Author Topic: Taxes (GOP 2017 edition)  (Read 51427 times)

0 Members and 2 Guests are viewing this topic.

Offline 8manpick

  • Pak'r Élitaire
  • ****
  • Posts: 16611
  • A top quartile binger, poster, and friend
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1500 on: January 25, 2019, 08:39:15 AM »
Congrats to everyone getting an unexpected refund. Sorry to those getting dinged with a bill. Getting tax withholding right is a bitch.

I’m more curious in what tax reform did for your EFT. Total federal income tax / gross income. Take a look. Compare to last year. I’m betting you’ll be pleasantly surprised.

I can’t do my return until February because I don’t have all my 1099-divs yet. I’m surprised some of you guys already had all your docs.

That's a p. good fanning brag K-S-U-w!
:adios:

Offline Rage Against the McKee

  • Pak'r Élitaire
  • ****
  • Posts: 30624
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1501 on: January 25, 2019, 08:43:32 AM »
I'm in the same boat as K-S-U. Hopefully there are enough IRS employees willing to work unpaid into February without pay to actually process my return.

Offline K-S-U-Wildcats!

  • Pak'r Élitaire
  • ****
  • Posts: 9735
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1502 on: January 25, 2019, 10:20:29 AM »
Fidelity takes forever. They're saying maybe tomorrow.
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Online steve dave

  • Global Moderator
  • Pak'r Élitaire
  • *****
  • Posts: 69000
  • SP? all of that--->
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1503 on: January 25, 2019, 10:47:12 AM »
They have to have it to you by the 31st


Sent from my iPhone using Tapatalk

Offline Phil Titola

  • Pak'r Élitaire
  • ****
  • Posts: 10040
  • He took it out!
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1504 on: January 25, 2019, 10:53:46 AM »
Corporations are super happy. Can't wait till they finally pass it down to the worker bees as we were told would happen.

Offline K-S-U-Wildcats!

  • Pak'r Élitaire
  • ****
  • Posts: 9735
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1505 on: January 25, 2019, 11:05:43 AM »
Corporations are super happy. Can't wait till they finally pass it down to the worker bees as we were told would happen.

You are so bitter. How'd you do personally?
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline Kat Kid

  • Global Moderator
  • Pak'r Élitaire
  • *****
  • Posts: 16441
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1506 on: January 25, 2019, 11:16:37 AM »
I don't actually have all my 1099s KSUW, but they won't make a difference.
@bentren

Offline Dugout DickStone

  • Global Moderator
  • Pak'r Élitaire
  • *****
  • Posts: 39647
  • BSPAC
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1507 on: January 25, 2019, 11:46:26 AM »
I wish some of you paid quarterly to feel my pain

Offline sys

  • Contributor
  • Pak'r Élitaire
  • *****
  • Posts: 33197
  • your reputation will never recover, nor should it.
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1508 on: January 25, 2019, 12:16:20 PM »
I wish some of you paid quarterly to feel my pain

i don't bother doing any calculations, i just send them money randomly whenever i have extra and then calculate up by 4/15 like a w4 slave.
we understand it better now that the american century is over and some of us sound more and more like serbs.

Offline K-S-U-Wildcats!

  • Pak'r Élitaire
  • ****
  • Posts: 9735
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1509 on: January 26, 2019, 07:30:35 PM »
Got my last docs from Fidelity and finished my tax return this morning. Holy crap - Papa Trump's Tax Reform was a massive windfall to the KSUDub family! Reduced my EFT (Effective Federal Tax Rate: Total FIT / AGI) by damn near 4%, from about 19% to about 15%.  :love: Four Percent.

In addition, no more motherfuckn' AMT! :Woot: And guys - I took the standard deduction this year for like the first time in over a decade. You know what that means?! I didn't even bother entering all my charitable deductions. They now mean essentially dick. Doesn't mean I donated less to charity (I actually donated a bit more) - I just didn't bother reporting it to the feds.

Ok who's next? How much did your EFT drop? Come join the party!  :Woohoo:
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline gatoveintisiete

  • Pak'r Élitaire
  • ****
  • Posts: 3782
  • Posting tweets is bad message boarding
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1510 on: January 26, 2019, 07:41:54 PM »
Really pumped for you W, your family and your hard earned dollars belong together.   :cheers:
it’s not like I’m tired of WINNING, but dude, let me catch my breath.

Offline K-S-U-Wildcats!

  • Pak'r Élitaire
  • ****
  • Posts: 9735
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1511 on: January 27, 2019, 07:25:14 AM »
Really pumped for you W, your family and your hard earned dollars belong together.   :cheers:

 :cheers:
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline IPA4Me

  • Pak'r Élitaire
  • ****
  • Posts: 4390
  • El Guapo
    • View Profile
    • Life Advice
Re: Taxes (GOP 2017 edition)
« Reply #1512 on: January 27, 2019, 08:16:46 AM »
I drive a crap load of miles every year for work. No more mileage deduction. Also, lost half a kid credit (turned 18). So, I got mumped on ETR.


2017: 6.9%
2018: 10.3%


I had adjusted my deductions to compensate as I didn't want a big tax bill. Nice little refund. Should cover my greens card at the local muni.


Also, income outpaced the tax burden considerably. All good in KY.
 :emawkid:




Offline Phil Titola

  • Pak'r Élitaire
  • ****
  • Posts: 10040
  • He took it out!
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1513 on: January 27, 2019, 08:17:30 AM »
Got my last docs from Fidelity and finished my tax return this morning. Holy crap - Papa Trump's Tax Reform was a massive windfall to the KSUDub family! Reduced my EFT (Effective Federal Tax Rate: Total FIT / AGI) by damn near 4%, from about 19% to about 15%.  :love: Four Percent.

