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Liberty News ForumLNF Forums HerePolitical Opinion Page - The Hot Seat › Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
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Poll Question: Did the Trump 'tax cut' save you money in taxes this year?
bars   pie

Yes, it saved me money    
  14 (53.8%)
Was about the same    
  1 (3.8%)
No, I paid more in taxes this year    
  11 (42.3%)




Total votes: 26
« Created by: Freon_Bale on: Feb 5th, 2019 at 12:25pm »
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Very Hot Topic (More than 25 Replies) Fair Question - Did the Trump 'tax cut' save you money in taxes this year? (Read 2,566 times)
Greg55_99
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #60 - Mar 26th, 2019 at 2:05pm
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My wife was doing our taxes and started cursing.  We got hosed this year.

Greg
  

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wyattstorch2004
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #61 - Mar 26th, 2019 at 2:14pm
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Freon_Bale wrote on Mar 26th, 2019 at 1:29pm:
Ok, WOW, I owe the IRS $4k! I've never owed even close to this much. And talking to a few of my coworkers, I'm actually not in the worst place. One person owes $10k.

Now I am sure the response to my post will be something about bringing home extra money per paycheck, but in my case, that minimally changed. In other words, the amount I owe exceeds the amount I additionally brought home each month.

So in my case, and the few others I've talked to, this tax cut hurt me, and I am pissed at Trump even more.


Greg55_99 wrote on Mar 26th, 2019 at 2:05pm:
My wife was doing our taxes and started cursing.  We got hosed this year.

Greg


crepe05 wrote on Mar 26th, 2019 at 1:46pm:
For the first time in years, we got money back from the feds.  Usuall we would get a couple hundred back from the state.  This year, we got money backa from the feds which was a lot more than what we had ever gotten from the state,, and had to pay the state $8.  Loved it.  The money from the feds was in our bank within a week.   Grin



If you used form 1040, was the amount on line 15 higher or lower?

And what changes in this law drove that higher or lower?

Let's not forget, that whether you saved money is not based on whether you owe more or less at tax time.  It is about total liability.
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #62 - Mar 26th, 2019 at 4:49pm
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yes
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #63 - Mar 26th, 2019 at 5:10pm
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Freon_Bale wrote on Feb 5th, 2019 at 12:25pm:
These people say no.

https://www.rawstory.com/2019/02/trusted-trump-voters-seethe-realizing-theyre-ge...

I haven't done mine yet.

What about you?


Didn't notice or care.

I'm at the income level where I get most everything back anyways. Hooray working class! My concern with the tax break was the revenue side of the equation.
  

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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #64 - Mar 27th, 2019 at 5:10pm
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Basically, no.

It has cost me more in taxes.

Adjusting for differences in income and withholding, I wound up paying 0.18% less in federal taxes for 2018. This is an insignificant amount. Counterbalancing this is I wound up paying 0.74% MORE in state taxes for 2018. So, overall, I wound up paying 0.56% more in state and federal taxes for 2018  than I paid in 2017.

Why were my state taxes higher? I'm not entirely sure, but it probably has to do with not being able to itemize federally for 2018 due to the higher federal standard deduction. It may also be that I paid off my home in 2018, so the mortgage interest deduction was basically non-existent for 2018 state tax deductions.

In any case, 2 tenths of a percent decrease in my federal taxes does not assuage my concern about how the federal tax cut has helped our national debt balloon even more out of control. DJT may be the first president to see America default on its debts.
  

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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #65 - Mar 27th, 2019 at 7:19pm
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Ulysses wrote on Mar 27th, 2019 at 5:10pm:
Basically, no.

It has cost me more in taxes.

Adjusting for differences in income and withholding, I wound up paying 0.18% less in federal taxes for 2018. This is an insignificant amount. Counterbalancing this is I wound up paying 0.74% MORE in state taxes for 2018. So, overall, I wound up paying 0.56% more in state and federal taxes for 2018  than I paid in 2017.

Why were my state taxes higher? I'm not entirely sure, but it probably has to do with not being able to itemize federally for 2018 due to the higher federal standard deduction.


This doesn't really make sense.  If you didn't itemize because the standard deduction is higher, than your deduction would still be larger.

And I think the states generally use your AGI as the starting point for calculating tax, don't they?  So this would be a number above the deduction line anyway.  So those types of deductions you could take federally wouldn't be relevant.

Quote:
It may also be that I paid off my home in 2018, so the mortgage interest deduction was basically non-existent for 2018 state tax deductions.


This is much more likely than the above.

Quote:
In any case, 2 tenths of a percent decrease in my federal taxes does not assuage my concern about how the federal tax cut has helped our national debt balloon even more out of control. DJT may be the first president to see America default on its debts.


What changed about your situation beyond what you mentioned, if you adjusted for income, that would make your taxes not drop by more?  Unless you were already paying very little, federally, there must be something else that prevented you from getting a bigger cut.

