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Old 02-19-2019, 11:17 PM   #1
Turbo6
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Default Anyone else shocked with their 2018 tax return?

So we just put our info in turbo tax and I almost had a heart attack.....

we usually get a decent refund every year and now we owe almost 10k.....

Anyone have any similar outcomes? Trump can suck my you know what if this is the norm.....
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Old 02-19-2019, 11:20 PM   #2
MASTERS
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Nope, less was taken out for taxes all year and still got back the same as last year....
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Old 02-19-2019, 11:21 PM   #3
hully1029
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Nope. Was about normal. Got back 32 bucks.. I try to be as close to zero as possible.

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Old 02-19-2019, 11:24 PM   #4
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I can't imagine how we go from getting 4-5k a year to owing what we owe.
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Old 02-19-2019, 11:26 PM   #5
Robert
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I’m happy I broke even
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Old 02-19-2019, 11:28 PM   #6
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Hell with a return. I would rather not give the government an interest free loan for the year.
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Old 02-19-2019, 11:30 PM   #7
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We’re usually within $500 either way each year. Have even looked at it yet this year.


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Old 02-19-2019, 11:30 PM   #8
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I got back about $9K, but I have a lot of farm deductions. I was hoping to get back closer to $12K, but it didn’t work out that way.
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Old 02-19-2019, 11:30 PM   #9
Turbo6
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Originally Posted by JLivi1224 View Post
Hell with a return. I would rather not give the government an interest free loan for the year.

That's not the point.

The point is NOTHING CHANGED.

Same jobs, some house, same mortgage, ect.

The only thing different is now we owe a crazy amount. I've been doing my own taxes for years but may go sit with someone to see if I am missing something but can't imagine what it would be.
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Old 02-19-2019, 11:33 PM   #10
planomustang
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Originally Posted by Turbo6 View Post
I can't imagine how we go from getting 4-5k a year to owing what we owe.
You need to research "dependents" and other ways to amortize you tax payments, so that you don't owe anything in March.

BTW, your were not getting a 4-5k year refund, you were just loaning the USG 4-5k at 0% interest.
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Old 02-19-2019, 11:33 PM   #11
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You may want to check your numbers. That doesn’t sound right. All things being the same, you should not owe that much versus last year. The standard deductions were raised a bit, but that wouldn’t cause you to owe that much.
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Old 02-19-2019, 11:36 PM   #12
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Difference is that with his tax plan, there were fewer taxes taken out of checks....the MSM publicized this, but no one listened. Unless your in the 250+ category...

I'm self employed, make quarterly payments, and wife works for the state, and we're making more on our tax refund.
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Old 02-19-2019, 11:38 PM   #13
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Quote:
Originally Posted by Trevor73402 View Post
You may want to check your numbers. That doesn’t sound right. All things being the same, you should not owe that much versus last year. The standard deductions were raised a bit, but that wouldn’t cause you to owe that much.
^THIS, with the changes most tax returns are less but then less was taken out for taxes all year so its a wash. But of course come return time people are screaming why they didn't get back as much as last year
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Old 02-19-2019, 11:39 PM   #14
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Hell with a return. I would rather not give the government an interest free loan for the year.
Yep. Break even!!!
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Old 02-19-2019, 11:43 PM   #15
Loneaggie
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Smaller refund this year, but % wise paid in less all year. Something sounds wrong with yours though. What really matters is what was your effective tax rate.
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Old 02-19-2019, 11:54 PM   #16
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about the same for me.
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Old 02-19-2019, 11:54 PM   #17
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Can't base your taxes on a refund...many other factors go into this. For a lot of "normal
" folks the bracket went from 25% to 22%
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Old 02-20-2019, 01:29 AM   #18
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Originally Posted by Turbo6 View Post
That's not the point.



The point is NOTHING CHANGED.



Same jobs, some house, same mortgage, ect.



The only thing different is now we owe a crazy amount. I've been doing my own taxes for years but may go sit with someone to see if I am missing something but can't imagine what it would be.


I think you are missing something


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Old 02-20-2019, 01:51 AM   #19
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Very simple analysis required here.

Get your 2017 federal tax return and go to the last page. Assuming you filed a Form 1040, look at your taxable income in row 43. Now look at your total tax owed in row 63. Divide row 63 by row 43. This will give you your 2017 effective tax rate for comparison purposes. For example, say your 2017 taxable income on row 43 was $100,000 and your total tax on row 63 was $20,000. Your effective tax rate would be 20% (20,000 / 100,000).

Now, get your 2018 Form 1040, which looks nothing like the 2017 Form 1040 because it was completely redesigned for 2018. Look at your taxable income in row 10 and your total tax owed in row 15. Now divide row 15 by row 10 to get your 2018 effective tax rate. How does it compare to the 2017 number?

