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(CNBC)   Couple finds out that yes, their effective tax rate went down under the new tax law, but they've also gone from getting a small refund to owing the IRS more than $10,000 thanks to decreased deductions; and they're far from the only ones   (cnbc.com) divider line
    More: Obvious, Taxation in the United States, Taxation, first tax filing season, Tax, new federal tax law, Tax refund, biggest cash infusion of the year, small refund  
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4365 clicks; posted to Politics » on 19 Feb 2019 at 12:20 PM (4 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2019-02-19 11:23:01 AM  
Remember, if you're not in here right away posting some version of "actually, nobody should get a refund because that's totally like giving the government an interest-free loan for a year, totally," then we are all assuming that you're a financial noob who knows nothing about anything and basically drools into a piggy bank as a way of saving money.
 
2019-02-19 11:25:58 AM  

Pocket Ninja: Remember, if you're not in here right away posting some version of "actually, nobody should get a refund because that's totally like giving the government an interest-free loan for a year, totally," then we are all assuming that you're a financial noob who knows nothing about anything and basically drools into a piggy bank as a way of saving money.


I don't know what rate my bank offers on savings, but really, it can't be all that much better than 0%
 
2019-02-19 11:32:17 AM  
I'm just as screwed as the next person when it comes to taxes this year, but it warms my cold dark heart knowing how much this is going to hurt the GOP in 2020.
 
2019-02-19 11:44:55 AM  
This is why the very first thing I did when the new withholding tables came out from the IRS was to make sure they were deducting enough for me.

But then, I actually know that withholding tables exist, how they're used, and where to find them.  Which puts me in a class of about 1% of non-CPAs, mostly with a bunch of HR/Payroll folks.
 
2019-02-19 11:48:53 AM  
 Lots of people used their tax refunds to make large purchases like furniture or appliances. I wonder when retailers are going to start screaming about losing these extra sales?
 
2019-02-19 11:55:01 AM  

Gubbo: Pocket Ninja: Remember, if you're not in here right away posting some version of "actually, nobody should get a refund because that's totally like giving the government an interest-free loan for a year, totally," then we are all assuming that you're a financial noob who knows nothing about anything and basically drools into a piggy bank as a way of saving money.

I don't know what rate my bank offers on savings, but really, it can't be all that much better than 0%


~2.5% if you're doing a CD.

Or around the rate of inflation.
 
2019-02-19 12:18:24 PM  

Pocket Ninja: Remember, if you're not in here right away posting some version of "actually, nobody should get a refund because that's totally like giving the government an interest-free loan for a year, totally," then we are all assuming that you're a financial noob who knows nothing about anything and basically drools into a piggy bank as a way of saving money.


As a single parent with a shiatty job, I have basically zero withholding and still get a hefty "refund". Those refundable earned income tax credits and additional child tax credits are significantly more than what my taxes amount to.

I feel a little bad taking it, but I didn't design the tax code.
 
2019-02-19 12:22:15 PM  
'Murica.
 
2019-02-19 12:23:49 PM  

BooksontheBrain: I'm just as screwed as the next person when it comes to taxes this year, but it warms my cold dark heart knowing how much this is going to hurt the GOP in 2020.


Poor GOP cult-level members are cool with this as long as they stiggit 'Others' (any demographic significantly different from themselves.) Eye for an (imagined) Eye, war of attrition, and all that.
 
2019-02-19 12:24:15 PM  

JesseL: Pocket Ninja: Remember, if you're not in here right away posting some version of "actually, nobody should get a refund because that's totally like giving the government an interest-free loan for a year, totally," then we are all assuming that you're a financial noob who knows nothing about anything and basically drools into a piggy bank as a way of saving money.

As a single parent with a shiatty job, I have basically zero withholding and still get a hefty "refund". Those refundable earned income tax credits and additional child tax credits are significantly more than what my taxes amount to.

I feel a little bad taking it, but I didn't design the tax code.


