Poll:2019 Federal Tax refund - more or less? poll

[audreyh1]

Set up for a refund also means you are more vulnerable in the case of tax impersonation fraud where your refund could take many months to finally get to you due to sorting out a tax fraud mess if someone filed using your tax credentials.

Another reason why I really try to avoid expecting funds back. I just pay what I owe on April 15, and if it takes the government another 6 months to sort out a mess it doesn't inconvenience me nearly as much.

 

[Walt34]

We're getting a refund of $262, that is $139 more than we got last year so I don't think that's quite getting us to Vegas. But I think I'll take DW out for a nice dinner.

 

[ShokWaveRider]

I put I got less as I have not had a refund for 20 years. I did have to pay more this year though, not much more but more nevertheless.

 

[sengsational]

Best answer of the many with this same message:

Can't answer the poll. I don't "do" refunds. I pay the IRS the least amount possible at the last possible moment, while carefully avoiding penalties for under-withholding. My planning instincts run deep.

Total tax / Total Income:
5.9% this year

7.3% last year (after adjusting for advanced PTC = 0)

I'm glad for this thread since I hadn't done the year to year comparison. Now I know I can "blow through some dough!"


EDIT:
If you think about it, those of us that get help with healthcare premiums through the PTC, the treasury actually lost money on us. [(Total Tax - Total PTC) / Total Income]. Those values came out to -24.1% last year and -29.0% this year, the difference largely due to the price increase in the policy that the treasury graciously picked-up.

 

[scrabbler1]

I find it strange and embarrassing that this poll got any respondents.

After frequenting this forum for ~5 years, I was surprised to realize that anyone posting here would accept having "tax refund".
Yet, thus far there are 56 votes...

I answered "Stayed the same" because I got no refund in 2018 (I owed) and none in 2017 (also owed). I have very, very rarely gotten a refund on my state or federal returns in the 30+ years I have been filing income tax returns, and none since I retired 10 years ago. I have no taxes withheld from anything anymore, so what I don't pay in estimated taxes I pay in April.

 

[target2019]

Come to think of it, it's 2018 Federal Tax refund. 2019 tax is in process now (name of poll).

 

[robnplunder]

Although I retired 3+ years ago and haven't worked a day since, I had some deferred wage that are being distributed quarterly for 5 years. I have two more years to go before it is completely distributed. Until then, I am paying tax. For the 1st two years, I got most of the tax I paid refunded. This year, I've got very little back. After two more years, I will probably have to pay tax out of my pocket. Then, it will be time to cash everything, hide out in a 3rd world country, and live out the rest of my life as king ...

 

[statsman]

Can't compare 2018 to 2017. Ended up selling our California house (owned for 23+ years in the Bay Area) in October 2018 to move out of state to Texas, being retired now.

Huge capital gains and tax bill to match, both federal and state. Fortunately, we withheld enough in federal and state taxes in 2018 to meet our 2017 tax bills. My preliminary data input into TurboTax indicates no tax penalties

I did run the numbers manually through the 2017 tax tables, and it appears we did slightly better than we would have under the old tax system. But given the large tax bills, it was a very small difference. Nothing really changed with regards to taxing capital gains.

Looks like we'll need to deal with estimated taxes in 2019, first time we've ever needed to do it. My wife says "can't we just fill out the tax forms next year and pay the bill then?" Trying to explain to her (and thoroughly understand myself) why we won't be able to do it.

 

[timo2]

I got larger, but only because we and the Empower combined messed up our tax withholding for our first year of retirement.

 

[robnplunder]

My wife says "can't we just fill out the tax forms next year and pay the bill then?" Trying to explain to her (and thoroughly understand myself) why we won't be able to do it.

That's very close to what my wife would have said. I took care of our finances and taxes all our lives (30+ years of marriage) and she has absolutely no clue about these things. Lucky her.

 

[target2019]

2018 Effective Rate and Bracket

Still waiting for a K-1, but it is smallish. What we have is a very small refund, as estimated and W-2 taxes were pretty close.

YEAR EFF RT BRKT
2014 10.38% 25%
2015 09.99% 15%
2016 12.53% 25%
2017 11.33% 25%
2018 11.19% 22%

If I ignore one-time cap gains from inherited brokerage, TT then shows effective rate of 11.44%. Our taxes went up slightly in 2018. This year 2019 with less W-2 wages, it should go down some. I believe.

Off to help other lucky folks with their taxes today. This weekend I should be able to enter data for about 15 fortunate families. All living the dream, as we are.

 

[braumeister]

I always work withholding/estimates so I get a tiny refund each year, and this year was no exception. But my taxes started out being higher due to the loss of a chance to itemize. Last year we made a big donation to the DAF and we won't need to do that again for a while. But I finished up with a nice $5K tax credit for buying a PHEV and that brought the actual tax down to less than last year.

 

[Skoach]

Same as last year, no refund no taxes.

+1

Taxable income is carefully managed to keep within limits for standard deductiion and zero percent cap gains. Also manage for ACA and AOC credits.

 

[jollystomper]

We have not gotten a Federal refund for several years, as I set out withholding to do so. We have had to pay less than $1000 in additional tax when filing, which is fine by me.

This year due to lower withholding and not quite figuring out the adjustments between the ending of my work salary and the beginning of my pension, plus a couple of larger than expected capital gains distribution, we will have to pay close to $3000 in additional tax when we file. However, our Federal effective tax rate dropped slightly,

 

[gerntz]

The famed tax torpedo hit us between RMD's & higher SS. Net, with higher income it would be hard to figure what the tax law did to us - state tax law changed also. But I knew this was coming & upped payment over previous year's total tax - and yet still owe.

 

[Moemg]

I got a small refund but only because of a large dental expense that put me over the standard deduction .

 

[Splash]

Didn't vote.

2017 & 2018 were not comparable since DH and I retired in 2017.

 

[Happyras]

Didn't vote.

The Tax reform led us to do some major changes, including selling our business and spreading installments to maintain a 15% cap gain rate and no AMT. What a great time to do this. But no, I did not vote our taxes were very very high for 2018, but so much lower than they would have been. Even our marginal rate was lower despite the major moves in capital gains and other income.

 

[audreyh1]

The last time I got a big refund was when the 0% tax bracket for cap gains was introduced, and I didn’t realize it applied to us! So I had way overpaid estimated taxes.

I was really shocked I tell you!

 

[bingybear]

paid about 20 times last year's taxes.

 

[braumeister]

Filed my taxes yesterday. Effective rate of 10.9% (Federal), the lowest in 40 years. Gotta love that PHEV credit!

 

[gerntz]

paid about 20 times last year's taxes.

Or $21 in total?

 

[bingybear]

Or $21 in total?

not likely did roth conversion to the top of the 24% bracket. Previous year was to the top of the 15%.

both years most of the other income was qualified.

Technically I'm off topic. I did not post what my refund will be. That would have little to do with tax rates. It would be more on how accurately people estimate their tax payments.

I would guess the point of this post was more to do with changes with the new tax law. The tax law did have something to do with my conversion change. But other factors were likely a bigger factor.

 

[rk911]

Geez! What about the rest of us who avoid a refund like the plague?

I would much rather owe!

Also did not vote.

same here. i voted and we are getting a very large refund...this year. first time in forever. our preference is to break even (+/- $100) but i would otherwise owe than get a no interest refund.

 

[rk911]

Filed my taxes yesterday. Effective rate of 10.9% (Federal), the lowest in 40 years. Gotta love that PHEV credit!

too nany acronyms...PHEV