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Thread: Money

  1. #801
    Darth Small Macheath's Avatar
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    Quote Originally Posted by Macheath View Post
    Supposedly the White House was pressuring the IRS to artificially lower withholding in 2018, so people would see "bigger paychecks" and think IT'S WORKING!!

    Now those chickens are coming home to roost.
    Hoooly shit. Looking at my W2, I have no clue how my withholding was so low. And accordingly, I owe a shitload of money in federal taxes. I'm not 100% done with everything, we'll see what changes between now and the day I finish filing, but at the moment it looks preeeeetty bad.

    I'd rather owe than get a refund. But owing this much is astonishing, if these numbers hold.

  2. #802
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    My federal withholding was $1000 less than last year and I didn't change anything. Luckily they doubled the child tax credit for some reason so it balanced out.

  3. #803
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    Quote Originally Posted by Gnorlin View Post
    they doubled the child tax credit for some reason
    Remember, the tax code was written by Paul Ryan and friends. Cut out the property tax deduction to hurt all those dirty libruls in CA and NY, then double the child tax credit because Pro-Life Jesus & family values!

  4. #804
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    Quote Originally Posted by Macheath View Post
    I'm not 100% done with everything, we'll see what changes between now and the day I finish filing, but at the moment it looks preeeeetty bad.
    I think I'm just about done here, and things have not really improved. Every calculation I do points to the same answer: Intuit under-withheld by almost 5% for federal taxes in 2018.

    I'mma owe a shitloading buttfuckload of money.

  5. #805
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    Made the last payment on my car loan today. The only debt I've got left is my mortgage, and the changes to the tax code have me thinking (again) about the priority of paying it off.

    I don't think it ever makes sense to carry a mortgage around with you -- outside the context of betting on a higher return from the market -- but there used to be some tax benefits to having a mortgage that made it a less bad idea, if not quite a good idea. Now though, especially in HCOL areas like CA and NY, that benefit has vanished. I'm taking the standard deduction this year, which means my mortgage isn't playing in at all. Even the deductability of my property taxes has been significantly diminished.

    Need to sign up for another tax prep service (CreditKarma, TaxHawk, TaxSlayer, FreeTaxUSA, etc.) and take a look this weekend, make sure TurboTax has the right numbers... and then it's time to file. Ugh, that's gonna hurt.

  6. #806
    Tiny Dancer Drewbie's Avatar
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    I never did get the ex to budge on her move out date. That did hurt. We also ended up with the standard deduction. Next year will shift the odds back since I'll be flying solo, but the tax gain will be more than erased by needing to pay her off the equity in the house. Gonna be a rough couple years monetarily, but as long as the economy doesn't flatline or nosedive, I should be able to stay well ahead of the game.

    Oh, and just for giggles, our owners forgot to file something for our 401k's so it failed means testing and since I'm a max contributor, I was refunded about $4500 from my contributions. Helpful for some bills, but I'd rather have it growing in my 401k. They fixed the issues moving forward, but man that sucked.

  7. #807
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    Quote Originally Posted by Drewbie View Post
    I was refunded about $4500 from my contributions. Helpful for some bills, but I'd rather have it growing in my 401k.
    Hey, it's an almost-perfectly-IRA-sized lump of money.

  8. #808
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    People with kids... what's your traditional vs. Roth split? My company is just now adding a Roth option and I think I should take advantage of it because of my currently low tax rate due to my dependents and such. So do I throw it all in Roth for the time being, or do some sort of split. My effective tax rate this year was under 8% so I'm likely to see benefits through the Roth over future traditional 401k tax implications.

    I guess if you don't have kids I'm curious how you have it split also, it's just that kids drastically impact current tax rates, which changes the calculations on Roth advantages.
    Last edited by nynnja; 05-14-2019 at 10:38 AM.

  9. #809
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    Quote Originally Posted by nynnja View Post
    My effective tax rate this year was under 8% ... kids drastically impact current tax rates
    Under 8%, what the fuck? What the hell? Are my tax dollars seriously subsidizing other people's children to that extent? With 15-20% extra income (via discount on income taxes) why do parents complain about how expensive kids are? Jesus, that's a huge bundle of money, having trouble wrapping my head around it.

    EDIT: Oh, and since I didn't answer your question, speaking as somebody without kids: after funding my 401k for the match, I put everything in a Roth IRA. Maintaining a balance in a Traditional IRA would make "Backdoor Roth" a more difficult maneuver.
    Last edited by Macheath; 05-14-2019 at 10:55 AM.

  10. #810
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    Thank you for your support.

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