Death and... Taxes.

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Borzak

Bronze Baron of the Realm
24,422
31,637
State of Louisiana sent double refunds to 66k people of 26 million total. Now they're trying to figure out how to get it back. Good luck with that.
 
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stupidmonkey

Not Smrt
<Gold Donor>
1,665
3,491
Normally I would be right at about $0, so doing it right according to some. This year made more and no mortgage, so no interest deducted, and got $2600 total back.
 
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Gravel

Mr. Poopybutthole
36,050
113,852
Your 1098 should show real estate taxes as a separate line item if they're paid through escrow. If not, find it on your county website like Captain Suave mention.
Yeah, this is how mine works. Likely because, like you mentioned, it's paid out of escrow.
 

Scoresby

Trakanon Raider
783
1,436
So this year was painful, owed $8,119 as a DINK, home owner in Texas. SALT cap seems to be the big difference for us.

I know most everyone has had better luck, but did anyone have this issue?
 

Hoss

Make America's Team Great Again
<Gold Donor>
25,427
11,875
Nope. My refund was nearly the same as last year. I've been itemizing for 20 years. This year I was nowhere near the standard deduction. Plus I brought home more throughout the year because they were withholding less. The thing fucking me is that my wife is playing around in the stock market and she's making enough for the taxes to be noticeable, but not enough that I get to buy a new car.
 
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Captain Suave

Caesar si viveret, ad remum dareris.
4,681
7,924
I've been staring at IRS documentation for three hours and I still can't tell if my consulting business qualifies for a QBI deduction or not. I have some thumbscrews and bamboo slivers for whatever genius thought this was a simplification of the filing process.

As far as refunds, I always under-withhold as much as possible. I'm not in the business of giving free loans. This was an atypical year for our income profile so the total payment isn't comparable, but I'm pretty sure our net rate was lower than before.
 
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Lendarios

Trump's Staff
<Gold Donor>
19,360
-17,424
This whole section 179 is such political bullshit.

You mean that I can deduct the whole cost of my brand new car as long as I use it for 51 % business reasons.

Sure homey.
 
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Noodleface

A Mod Real Quick
37,961
14,508
We did ok, were getting money back which is sort of what I prefer over being at $0, just because it's a nice bump. $7400 in this case all said and done. That includes $9 from MA, $1500 from RI and the rest from the feds. Start a new job in a few weeks so I'll reevaluate how I set up my withholdings b
 

Lendarios

Trump's Staff
<Gold Donor>
19,360
-17,424
Buy a new car, setup a consulting gig for computing, report 5k in 1099 misc income. Pay taxes on those 5k.

Deduct your brand new 40k car at 55% usage, you will be ahead 10 grand.
 

LachiusTZ

Rogue Deathwalker Box
<Silver Donator>
14,472
27,162
Get audited because you fall into the too rich for EIC, too poor for a good legal team.

Fraudulent expenses located, referred to CID because its blatant as fuck. Get hit with civil fraud as a minimum.

Your now behind 30 grand, with an audit history so you will always get fucked on exam selection.

Figure out a better scheme, the not creative and lazy always get fucked.
 
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Frenzied Wombat

Potato del Grande
14,730
31,802
So this year was painful, owed $8,119 as a DINK, home owner in Texas. SALT cap seems to be the big difference for us.

I know most everyone has had better luck, but did anyone have this issue?

I'm single with no kids in Texas, but I got absolutely raped this year having to write a check for 26K to the IRS and pay a $700 withholding penalty. I'm employed and get deductions at source, but my company only taxes 22% on bonuses and my effective rate for the year was 27%. In my case, the cap on State deductions screwed me because my biggest deduction is property taxes and sales tax, effectively limiting what should have been like 22K in deductions to 12k.
 
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Vinen

God is dead
2,782
486
I'm single with no kids in Texas, but I got absolutely raped this year having to write a check for 26K to the IRS and pay a $700 withholding penalty. I'm employed and get deductions at source, but my company only taxes 22% on bonuses and my effective rate for the year was 27%. In my case, the cap on State deductions screwed me because my biggest deduction is property taxes and sales tax, effectively limiting what should have been like 22K in deductions to 12k.

My wife and I got destroyed due to her sale purchase and sale of stock options. We just wanted to get rid of them and didn't want to hold them.

I think we paid what our combined pre-tax salary was a few years back.
 

Noodleface

A Mod Real Quick
37,961
14,508
203679
 
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Captain Suave

Caesar si viveret, ad remum dareris.
4,681
7,924
My wife and I got destroyed due to her sale purchase and sale of stock options. We just wanted to get rid of them and didn't want to hold them.

I think we paid what our combined pre-tax salary was a few years back.

Exact same situation here. It doesn't even matter if you want to keep the principal in the company. You still get taxed on the option sale price as if it were a bonus (highest marginal tax rate).

#windfallproblems
 

Captain Suave

Caesar si viveret, ad remum dareris.
4,681
7,924
It reads as if you are advocating reporting false income in order to deduct the car, which would be illegal.

That's how I read it. I guess he might have meant to say, "Open a legitimate business and lose money the first year, against which you apply the first-year expense amortization of your business vehicle", in which case that's fine but a lot more work to actually implement. At that point you'd be better off on the margin by running a profitable business.
 

Lanx

Oye Ve
<Prior Amod>
60,073
131,383
I'm single with no kids in Texas, but I got absolutely raped this year having to write a check for 26K to the IRS and pay a $700 withholding penalty. I'm employed and get deductions at source, but my company only taxes 22% on bonuses and my effective rate for the year was 27%. In my case, the cap on State deductions screwed me because my biggest deduction is property taxes and sales tax, effectively limiting what should have been like 22K in deductions to 12k.
ouch, sorry dawg
buttocks-clipart-sore-butt-41404.jpg
 

Lendarios

Trump's Staff
<Gold Donor>
19,360
-17,424
It reads as if you are advocating reporting false income in order to deduct the car, which would be illegal.

Open a legitimate business. Like xyz, and expense the full value of the car provided you use it for business purposes at least 51%. It doesn't matter if you fail horrible at businessing.