Please don't feel bad about it.
 
2019-02-19 12:24:32 PM  
The Trump legacy?  He fed the leopards.
 
2019-02-19 12:24:34 PM  
If you didn't do the math at the beginning of the year and are now shocked by your return... you are a special kind of stupid and deserve what is happening to you.

Also... stop whining and be an adult about it.
 
2019-02-19 12:24:59 PM  

Miss5280: Lots of people used their tax refunds to make large purchases like furniture or appliances. I wonder when retailers are going to start screaming about losing these extra sales?


Oh, around April 18.
 
2019-02-19 12:25:22 PM  

JesseL: Pocket Ninja: Remember, if you're not in here right away posting some version of "actually, nobody should get a refund because that's totally like giving the government an interest-free loan for a year, totally," then we are all assuming that you're a financial noob who knows nothing about anything and basically drools into a piggy bank as a way of saving money.

As a single parent with a shiatty job, I have basically zero withholding and still get a hefty "refund". Those refundable earned income tax credits and additional child tax credits are significantly more than what my taxes amount to.

I feel a little bad taking it, but I didn't design the tax code.


Don't be.  If your employer paid a just wage, you wouldn't need the tax credits.
 
2019-02-19 12:25:51 PM  

dwrash: If you didn't do the math at the beginning of the year and are now shocked by your return... you are a special kind of stupid and deserve what is happening to you.

Also... stop whining and be an adult about it.


Thank  you Mr. Knowitall.  How much should I be withholding?
 
2019-02-19 12:26:10 PM  
No new television upgrade for you this year, Cletard.
 
2019-02-19 12:26:45 PM  

Dr. DJ Duckhunt: BooksontheBrain: I'm just as screwed as the next person when it comes to taxes this year, but it warms my cold dark heart knowing how much this is going to hurt the GOP in 2020.

Poor GOP cult-level members are cool with this as long as they stiggit 'Others' (any demographic significantly different from themselves.) Eye for an (imagined) Eye, war of attrition, and all that.


No. You can keep something from them, but you can't take something away.
 
2019-02-19 12:26:54 PM  

Pocket Ninja: Remember, if you're not in here right away posting some version of "actually, nobody should get a refund because that's totally like giving the government an interest-free loan for a year, totally," then we are all assuming that you're a financial noob who knows nothing about anything and basically drools into a piggy bank as a way of saving money.


Thanks for that.
 
2019-02-19 12:27:09 PM  

Pocket Ninja: Remember, if you're not in here right away posting some version of "actually, nobody should get a refund because that's totally like giving the government an interest-free loan for a year, totally," then we are all assuming that you're a financial noob who knows nothing about anything and basically drools into a piggy bank as a way of saving money.


You know how much interest you can make on a 1000 dollar loan in a year?! It could be as much as a nickle, hell maybe as much as a dime. Been setting aside some each month to help cover what im sure to owe now.
 
2019-02-19 12:27:15 PM  

dwrash: If you didn't do the math at the beginning of the year and are now shocked by your return... you are a special kind of stupid and deserve what is happening to you.

Also... stop whining and be an adult about it.


img.fark.netView Full Size
 
2019-02-19 12:29:01 PM  
I too am paying more in taxes this year. I'm glad to give the extra money to the government to build the wall that will do nothing.
 
2019-02-19 12:29:09 PM  

Muta: dwrash: If you didn't do the math at the beginning of the year and are now shocked by your return... you are a special kind of stupid and deserve what is happening to you.

Also... stop whining and be an adult about it.

Thank  you Mr. Knowitall.  How much should I be withholding?


The rates and caps were known at the beginning of the year... all it takes is about 10 minutes to figure that out.

We planned on getting around 1k back.. we got $700 back (and we have already received it). This was primary due to raises we got during the year.

We also chose to not live in a high SALT area... we did hit the cutoff though.. but we ended up taking the standard deduction in the end, since we only itemized around 16k last year, we knew the standard 24k per couple would apply this year.

