Taxes time 2018 - what to expect ?

[SecretlyFI]

Taxable income higher by $9200. Taxes lower by $5800. Effective tax rate dropped from 20.7% to 16.8%, so a 20% reduction.

I live in a very high property tax / income tax state ($21k for those two). But the net effect of the reduction in tax bracket rates, being able to now take the child tax credit and the higher standard deduction gave me the positive result I expected.

 

[Souschef]

Just finished mine (thank you Fido). My income was up about 40 K, and my tax was up $4K. That works out to 10%.

 

[Dtail]

Managing income for ACA purposes, plus have brother as my dependent, so no Federal taxes this year.

 

[pb4uski]

$1,400 less income.... $2,000 more taxable income.... $4,100 more tax.

But it had little to do with the new tax law... I had $32,000 more ordinary income and $34,000 less preferenced income (qualified dividends and LTCG)... made a conscious decision to start tapping tIRAs to try to reduce it and avoid the tax torpedo.

 

[RockyMtn]

plugged everything into TT this weekend. The results....35% tax bracket, 15.7% effective tax rate. Taxable income down 14.92%. Total Income Taxes down 39.51%. First year in the last four that I didn't get hit with AMT. Also received QBI deduction for my consulting gig. Quite pleased with how it came out.

Final unwind of a mutual fund that had outsized cap gain distributions every year. Trying to keep income down so I can start to do the IRA to Roth conversion in over the next few years.