02-11-2019, 06:43 PM
(02-11-2019, 04:25 PM)fredtoast Wrote: That was not just due to the new tax code.
Did you have a massive reduction in income or did you file under a different category than last year?
From what I have seen most people will pay less, but their effective rate will not drop by 25%.
Its 100% due to the tax code. We were remarkably consistent from 2017. MFJ both years. Total income was within a few thousand dollars. Taxable income was within $1500. In '17 we itemized and deducted just under 24K, last year we took the standard deduction of 24K. I even make quarterly estimated's and in total they were within $1000 from year to year. Total tax dropped significantly, thus the larger refund.