03-07-2019, 10:59 PM
(03-07-2019, 08:16 PM)Benton Wrote: Im going to stop reading there.
We generally get back a few hundred dollars. This year we had to pay several thousand. I didn't loan anyone anything, I paid taxes all year long and now I'm paying more taxes.
Overall, tax returns, from what I've read, are smaller this year than last.
Did you make any adjustments to compensate for less being taken out of your paycheck per pay period? Every year I adjust my withholding so that I either end up getting a very small refund or owing a very small amount. This past year I made $20k more than I did the previous year and my return ended up being double what it was last year while my withholding per pay period was less. I attributed this to the increase of the standard deduction for married couples. Additionally, a child tax credit that was previous years phased out due to our total household income also helped. While I understand that this may not be the case for some...it was for me and a lot of people I am friends with and work alongside. I also live in a State that does not have an income tax. So that's never been a factor.
I'm curious...as I haven't spoken with anyone that has experienced what you have, but then again I am surrounded by people that have never had to worry about paying state taxes. I believe you but I am curious how your overall federal tax liability turned out for the year compared to last year.
