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1 of 1- Siagiah
- Administrator
Offline - From: New England, U.S.A.
- Registered: 2/16/2019
- Posts: 2,524
So, did anyone benefit much from the 2018 tax cuts ?
or get walloped from all of the lost deductions come tax day?
- Pikes Peak 14115
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- From: The Colorado Rockies
- Registered: 2/17/2019
- Posts: 1,000
Re: So, did anyone benefit much from the 2018 tax cuts ?
No benefit. Had to pay. Didn't change anything from last year as way to measure.
As expected due to loss of deductions, it was a tax increase.
Son got a smaller return than expected.
All others in family paid.
You can look away from a painting, but you can't listen away from a symphony
- Siagiah
- Administrator
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- From: New England, U.S.A.
- Registered: 2/16/2019
- Posts: 2,524
Re: So, did anyone benefit much from the 2018 tax cuts ?
We did get a refund but there's no comparison between 2018 and 2017 for us to know much about how it might have played out without changes because the changes were SO dramatic.
However, not being able to deduct upwards of $40K that would normally be deducted didn't help us any, for sure.
- •
Thread Starter- KDM on the left coast
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- Registered: 4/17/2019
- Posts: 4
Re: So, did anyone benefit much from the 2018 tax cuts ?
Yes....ended up with a sizable refund. Not my goal, as I try to hit the 'sweet spot' for little or no refund or further tax obligation. My CPA said the change in the tax laws resulted in this. I'll make the adjustment on the withholding to avoid this. So yes....my tax obligation was reduced by change in Fed tax laws.
- Siagiah
- Administrator
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- From: New England, U.S.A.
- Registered: 2/16/2019
- Posts: 2,524
Re: So, did anyone benefit much from the 2018 tax cuts ?
KDM on the left coast wrote:
Yes....ended up with a sizable refund. Not my goal, as I try to hit the 'sweet spot' for little or no refund or further tax obligation. My CPA said the change in the tax laws resulted in this. I'll make the adjustment on the withholding to avoid this. So yes....my tax obligation was reduced by change in Fed tax laws.
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DELIGHTED to hear that you benefitted so much !! I thought that both you and Coralee were retired ? Are you still working full or part time?
Also, most reports suggested that citizens of CA and NY were going to be hit HARD ?? So glad that you weren't.
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Thread Starter- KDM on the left coast
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- Registered: 4/17/2019
- Posts: 4
Re: So, did anyone benefit much from the 2018 tax cuts ?
Yes...been retired over 4 years. Almost 5 for Coralee. Fixed income but doing well...Boeing & Military pension as well as SS.