Our effective rate went down about 1.5%.
 
2019-02-19 12:29:51 PM  

Miss5280: Lots of people used their tax refunds to make large purchases like furniture or appliances. I wonder when retailers are going to start screaming about losing these extra sales?


This is America. It'll still happen, just on a credit card.
 
2019-02-19 12:29:54 PM  
The Republican tax plan is the gift that keeps on taking. (Unless you're already wealthy.)
 
2019-02-19 12:29:59 PM  
Our effective tax rate went up from 17.5 to 19% on $150,000.  Our income did not change at all between 2017 and 2018.  I'm not opposed to paying more tax, but I wish it was creating infrastructure or deceasing the national debt.
 
2019-02-19 12:30:07 PM  

Muta: dwrash: If you didn't do the math at the beginning of the year and are now shocked by your return... you are a special kind of stupid and deserve what is happening to you.

Also... stop whining and be an adult about it.

Thank  you Mr. Knowitall.  How much should I be withholding?


How many kids do you have?
 
2019-02-19 12:30:39 PM  

dwrash: Muta: dwrash: If you didn't do the math at the beginning of the year and are now shocked by your return... you are a special kind of stupid and deserve what is happening to you.

Also... stop whining and be an adult about it.

Thank  you Mr. Knowitall.  How much should I be withholding?

The rates and caps were known at the beginning of the year... all it takes is about 10 minutes to figure that out.

We planned on getting around 1k back.. we got $700 back (and we have already received it). This was primary due to raises we got during the year.

We also chose to not live in a high SALT area... we did hit the cutoff though.. but we ended up taking the standard deduction in the end, since we only itemized around 16k last year, we knew the standard 24k per couple would apply this year.

Our effective rate went down about 1.5%.


You didn't answer my question.
 
2019-02-19 12:30:45 PM  

JesseL: As a single parent with a shiatty job, I have basically zero withholding and still get a hefty "refund". Those refundable earned income tax credits and additional child tax credits are significantly more than what my taxes amount to.

I feel a little bad taking it, but I didn't design the tax code.


Don't feel bad. Some of us don't mind helping people who could use it.
Just raise a great kid so he can pay taxes while I collect social security!
We're in this together*

* Offer not valid when talking about Republicans, they want poor people to die
 
2019-02-19 12:30:50 PM  
My trump-loving FIL was whining about his taxes the other day. I laughed so hard in my head.
 
2019-02-19 12:31:20 PM  
emember this is YOUR fault for not reading the tax law and knowing how to adjust your withholding, properly assess how and what deductions were affected, adjusting for the State and local tax deductions being removed, not having a yacht or plane, and many other minutae that you should have planned for... duh!
 
2019-02-19 12:31:31 PM  

Muta: dwrash: Muta: dwrash: If you didn't do the math at the beginning of the year and are now shocked by your return... you are a special kind of stupid and deserve what is happening to you.

Also... stop whining and be an adult about it.

Thank  you Mr. Knowitall.  How much should I be withholding?

The rates and caps were known at the beginning of the year... all it takes is about 10 minutes to figure that out.

We planned on getting around 1k back.. we got $700 back (and we have already received it). This was primary due to raises we got during the year.

We also chose to not live in a high SALT area... we did hit the cutoff though.. but we ended up taking the standard deduction in the end, since we only itemized around 16k last year, we knew the standard 24k per couple would apply this year.

Our effective rate went down about 1.5%.

You didn't answer my question.


I don't know how much you make, what you pay in SALT, your interest deduction or your amount of dependents.. so its impossible for me to answer.
 
2019-02-19 12:31:35 PM  
img.fark.netView Full Size


We kinda tried to tell you. That was our fault. We didn't properly explain things. Let us try to help moving forward, we're sorry.

There should be some kind of popular, commonly shared, internet based reference about this strange phenomenon.
 
