The new tax forms...

Discussion in 'West Mall' started by mb227, Jan 19, 2019.

  1. mb227

    mb227 de Plorable

    So...I was poking around on the site with the IRS stuff and saw the new forms. Very different look, very concise and at first blush, much simpler.

    At second glance, it looks like a lot of the lines are now put into the six schedules, but it saves having to write .00 however many times I was doing it before on the old 1040.

    The real shocker, however, is that it looks like I may be getting my largest return ever...and I don't have my withholding set to get a return. Usually I am in a position to have to pay some nominal amount each year (less than a thousand). This year, with just the pencil whipping on a post-it note, however, it looks like I could actually see somewhere north of $6K coming back to me.

    This was, suffice it to say, quite the shock. If the numbers actually hold true once I have done the actual preparation, then the refund pays for a big chunk of the poker this summer.

    Anyone else getting some interesting and unexpected surprises?
     
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  2. HornHuskerDad

    HornHuskerDad 5,000+ Posts

    I adjusted my withholding this year. I received a pretty large refund last year, and I'd like to avoid that. Mrs. HHD said "Good news - we're getting a bunch back." I had to explain to her that we essentially gave the USG an interest-free loan. Ideally I'd like to end up owing $999.99, but I can't estimate things that accurately, so if it comes out within $500 or so either direction, I'd be pretty happy.

    I did get with my broker in late December and harvested some stock losses to reduce the tax hit. I can't reinvest in the same stocks for thirty days (to avoid being called a wash sale) - sure hope the market stays flat for a few more days so I can reinvest near the prices where we bailed out!
     
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    Last edited: Jan 28, 2019
  3. mchammer

    mchammer 10,000+ Posts

    That is good news. Based on my W-2 form, my withholding tax went down by $2k this year. I was under the impression due to my 4 children (larger child tax credit and higher phaseout limits) that I would get $4k back in total (I.e., which means I should get a rebate check to make up for the difference). Likely won’t do my taxes for a few more weeks, so it’s hypothetical now. Will report back.
     
  4. BevoJoe

    BevoJoe 10,000+ Posts

    That's good planning!
     
  5. theiioftx

    theiioftx Sponsor Deputy

    I got divorced this year, but didn’t change my withholding because I pay a big alimony payment each month. My mistake, but I’m going to owe big time even though I’ve paid a crap load already. No way I consume the amount of government I pay for.

    As a side note for my attorney friends here, I paid more to attorneys and government than I made. That’s why non attorneys like neither.:deadhorse:
     
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  6. Horn6721

    Horn6721 10,000+ Posts

    iis
    So you had a ton withheld, have to pay a boatload more AND gave attorneys and gov't more than you made?
    Sounds like you may be one of AOC's tippy toppers.:bow:
     
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  7. Mr. Deez

    Mr. Deez Beer Prophet

    Just FYI - I friggin' hate the new forms. It took me much longer to complete our return, because I had to fart around with schedules. The prior 1040 was complicated (to some) because the tax laws were complicated, not because of the form. They made it more complicated, not less.

    I am happy with the bill though. We're getting a sightly smaller refund this year, but our withholding was much smaller this year. Overall, we paid significantly less.
     
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  8. Mr. Deez

    Mr. Deez Beer Prophet

    Don't blame me. I always worked on a contingent fee. You never would have had to pay me a dime unless I put money in your pocket. :smokin:
     
  9. ProdigalHorn

    ProdigalHorn 10,000+ Posts

    Going to be filing next year as sole proprietor for the first time so looking forward to that... I'll enjoy my last time filing as an employee and knowing that most of it's already been paid. But at the same time, I think I'd I'd rather be the one doing the paying then just having it disappear every week and then having to go back at the end and see how much I can get back.
     
  10. Sangre Naranjada

    Sangre Naranjada 10,000+ Posts

    Ditto, both on the forms and the payment.
     
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  11. Mr. Deez

    Mr. Deez Beer Prophet

    My ideal is to either get back or owe a little.
     
  12. nashhorn

    nashhorn 5,000+ Posts

    My ideal is get it all back, my compromise is to break even.
     
  13. HornHuskerDad

    HornHuskerDad 5,000+ Posts

    ^I'd like to end up owing the maximum I can owe without having to pay a penalty for underpayment. Since I can't forecast things like gains/losses on stock, I'll settle for being within $500 either way.
     
  14. Horn6721

    Horn6721 10,000+ Posts

    Well HHD
    It sounds like you had a good year
    and kept your money working all year

    maybe you should share a tip or two?
     
  15. HornHuskerDad

    HornHuskerDad 5,000+ Posts

    Buy low, sell high. :smile1:
     
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