I just did our taxes using TurboTax and we are actually getting a $419 refund instead of owing. Relieved. I’ll do the state this weekend.Relieved that we only owe $97 fed and refund with state. I’ll take it.
Finalized my returns yesterday. My AGI was up 13%, taxable income was up 50%, tax was up 26%. For VA, my taxable income was up 41% and my tax was up 46%.
I have been too wrapped up with the scandals to pay attention to this I did not itemize in VA. That’s good news!!! But kind of sneaky that the checks would arrive right before the election!If you didn't itemize in VA, you will likely have a lowered tax...tax bills are still winding their way to the governor (although both parties signaled their support) that would increase standard deductions 50% plus provide a $220 tax credit per couple ($110 for individual/HOH) to be delivered in Oct of this year to make up for the change in federal rules...If you itemized, you will still have the $220 (or $110) coming, so your taxes might actually be lower there...
I have been too wrapped up with the scandals to pay attention to this I did not itemize in VA. That’s good news!!! But kind of sneaky that the checks would arrive right before the election!
It will help--although I really wouldn't mind if some of the increase went to teachers' salaries and higher ed.Probably why it's bipartisan...incumbents gonna incumbent (but I'd take the money)...it's not signed yet, but should be next week...
...incumbents gonna incumbent ...
It will help--although I really wouldn't mind if some of the increase went to teachers' salaries and higher ed.
If you didn't itemize in VA, you will likely have a lowered tax...tax bills are still winding their way to the governor (although both parties signaled their support) that would increase standard deductions 50% plus provide a $220 tax credit per couple ($110 for individual/HOH) to be delivered in Oct of this year to make up for the change in federal rules...If you itemized, you will still have the $220 (or $110) coming, so your taxes might actually be lower there...
I don't think the big tax cut saved us anything either. You have to be a very specific tax payer, imo, and I admit I could be wrong, to see a benefit from the tax cut. Our itemized taxes were about the same as the standard deduction so for us, that's a wash. My dh works for a non-profit so he never had a change in deduction or pay after the tax cut was effective. We are getting back about the same as we always do. Which is fine with me...but all the hype of the tax cut...fell short here for sure.We made quite a bit more this year so in order to compare how the tax cut really affected us I put in the exact income from last year. There was only a $78 difference. So the big tax cut would have saved us $78, whoopee! That was the tax before the credit, so it would have saved us the additional $2000 from the kids tax credit increasing, but I really don't see this as a big tax cut they made it out to be.
Where are y'all moving?? Colorado ?Ours was roughly $9,100 combined state and federal. State was more than what it's been in years past and federal was less. Overall about $1,500 less than last year. I had a little bit of disability (FMLA) income I didn't have taxes withheld from and a couple other 1099s as well.
It's exactly what I was thinking it'd be. We'll be using it to move in 2-3 months. Putting our house on the market in a few weeks.
Where are y'all moving?? Colorado ?
Someday when y'all are here, you will have to let me know and we can meet for coffeeWe're staying put for now We were there mid December for DH's 40th though! Had a blast like always.
We're trying to take advantage of the market. Just going to rent for a bit and see where the market goes! Hopefully buy a home we love in a year or two. (We've never been in love with this home and I've always dreamed of having a single level home!)
Someday when y'all are here, you will have to let me know and we can meet for coffee
I so understand where you are! I'd love to sell our home as well (same...never been in love) and rent for awhile until we find the right place here or feel like it's time to move on. A lot of realtors would say you are doing the right thing in this market!
Sounds good!I would absolutely love that! The last trip we had to cram a lot into a little bit of time including a surprise party which included 25 of his family members from near and far. Next time I will make some time for a coffee date
And yes - keeping my fingers crossed for a positive outcome for us! We bought at the end of 2012 when the market was at the bottom and here we are with a value 50% more than what we paid. Not hoping for a crash like before because that isn't good for anyone but I sense it's going to dip at least a bit. And if not, we'll still be in a good position.