2019-02-19 12:31:58 PM  

Gubbo: Pocket Ninja: Remember, if you're not in here right away posting some version of "actually, nobody should get a refund because that's totally like giving the government an interest-free loan for a year, totally," then we are all assuming that you're a financial noob who knows nothing about anything and basically drools into a piggy bank as a way of saving money.

I don't know what rate my bank offers on savings, but really, it can't be all that much better than 0%


If my refund is, let's say $2500, and I had that total amount in decent savings account (2%) for less than a year, that means I lost less than 50 bucks. I'm happy to "pay" that premium for the peace of mind of knowing that I won't be writing a check in February and will instead be getting something back.

I'm not bad at math, I just don't give a fark.
 
2019-02-19 12:32:13 PM  
img.fark.netView Full Size
img.fark.netView Full Size
img.fark.netView Full Size
 
2019-02-19 12:32:16 PM  

dwrash: If you didn't do the math at the beginning of the year and are now shocked by your return... you are a special kind of stupid and deserve what is happening to you.

Also... stop whining and be an adult about it.


Yeah you whiners. You should all be tax experts who can predict what the impact of a giant new tax law will be and plan accordingly. Sure the guy giving this advice seems to misunderstand the basic nature of reality on a daily basis.... BUT on this one thing he feels superior. Don't take that away from him!
 
2019-02-19 12:32:36 PM  
Sneakiest tax on blue states I've seen in my lifetime.  All to give millionaires a bigger tax cut and run up another 2 trillion dollars of debt.

Party of fiscal responsibility.

/Renter, so i'm mostly unaffected by the SALT thing
//At least i got a Costco membership.
///Won't be able to afford it after the next 2 years or whatever, when shiat expires for poor people.
 
2019-02-19 12:32:45 PM  

great_tigers: Muta: dwrash: If you didn't do the math at the beginning of the year and are now shocked by your return... you are a special kind of stupid and deserve what is happening to you.

Also... stop whining and be an adult about it.

Thank  you Mr. Knowitall.  How much should I be withholding?

How many kids do you have?


No dependents.
 
2019-02-19 12:33:10 PM  

AsparagusFTW: Miss5280: Lots of people used their tax refunds to make large purchases like furniture or appliances. I wonder when retailers are going to start screaming about losing these extra sales?

This is America. It'll still happen, just on a credit card.


Or, as the poors call it, payday loans. Gotta love those 400% APRs that are legal because reasons.
 
2019-02-19 12:33:45 PM  

dwrash: If you didn't do the math at the beginning of the year and are now shocked by your return... you are a special kind of stupid and deserve what is happening to you.

Also... stop whining and be an adult about it.


Nah. I have the same gripe about this shiat that I do with the ACA:  My job is the actual job that pays me.  If the government changes things in such a way that I have to treat not getting farked on the day-to-day as a side gig, then it's a policy failure.
 
2019-02-19 12:34:01 PM  

dwrash: Muta: dwrash: Muta: dwrash: If you didn't do the math at the beginning of the year and are now shocked by your return... you are a special kind of stupid and deserve what is happening to you.

Also... stop whining and be an adult about it.

Thank  you Mr. Knowitall.  How much should I be withholding?

The rates and caps were known at the beginning of the year... all it takes is about 10 minutes to figure that out.

We planned on getting around 1k back.. we got $700 back (and we have already received it). This was primary due to raises we got during the year.

We also chose to not live in a high SALT area... we did hit the cutoff though.. but we ended up taking the standard deduction in the end, since we only itemized around 16k last year, we knew the standard 24k per couple would apply this year.

Our effective rate went down about 1.5%.

You didn't answer my question.

I don't know how much you make, what you pay in SALT, your interest deduction or your amount of dependents.. so its impossible for me to answer.


So you're really not as smart as you think you are.  You probably still live in your mom's basement.
 
