2018 Tax Filing

Amazon / EngYesyou
Mar 11 29 Comments

Just filled my 2018 tax return and got a nasty surprise. Total income was $480k, married filling jointly and owe $14k.

What's everyone else's return looking like?

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TOP 29 Comments
  • Intel Scarface
    Update your W-4 form with the employer. It’s always a good idea to put withholding allowance to ‘0’ even though you have dependents/child, so you don’t get these so called surprises from IRS :)
    Mar 115
    • New / EngTC++
      That's like lending part of your paycheck to government until tax return time at 0% APR.
      Mar 11
    • Facebook NickiMinaj
      ^this
      Mar 11
    • United Wholesale Mortgage
      zpyM13

      United Wholesale Mortgage

      PRE
      General Motors
      zpyM13more
      Do not give more to govt than you need to. Like others said, check how much you should withhold by using the calculator on the irs website
      Mar 11
    • Intel Scarface
      Yeah it is but it’s 2k at max per year for me and I prefer that than trying to arrange the payments I owe to IRS.
      Mar 11
    • Apple 867530nine
      Zero allowances often isn’t enough especially if your spouse works. You need additional withholding.

      Good to calculate this anyways so at lease you know the worse case scenario and you to save the money rather than paying extra in taxes.
      Mar 11
  • You can thank Trump and his tax code for this
    Mar 111
    • Nvidia zVEC05
      I do thank him! I saved over $15K on the same income under the new plan!
      Mar 11
  • Facebook NickiMinaj
    Single. Earned $250k, owe 10k 😥
    Mar 112
    • Why/how?
      Mar 11
    • Jet.com / Other
      gtfoorgtfo

      Jet.comOther

      PRE
      Starbucks
      gtfoorgtfomore
      Supplemental income tax rate is 22%
      Mar 11
  • Uber Guiliani
    Make sure to calculate tax obligations on IRS website for 2019 so that your withholding selection on W2 is not too low to avoid this surprise next year.
    Mar 110
  • Cisco / ITjex
    TC last year $380, married jointly two kids, bought a 1.2M house last year. Owe $4k.
    Mar 110
  • Google nonym
    made around 308K last year, and had a big surprise of owing 16K to the IRS
    Mar 110
  • Nvidia zVEC05
    Glorious! My effective rate dropped over 3% on the same income as the pervious year. My check will be 25% of what I had to pay in 2017!
    Mar 112
    • Oracle now@google
      Did your TC drop or you are not in CA? How is this possible? My effective rate is up 5% as I cant itemize anymore.
      Mar 11
    • Nvidia zVEC05
      TC is the same. Lost some deductions in SALT taxes, but those were cut by the AMT, with that gone plus the shuffled rates made for less tax.
      Mar 11
  • United Wholesale Mortgage
    zpyM13

    United Wholesale Mortgage

    PRE
    General Motors
    zpyM13more
    Anyone TC north of 300k break even or ***refund***?
    Mar 112
    • Google HfSQ81
      Usually no, because default withholding rates assumes 25-30% tax rate
      Mar 11
    • Nvidia zVEC05
      Who would ever want a refund? Refunds are a stupid-tax. I’m pissed if I get more than $100 back.
      Mar 11
  • Bloomberg kpij38
    I had the loss of not being able to deduct SALT offset by no more AMT (ny resident here) so largely a wash. I don’t understand how more people aren’t seeing the same thing. All those SALT deductions didn’t help once you were hit by the amt
    Mar 110
  • Amazon dimyung pi
    Anyone who didn't itemize will see lower taxes. Most people who itemized will pay more unless you could only itemize upro 24 k/year.
    Mar 112
    • Intel Scarface
      Not true to generalize. If itemized deductions are more than standard deduction it makes sense to itemize. Until last year it was just 6.5k. Only this year it’s 12k for single and 24k for married filing joint.
      Mar 11
    • Tinder rool
      @Scarface most of us with high TC had way more than 12k itemized
      Mar 11
  • Intel intelx
    I sold $120K worth stocks to buy a house. Need to pay taxes on this😥 can w4 withholding help in these cases?
    Mar 112
    • United Wholesale Mortgage
      zpyM13

      United Wholesale Mortgage

      PRE
      General Motors
      zpyM13more
      You should have consulted a financial advisor, who would have told you that preparation for the capital gains tax obligations triggered by selling stocks is as important as buying the house. See one now to see about options going forward.
      Mar 11
    • Amazon Xode
      Other than filing for capital gains or loss what I am missing?
      Mar 11
  • Jet.com / Other
    gtfoorgtfo

    Jet.comOther

    PRE
    Starbucks
    gtfoorgtfomore
    I used Intuit’s TaxCaster to predict the amount, adjusted W-4 three times in 2018. Still ended up owing around $3500 from about 300K income. Intuit’s child tax credit part is broken, most likely
    Mar 110
  • Yelp VFNP34
    Single earned 300k, owe 10k
    Mar 110

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