New Federal Tax Code
- Thread starter softtouch
- Start date
I hear that if you take the new standard deduction on your Fed return, MD forces you to take their standard deduction on the state return.
kwillia
n/a
That doesn't necessarily mean you didn't pay less taxes if you were getting more in each pay check. What was the difference between what you paid in total federal taxes for this year vs. last year?
kom526
They call me ... Sarcasmo
Ideally you shouldn't be getting a return at all. My employer sent out several notices (from the IRS) stating that the everyone should check and adjust their witholding for this tax year.
But I know, why take personal responsibility when the media says it's Ok Trump's fault.
GWguy
*
I have Fidelity for my company retirement pension also, and they did the same. I did manually adjust my State withholdings, tho.
Goldenhawk
Well-Known Member
Ideally I would keep ALL my withholdings myself, and earn interest on them, and write one tax check at the end of the year. Instead, Uncle Sam insists that I send him some of my money with every paycheck, because I can't be trusted to do the right thing each year. Which is probably true for most people. But it sucks having to choose between paying a "you didn't comply" penalty and giving up my interest and the use of my money all year long.
I personally think if we went back to having to write one ginormous check each year, Congress would get a lot more heat to reduce spending and taxes. Nutjobs like AOC and Bernie who want to spend trillions of unfunded dollars on social programs would be quickly sent packing.
I personally think if we went back to having to write one ginormous check each year, Congress would get a lot more heat to reduce spending and taxes. Nutjobs like AOC and Bernie who want to spend trillions of unfunded dollars on social programs would be quickly sent packing.
itsbob
I bowl overhand
Yeah.. but my take home pay increased about 25% over the last 8 - 9 months..
I'm still way ahead even though I owed over 2k.
My employer did not take out enough.
I claimed single +1 and wife claimed married +0 on the tax withheld W4.
We owe 4K.
itsbob
I bowl overhand
We both claim single and 0.. wonder if we can claim negative dependents.
I had the wife change hers to single and 1.
But I know we will still owe next year too, but not as much.
Anything over 1K owed you get hit with a penalty.
Our penalty this year according to Turbo tax was $37.
Goldenhawk
Well-Known Member
So... you let the feds borrow $2K of your money, interest free, for a year. That's how I read that. If you have to pay at the end of the year, you kept your own money until it was really and truly due.
Goldenhawk
Well-Known Member
To put it in a different context, how would you feel if you had to pay your mortgage company $150 extra out of each biweekly paycheck, and they sent you a $4K refund check at the end of the year? I think you'd be furious about them keeping YOUR money. That's exactly what's happening if you get a refund check from Uncle Sam in April.
Goldenhawk
Well-Known Member
On the other hand, if you're the kind of person who loves finding $100 stashed in a jacket pocket, and doesn't mind that it was missing since last winter, maybe having a refund check is cool.