2019-02-19 12:34:16 PM  
dwrash I was meaning to do what you said but my son has cancer and I was busy doing a cost benefit analysis to see if he was worht saving.
 
2019-02-19 12:34:23 PM  

dwrash: so its impossible for me


Ok progress.
Now just generalize this to most things.
 
2019-02-19 12:34:26 PM  

JesseL: Pocket Ninja: Remember, if you're not in here right away posting some version of "actually, nobody should get a refund because that's totally like giving the government an interest-free loan for a year, totally," then we are all assuming that you're a financial noob who knows nothing about anything and basically drools into a piggy bank as a way of saving money.

As a single parent with a shiatty job, I have basically zero withholding and still get a hefty "refund". Those refundable earned income tax credits and additional child tax credits are significantly more than what my taxes amount to.

I feel a little bad taking it, but I didn't design the tax code.


I'm in a tax bracket where I pay ~40% of my income in taxes now, but once, a long time ago, my wife got very sick and couldn't work, I was in school full time plus pulling two sperate internship/clincs each needing about 30 hrs a week, and we had a five year old kid.   It didn't make me feel good to need them , but the food stamp benefits we got meant that no matter how tight money got, thank's to my wife's incredible shopping survival skills, the one thing I would NEVER have to worry about was my son  going to bed hungry, and that felt like God's own mercy at the time.

So, If it makes you feel better, it's probably a chunk of my current tax bill you are getting, and you are MORE than welcome to it, as it goes to help YOUR child, and gives you that same peace of mind.    Seems the VERY least I can do
 
2019-02-19 12:34:50 PM  

Gubbo: Pocket Ninja: Remember, if you're not in here right away posting some version of "actually, nobody should get a refund because that's totally like giving the government an interest-free loan for a year, totally," then we are all assuming that you're a financial noob who knows nothing about anything and basically drools into a piggy bank as a way of saving money.

I don't know what rate my bank offers on savings, but really, it can't be all that much better than 0%


The combined big 5(which hold 95% of retail banking), offer a combined .12% on savings accounts.
 
2019-02-19 12:34:55 PM  

Glorious Golden Ass: Our effective tax rate went up from 17.5 to 19% on $150,000.  Our income did not change at all between 2017 and 2018.  I'm not opposed to paying more tax, but I wish it was creating infrastructure or deceasing the national debt.


How do you feel about walls?
 
2019-02-19 12:36:19 PM  
Didn't affect me. The state of Louisiana steals my return no matter what because they attach whimsical fees in just the right amount every year to keep crookedly stealing from me forever because the state government is a total criminal operation that exists to prey upon people and isn't anything else at all.

That said, fark Republicans. I live for their destruction at all levels.

If a Republican is reading this, I heartily wish it the worst experience of life and a horrible death that brings no relief or release.
 
2019-02-19 12:36:20 PM  

dwrash: If you didn't do the math at the beginning of the year and are now shocked by your return... you are a special kind of stupid and deserve what is happening to you.

Also... stop whining and be an adult about it.


Difficulty: the IRS manipulated the withholding tables they published under Mnuchin's orders to make people think they got more of a Tax Cut than they really did, even if that meant they were underwitholding
 
2019-02-19 12:36:23 PM  
JUST LIKE EVERYBODY WAS TELLING YOU farkING YOKELS
 
2019-02-19 12:37:02 PM  
I work for the gov'ment so they already make sure I pay all of my taxes and then some so I'm getting a kick out of these replies.

/still got back some change, maybe I'll file my local taxes on time this year.
 
2019-02-19 12:38:21 PM  
This will be fun.

The tax law mandated a new form to be sent out, telling you what you would be getting "this" year, based on the new tax law and what your payments were for "last" year.

Mine should double. 

But.............................. How did the change in withholding change my amount paid? Did they fnck themselves twice by telling me one thing, and then changing it so I wouldn't get that? 

I guess I will find out in about a month.
 
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