In addition, no more motherfuckn' AMT! :Woot: And guys - I took the standard deduction this year for like the first time in over a decade. You know what that means?! I didn't even bother entering all my charitable deductions. They now mean essentially dick. Doesn't mean I donated less to charity (I actually donated a bit more) - I just didn't bother reporting it to the feds.

Ok who's next? How much did your EFT drop? Come join the party!  :Woohoo:

Not doing deductions is a bummer for me. Definitely will influence some people donation amounts

Offline sys

  • Contributor
  • Pak'r Élitaire
  • *****
  • Posts: 33197
  • your reputation will never recover, nor should it.
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1514 on: January 27, 2019, 11:58:26 AM »
I drive a crap load of miles every year for work. No more mileage deduction.

wait, what?  this is an outrage, if true.
we understand it better now that the american century is over and some of us sound more and more like serbs.

Offline sys

  • Contributor
  • Pak'r Élitaire
  • *****
  • Posts: 33197
  • your reputation will never recover, nor should it.
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1515 on: January 27, 2019, 12:02:25 PM »
doesn't apply to me, thank god.  you scared me there, ipa.
we understand it better now that the american century is over and some of us sound more and more like serbs.

Online steve dave

  • Global Moderator
  • Pak'r Élitaire
  • *****
  • Posts: 69000
  • SP? all of that--->
    • View Profile
Taxes (GOP 2017 edition)
« Reply #1516 on: January 27, 2019, 12:25:09 PM »
The SALT deduction cap completely mumped me. NE taxes are abhorrent.


Sent from my iPhone using Tapatalk
« Last Edit: January 27, 2019, 12:41:33 PM by steve dave »

Offline catastrophe

  • Pak'r Élitaire
  • ****
  • Posts: 8781
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1517 on: January 27, 2019, 02:46:58 PM »
Very sorry for you and your family, SD.

Offline IPA4Me

  • Pak'r Élitaire
  • ****
  • Posts: 4390
  • El Guapo
    • View Profile
    • Life Advice
Re: Taxes (GOP 2017 edition)
« Reply #1518 on: January 27, 2019, 04:44:59 PM »
doesn't apply to me, thank god.  you scared me there, ipa.
Sorry about that. Unreimbursed employment expenses for W2 earners.

Offline K-S-U-Wildcats!

  • Pak'r Élitaire
  • ****
  • Posts: 9735
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1519 on: January 27, 2019, 04:50:31 PM »
One of the interesting things I learned is that under Kansas law, you can’t take the standard deduction for federal and itemize for Kansas. What that means is that a lot of Kansans are actually gonna pay higher state taxes because they’re better off on net taking the federal standard deduction, but in doing so they’ll lose out on superior itemized deductions in Kansas.

I believe the Kansas legislature knew about this issue last year, but “failed to fix it.” So even though I’m saving way more money overall, I’m actually paying slightly more to Kansas. And if this is the case for me, I’m guessing it’s the case for many, which means Kansas could be reaping something of a tax windfall this year. All I can say is, thank god we’ll finally be able to pay our teachers and I’m sure our academic performance is going to increase as a result.

Yup, here it is: https://www.cjonline.com/news/20190122/kansas-senate-president-susan-wagle-forming-special-tax-committee-to-deal-with-windfall

I guess I’d better go ahead and add those charitable donations anyway just in case they fix the law and I can end up claiming them in Kansas.
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline K-S-U-Wildcats!

  • Pak'r Élitaire
  • ****
  • Posts: 9735
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1520 on: January 28, 2019, 09:42:58 AM »
Sure enough, my effective Kansas income tax rate went up 0.5% because taking the larger federal standard deduction stripped away my itemized deductions in Kansas. Oh well - still coming out way ahead on net, and hopefully our dumbass Kansas Pubs will fix this issue retroactive for 2018. (Would be funny if Gov. Kelly vetos the fix - I'm not sure she would, but if she did it would be the first tax increase of her tenure. Elections have consequences and all....)
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline resident LibBot dick holder

  • hyperactive on the :lol:
  • Pak'r Élitaire
  • ****
  • Posts: 51256
  • good dog
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1521 on: January 28, 2019, 09:47:58 AM »
I also hope KS is able to properly fund their schools this year  :cheers:
Hyperbolic partisan duplicitous hypocrite

Offline Rage Against the McKee

  • Pak'r Élitaire
  • ****
  • Posts: 30624
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1522 on: January 28, 2019, 10:02:51 AM »
Taxes going up by half of a percentage point is a pretty big consequence.

Online chum1

  • Pak'r Élitaire
  • ****
  • Posts: 16034
  • Gucci Mane Book Reader
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1523 on: January 28, 2019, 10:32:34 AM »
Invalid Tweet ID

Offline K-S-U-Wildcats!

  • Pak'r Élitaire
  • ****
  • Posts: 9735
    • View Profile
Re: Taxes (GOP 2017 edition)
« Reply #1524 on: January 28, 2019, 10:41:03 AM »
Well, I guess that all depends right? A half a percentage point increase is in the neighborhood of four figures for us. That's not a brag, but I consider forking over four figures a pretty big consequence.

Granted, I kinda think if the dumbass pubs in the KS legislature get their act together, Kelly will sign it, anyway. It's tough because these guys only work a few months out of the year and there are so many super-important gun-related bills to deal with every term.
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.