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cv91915

Tax Bill Calculator: Will Your Taxes Go Up or Down?

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Nice graph showing increases and cuts. I'm an outlier as my taxes increased almost 5k. And that's with pretty stable income and expenses. Most see cuts but not me. 

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2 hours ago, hegemony said:

terrible tool that does not have a high enough value on the y axis

Yeah, horrible. The tool also shows me getting about 3k tax savings. But actually doing the taxes resulted in about 5K higher tax. The tool sucks.

 

My SALT deductions got clipped form 50k to 10k because of the cap. Losing 40k of deductions resulted in a lot more tax owed in spite of the drop in brackets.

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1 hour ago, cashnocredit said:

Yeah, horrible. The tool also shows me getting about 3k tax savings. But actually doing the taxes resulted in about 5K higher tax. The tool sucks.

 

My SALT deductions got clipped form 50k to 10k because of the cap. Losing 40k of deductions resulted in a lot more tax owed in spite of the drop in brackets.

Get a divorce & put half of property in GF's name?...

"This is pretty clearly a marriage penalty," said Faulhaber from Georgetown. "If you have two unmarried taxpayers both paying $10,000 in SALT, they will get an aggregate $20,000 when they file, whereas if they get married they suddenly lose $10,000 in deductions."

 

Have lots of children with GF...

"Taxpayers with children will see the child tax credit double to $2,000 per kid under age 17, which could also counteract the SALT limit."

 

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I filed yesterday, and the NYT calculator is pretty spot on for me.  The tax cuts are saving me about $2500.

 

 

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I was pleasantly surprised when I did the rough calcs last week and learned that I am in line to see a refund of several thousand dollars...in most years, I am paying some nominal amount or, if I get a refund, it is literally in the tens of dollars range. 

 

 

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6 hours ago, centex said:

I was pleasantly surprised when I did the rough calcs last week and learned that I am in line to see a refund of several thousand dollars...in most years, I am paying some nominal amount or, if I get a refund, it is literally in the tens of dollars range. 

 

 

My taxes are going up so much because my state and local taxes are about 25% of my income and the lower marginal tax rates don't come close to the loss in deductions.

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