poor, spend more money then the Democrats, inflate the deficit and debt and then blame it on the Democrats proposing cutting the Social safety net as their solution to it (like cutting Social Security, Medicare/Medicad even Education). I agree as we should not be voting for those Retards anymore as the last non Retarded Republican left office in the year 1961.

    Just an east coast asshole who likes to curse, If you get offended by words like fuck, cunt, shit, piss, bitch or any racial slurs then you just scroll down.

    #891244
    Ranger One
    Ranger One
    Participant
    16836

    Some bulls~~~. I itemized last year for Federal (and thus I had to for state).In 2018 the Federal standard deduction was raised to compensate for the changes made to the rates… basically in my case being an was on the Federal… as long as I use the standard.But the state standard deduction is only $4,500… a tiny fraction of the itemized deductions from last year. Thus I am f~~~ed, through no fault of my own to the tune of $750.

    If you don’t mind me asking, ballpark answer, how much do you make a year. I’ve been a student working part time every year except for this one and have never had to pay much if anything for taxes. I’m wondering when It’ll get to the point that it hurts to do my taxes.

    Around $82K

    All my life I've had doubts about who I am, where I belonged. Now I'm like the arrow that springs from the bow. No hesitation, no doubts. The path is clear. And what are you? Alive. Everything else is negotiable. Women have rights; men have responsibilities; MGTOW have freedom. Marriage is for chumps. If someone stands in the way of true justice, you simply walk up behind them and stab them in the heart-R'as al Ghul.

Viewing 18 posts - 1 through 18 (of 18 total)

You must be logged in to reply to this topic.