• Light/Dark
  • Ever wanted an RSS feed of all your favorite gaming news sites? Go check out our new Gaming Headlines feed! Read more about it here.
  • We have made minor adjustments to how the search bar works on ResetEra. You can read about the changes here.

How are your taxes going?

Status
Not open for further replies.
Landy828

Landy828

Member
Oct 26, 2017
13,420
Clemson, SC
Edit** Don't respond to this thread, I'll post in the OT.


Just got done going through and doing mine like I always do.

Kind of sucks though, but going back through it all the info is filled out correctly. Apparently going from married with two kids to a single dad with full custody and care of 2 little girls hurt me instead of improving tax breaks for 2017. Not really complaining I guess, just annoyed. (sighs)

2016 Refund = $2652
2017 Refund = $546 (Basically a drop/loss of $2100 in refund)

Now I know what it's like to be a hard working single parent that get's jack back while some slackers get thousands of dollars for their kids and low income. (granted I have much more money throughout the year than them)

At least I didn't have to pay anything. Any tax people in here know of some "single parent tax trick" that I might be missing? (child credits are in there)

How's your tax situation looking?
 
Last edited:
Sinneslöschen

Sinneslöschen

Banned
Oct 27, 2017
1,332
Your refund doesn't tell the whole story unless we know how much total tax you paid.

Changing your exemtions/allowances could be the reason.
 
Dusktildawn48

Dusktildawn48

Chicken Chaser
Banned
Oct 25, 2017
3,533
St. Louis
Not great. My wife and I are getting a significant amount less than we thought we would because my tax form still says I'm single. FML.

And OP I know how it feels. My sister in law and her husband get a ton back even though she has never worked and he only worked like 4 months last year. Only bc they have 6 kids.
 
diablos991

diablos991

Banned
Oct 26, 2017
933
This year will be great for me because I bought an electric car.

Is super excited for next year where the child tax credit jumps dramatically.
Doubling the standard deduction means next year may be the first time in a long time I don't have to itemize.

One thing I noticed when I had my kid was the following year I used a plan to have pre-tax dollars taken from my check for daycare. This saved money overall but did reduce my refund come tax time.
 
Shadybiz

Shadybiz

Member
Oct 27, 2017
10,124
Remember that refunds are not "free money," or the result of some kind of trickery. If you get a refund (NOT counting refunds as a result of refundable credits), it usually means you had too much withheld during the year.

To answer your question, not bad so far. I have entered our W-2's, and we're coming pretty close to even (meaning $0.00). I haven't entered income from our rental property yet, but since we took a net loss on it this year (and last year), we shouldn't have to pay anything much, if at all.
 
diablos991

diablos991

Banned
Oct 26, 2017
933
Shadybiz said:
Remember that refunds are not "free money," or the result of some kind of trickery. If you get a refund (NOT counting refunds as a result of refundable credits), it usually means you had too much withheld during the year.

To answer your question, not bad so far. I have entered our W-2's, and we're coming pretty close to even (meaning $0.00). I haven't entered income from our rental property yet, but since we took a net loss on it this year (and last year), we shouldn't have to pay anything much, if at all.
Click to expand...
Click to shrink...

Raise that rent! Two years of losses in a row is rough.
 
Shadybiz

Shadybiz

Member
Oct 27, 2017
10,124
diablos991 said:
Raise that rent! Two years of losses in a row is rough.
Click to expand...
Click to shrink...

Oh, I would if I could. Long story, but it's a Section 8 rental (used to be our primary residence). We are only allowed to charge a certain amount. A lot of the time, we don't even get paid by the tenant, but the state pays about 75% of the rent. New Jersey HIGHLY favors tenants...evictions for non-payment can take up to half a year. We are looking into our options, including a short sale. We'll see what happens.
 
lush

lush

Member
Oct 26, 2017
1,804
Knoxville, TN
Was excited as hell/convinced I'd be itemizing this year for medical expenses vs the standard deduction. Color me disappointed. Loved spending damn near 40% of my AGI on cancer related medical expenses last year.
 
deathsaber

deathsaber

Member
Nov 2, 2017
3,100
Alas, it won't be as good as the last two years (installed geothermal heat in our home in 2015) and got big tax rebates incentives paid back to us over the last two years resulting in some huge refunds. That's done now, so I'm back to a "regular" refund. Still have two dependant kids to claim though, so should still get decent refund.

Very interested to see where we sit next year with Trumps changes to the tax code- not sure if the "base" rebate will be better for us or not, but sounds like we will be able to get more for the kids (at least I think, have no clue whatsoever about the mechanics of tax returns). It will be nice if Trump is good for something.
 
Status
Not open for further replies.