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Sat Feb 9, 2019, 01:39 AM

Nasty Surprise; Tax Filers Seeing SMALLER Refunds Or Owing Money

We're only in the second week of tax season — and some filers are already in for a nasty surprise from the IRS.

This spring marks the first time taxpayers are submitting returns under the Tax Cuts and Jobs Act, which went into effect in last year.

Though the 2018 filing season only started on Jan. 28, some early filers are discovering that they either owe the IRS or they'll be getting a smaller-than-expected refund from the taxman.

Indeed, the average refund for the week ending Feb. 1 — the first week of the new tax season — was $1,865, according to data from the IRS. In comparison, the average refund issued for the year-ago period was $2,035.




These taxpayers aren't alone, either.

About 30 million people, or 21 percent of U.S. taxpayers, are expected to owe money to the IRS this tax season, according to a report from the Government Accountability Office, a legislative agency that provides data to Congress.

"The people who are most likely to be surprised this year are the ones who lost some deductions they had last year and who didn't make changes to their withholding," said Nathan Rigney, lead tax research analyst at the Tax Institute at H&R Block.

Here's who might expect a tax bill or a smaller refund this spring and why.

More...

https://www.cnbc.com/2019/02/07/failed-to-withhold-enough-tax-in-2018-the-irs-has-a-nasty-surprise-for-you.html

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Reply Nasty Surprise; Tax Filers Seeing SMALLER Refunds Or Owing Money (Original post)
RCW2014 Feb 2019 OP
def_con5 Feb 2019 #1
freedumb2003 Feb 2019 #6
Bob the Bilderberger Feb 2019 #2
Da Mannn Feb 2019 #5
def_con5 Feb 2019 #7
BigKahunna2.0 Feb 2019 #3
FreeWheelBurning Feb 2019 #4
Duke Lacrosse Feb 2019 #8
Charlie Mike Feb 2019 #9

Response to RCW2014 (Original post)

Sat Feb 9, 2019, 08:17 AM

1. The article is pretty accurate

but lots of noise, it's really simple for most people. The withholding tables were changed to give people more of their income in their paychecks.

So if nothing changed from last year, your refund will be smaller.

Trump did not increase taxes on the poor, and middle class to give a tax cut to billionaires.

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Response to def_con5 (Reply #1)

Sat Feb 9, 2019, 10:52 AM

6. Only fools confuse "refund" with "paid"

 

And bigger fools don't check every year to ensure it is as close to zero as possible.

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Response to RCW2014 (Original post)

Sat Feb 9, 2019, 08:18 AM

2. Only in the blue states

where state income taxes are no longer deductible. Demand state income tax cuts from your democrat-controlled state governments.

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Response to Bob the Bilderberger (Reply #2)

Sat Feb 9, 2019, 10:03 AM

5. BINGO! The OP was deceptive.

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Response to Bob the Bilderberger (Reply #2)

Sat Feb 9, 2019, 11:02 AM

7. It has not been eliminated, capped at 10k

Less than 40% of people itemized (SALT deduction), and with the large (doubled) increase in the standard deduction. This only affects the very rich.

For most taxpayers, it won't come up.

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Response to RCW2014 (Original post)

Sat Feb 9, 2019, 08:25 AM

3. Sucks to be a crybaby...... Pay Attention and Thrive!!

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Response to RCW2014 (Original post)

Sat Feb 9, 2019, 09:28 AM

4. Only an idiot would use the size of their refund to judge the tax bill

The number to look at is your effective tax rate.

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Response to FreeWheelBurning (Reply #4)

Sat Feb 9, 2019, 11:56 AM

8. There are a lot of idiots out there.

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Response to RCW2014 (Original post)

Sat Feb 9, 2019, 12:24 PM

9. I couldn't help but notice the New England logo.

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