2 things I can think of is if there were itemized deductions that are no longer deductible that would have been enough to push your deductions higher -- your mortgage interest you mentioned is probably a big one -- but you are better off without the interest expense than still having that expense and getting a fraction back in tax savings.  The other I can think of is if you have relatively high income and therefore high state and local taxes that can no longer be deducted.
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #66 - Mar 27th, 2019 at 7:37pm
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No surprise, most comments against fall along party lines.. 

Trump hoses the left even on taxes  Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin

  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #67 - Mar 27th, 2019 at 7:48pm
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wyattstorch2004 wrote on Mar 27th, 2019 at 7:19pm:
This doesn't really make sense.  If you didn't itemize because the standard deduction is higher, than your deduction would still be larger.

And I think the states generally use your AGI as the starting point for calculating tax, don't they?  So this would be a number above the deduction line anyway.  So those types of deductions you could take federally wouldn't be relevant.


This is much more likely than the above.


What changed about your situation beyond what you mentioned, if you adjusted for income, that would make your taxes not drop by more?  Unless you were already paying very little, federally, there must be something else that prevented you from getting a bigger cut.

2 things I can think of is if there were itemized deductions that are no longer deductible that would have been enough to push your deductions higher -- your mortgage interest you mentioned is probably a big one -- but you are better off without the interest expense than still having that expense and getting a fraction back in tax savings.  The other I can think of is if you have relatively high income and therefore high state and local taxes that can no longer be deducted.


Well, it's more complicated that it may appear.

In 2017 I realized that the new tax law likely would make it unwise to itemize in 2018. Because my mortgage interest deductions were dropping rapidly, I paid in advance the 2018 half year of my property tax bill in late 2017. This effectively meant I could deduct 150% of the annual property tax for 2017. This helped to keep me in the itemized class for 2017.

This property tax maneuver probably helped to lower my state income taxes as well.

It is possible to claim the Federal standard deduction but itemize for state income taxes. However TurboTax does not make that readily apparent, since it seems to assume that if you don't itemize for federal taxes you don't want to itemize for state taxes.  You can plug in "extra" deductions for state but they are murky at best. I went ahead and e-filed my federal return, and I'll go over my state again to see if itemizing will lower that bill as well, before mailing in the state return (federal e file is free with TT, state efile cost $25).

The only problem being that I have only 50% of the annual property tax deduction for state taxes for 2018, because of my property tax advance payment in 2017. I was focused on the benefit for federal tax itemization, and didn't give much thought to the state situation for 2018. My bad, I suppose.

Things will go back to "normal" for the 2019 tax year, in terms of property taxes. It remains to be seen if this will allow itemization for state, but perhaps combined with other deductions, such as medical/charitable/employee expenses, it would. And I could always pre-pay 2020's first installment of property tax in 2019.

Such fun.
  

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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #68 - Mar 27th, 2019 at 7:50pm
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AmericanMom wrote on Mar 27th, 2019 at 7:37pm:
No surprise, most comments against fall along party lines.. 

Trump hoses the left even on taxes  Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin




Or is it because you righties drank enough kool-aid that you ignore the numbers even if they are not in your own interest?
  

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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #69 - Mar 27th, 2019 at 7:55pm
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Ulysses wrote on Mar 27th, 2019 at 7:48pm:
Well, it's more complicated that it may appear.

In 2017 I realized that the new tax law likely would make it unwise to itemize in 2018. Because my mortgage interest deductions were dropping rapidly, I paid in advance the 2018 half year of my property tax bill in late 2017. This effectively meant I could deduct 150% of the annual property tax for 2017. This helped to keep me in the itemized class for 2017.

This property tax maneuver probably helped to lower my state income taxes as well.

It is possible to claim the Federal standard deduction but itemize for state income taxes. However TurboTax does not make that readily apparent, since it seems to assume that if you don't itemize for federal taxes you don't want to itemize for state taxes.  You can plug in "extra" deductions for state but they are murky at best. I went ahead and e-filed my federal return, and I'll go over my state again to see if itemizing will lower that bill as well, before mailing in the state return (federal e file is free with TT, state efile cost $25).

The only problem being that I have only 50% of the annual property tax deduction for state taxes for 2018, because of my property tax advance payment in 2017. I was focused on the benefit for federal tax itemization, and didn't give much thought to the state situation for 2018. My bad, I suppose.

Things will go back to "normal" for the 2019 tax year, in terms of property taxes. It remains to be seen if this will allow itemization for state, but perhaps combined with other deductions, such as medical/charitable/employee expenses, it would. And I could always pre-pay 2020's first installment of property tax in 2019.

Such fun.


Well with that in mind, it is pretty good in terms of the new law that even though you effectively pulled forward a huge potential deduction to the previous year, you still paid less in 2018 than in the previous year.
  
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