Taxes time 2018 - what to expect ?

[RunningBum]

I got my 1099-CONS today. Looks like the foreign tax on VTIAX added just over 8% to their estimates this year, up from I think 6.5% last year. Luckily I used 8% as a buffer. Good thing I did.

[SDHiker]

I finished our taxes last week. While our income went up about $5K, our tax liability was over $3,400 more than last year. The capping of state and property taxes at 10K hurt us. Investment expenses (which we have a little) are no longer deductible. The exemptions are gone, all resulting in almost 20K higher TAXABLE income. The tax reform did not help us one bit, but of course, I never believed it would.

[COcheesehead]

My effective tax rate last year was 20%. It is 19.36% this year and that is with the elimination of a bunch of deductions so I guess the tax cut helped me.

[MichaelL]

I put my numbers in TurboTax and my effective rate this year is the same as last year at 25% but last year I was subject to AMT. I earned about the same both years. My feeling after looking at previous years is that I'm being taxed about 3% higher this year than for a non AMT year. I'm in California. Apparently the withholding tables are off and I also had some income that wasn't withheld on and now I have to write a big check. It would have been better for me it they had just fixed the AMT threshold. I'm moving to Reno, Nevada in a couple of months so I'll solve this problem myself.

[REWahoo]

e-filed my taxes this morning. $4,500 more in taxable income than last year and $800 less in tax.

[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.