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Posted 2019-04-15 6:59 AM (#93822)

Master and Commander

Posts: 2253

Location: Foothills of the Ozarks

Subject: Taxes NSR

Just read this analysis in the New York Times
https://www.nytimes.com/2019/04/14/business/economy/income-tax-cut.html?action=click&module=Top%20Stories&pgtype=Homepage

Holland Club

Posted 2019-04-15 8:09 AM (#93823 - in reply to #93822)

Master and Commander

Posts: 2490

Location: East Coast of Wisconsin

Subject: RE: Taxes NSR

Good to hear from you Doc. Hope you found your Missouri weather better than the Michigan stuff.

GaryKC

Posted 2019-04-15 8:38 AM (#93824 - in reply to #93822)

COMSUBBBS

Posts: 3666

Location: Kansas City Missouri

Subject: RE: Taxes NSR

(taxes.jpg)

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taxes.jpg (185KB - 597 downloads)

Doc Gardner

Posted 2019-04-15 11:31 AM (#93825 - in reply to #93823)

Master and Commander

Posts: 2253

Location: Foothills of the Ozarks

Subject: RE: Taxes NSR

Doing well here Ron. Enjoying the shorter winters and the small town atmosphere. We’re going to visit Blue and Tamara in October.

Don Gentry

Posted 2019-04-15 3:22 PM (#93828 - in reply to #93822)

Admin

Posts: 2294

Location: Renton, WA

Subject: RE: Taxes NSR

Well, like I said in an earlier post, I am in the minority this time. Our tax returns have been rock steady with 300-500 returned. No significant changes this year and had to pay a little over 1700. Guess it was our turn in the barrel

Doc Gardner

Posted 2019-04-15 4:34 PM (#93829 - in reply to #93828)

Master and Commander

Posts: 2253

Location: Foothills of the Ozarks

Subject: RE: Taxes NSR

I can’t explain why some went up, some went down, and some stayed the same. I know Pat and I benefited from the higher standard deduction for being over 65. I’ve read in some states the taxes went up because of new limits on deductibility of state taxes. I always check with my tax guy to see if I have to adjust my withholding

Holland Club

Posted 2019-04-15 4:59 PM (#93830 - in reply to #93828)

Master and Commander

Posts: 2490

Location: East Coast of Wisconsin

Subject: RE: Taxes NSR

One event during the past tax year was the retiring of a $15000 IRA. Unfortunately the bank did not withhold Taxes. First cut by amateurs using Turbo tax showed me owing 2,000.
Had taxes done by a real tax person and I only owed $364 while the state is kicking back $800 of my bread.
I thought it wasn't too bad since I showed a sizeable bump in my 'earnings'.

610ET

Posted 2019-04-17 4:48 PM (#93840 - in reply to #93830)

Old Salt

Posts: 438

Location: Fort Lauderdale, FL

Subject: RE: Taxes NSR

Holland Club - 2019-04-15 7:59 PMOne event during the past tax year was the retiring of a $15000 IRA. Unfortunately the bank did not withhold Taxes. First cut by amateurs using Turbo tax showed me owing 2,000.Had taxes done by a real tax person and I only owed $364 while the state is kicking back $800 of my bread.I thought it wasn't too bad since I showed a sizeable bump in my 'earnings'.

That is a significant difference.

I have used TT for years. Last year I switched to H & R Block because TT was not calculating accelerated depreciation on a new SUV correctly.

What did your guy know that TT didn't?

Edited by 610ET 2019-04-24 1:25 PM

Holland Club

Posted 2019-04-17 9:11 PM (#93841 - in reply to #93840)

Master and Commander

Posts: 2490

Location: East Coast of Wisconsin

Subject: RE: Taxes NSR

Can't really answer your question very well since I didn't talk to the tax person. A Son In Law did all the legwork and his understanding was that TT wasn't calculating my monthly rent in assisted living correctly. Can't add to that.

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