Another simple way to do this comparison is if your taxable income in 2018 was about the same as 2017, and your total tax owed in 2018 was more than 2017, then yes, Paul Ryan, Mitch McConnell and Trump screwed you. On the other hand, if your 2018 taxable income was different than 2017 (substantially higher or lower), then it's a harder comparison to make, but you can still compare your effective tax rate between 2017 and 2018 to assess whether you did or didn't get screwed by Trump and the GOP.

The amount of your tax refund is irrelevant. What matters is how much total federal income tax you owed against the total taxable income you earned. If someone's paycheck went up during the year because federal income tax was being withheld at a lower rate and they didn't notice it and they didn't realize their paycheck was seeing the benefits of a tax cut, their financial management could probably use some improvement.

Last edited by Vermin93; 02-20-2019 at 02:00 AM.
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Old 02-20-2019, 02:18 AM   #20
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What Vermin93 said is the correct way to evaluate 2017 taxes vs 2018 taxes. If your refund is smaller it just means you did not loan the government as much during the year interest free. If you owe you under with held during the year and used the governments money.
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Old 02-20-2019, 04:48 AM   #21
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I have to adjust my numbers this year. We paid less taxes all year long and got back more when I did our taxes.
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Old 02-20-2019, 05:14 AM   #22
Vermin93
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Default Anyone else shocked with their 2018 tax return?

I thought about this a little more and can see how someone could honestly be blindsided by this.

Someone could have noticed that their after-tax paycheck during the year went up because less taxes were being withheld. After hearing Trump brag about the tax cut incessantly, they may have assumed that not only was their after-tax paycheck going up, but they were also going to get the nice tax refund they usually get when they file their return.

Now they find out that the tax cut wasn’t as great for them as Trump made it out to be and that they actually owe several thousand in taxes. But the problem is they already spent the extra after-tax take home pay they got all last year because they were told by Trump that this was the greatest tax cut ever. So now they are screwed and have to tap into savings to cover their tax bill, whereas if they knew a big tax bill was coming, they would have saved some of that extra take home pay in order to pay Uncle Sam when they filed their return.

Last edited by Vermin93; 02-20-2019 at 05:18 AM.
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Old 02-20-2019, 05:41 AM   #23
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Quote:
Originally Posted by Vermin93 View Post
Very simple analysis required here.

Get your 2017 federal tax return and go to the last page. Assuming you filed a Form 1040, look at your taxable income in row 43. Now look at your total tax owed in row 63. Divide row 63 by row 43. This will give you your 2017 effective tax rate for comparison purposes. For example, say your 2017 taxable income on row 43 was $100,000 and your total tax on row 63 was $20,000. Your effective tax rate would be 20% (20,000 / 100,000).

Now, get your 2018 Form 1040, which looks nothing like the 2017 Form 1040 because it was completely redesigned for 2018. Look at your taxable income in row 10 and your total tax owed in row 15. Now divide row 15 by row 10 to get your 2018 effective tax rate. How does it compare to the 2017 number?

Another simple way to do this comparison is if your taxable income in 2018 was about the same as 2017, and your total tax owed in 2018 was more than 2017, then yes, Paul Ryan, Mitch McConnell and Trump screwed you. On the other hand, if your 2018 taxable income was different than 2017 (substantially higher or lower), then it's a harder comparison to make, but you can still compare your effective tax rate between 2017 and 2018 to assess whether you did or didn't get screwed by Trump and the GOP.

The amount of your tax refund is irrelevant. What matters is how much total federal income tax you owed against the total taxable income you earned. If someone's paycheck went up during the year because federal income tax was being withheld at a lower rate and they didn't notice it and they didn't realize their paycheck was seeing the benefits of a tax cut, their financial management could probably use some improvement.
Quote:
Originally Posted by Vermin93 View Post
I thought about this a little more and can see how someone could honestly be blindsided by this.

Someone could have noticed that their after-tax paycheck during the year went up because less taxes were being withheld. After hearing Trump brag about the tax cut incessantly, they may have assumed that not only was their after-tax paycheck going up, but they were also going to get the nice tax refund they usually get when they file their return.

Now they find out that the tax cut wasn’t as great for them as Trump made it out to be and that they actually owe several thousand in taxes. But the problem is they already spent the extra after-tax take home pay they got all last year because they were told by Trump that this was the greatest tax cut ever. So now they are screwed and have to tap into savings to cover their tax bill, whereas if they knew a big tax bill was coming, they would have saved some of that extra take home pay in order to pay Uncle Sam when they filed their return.
These are probably the best explanations of the situation the OP is dealing with.

OP I think you have something missing somewhere. Yes the withholding changed some, but the standard deduction did too. I don’t think you should’ve had such a drastic change.
We got back almost 12k last year so I adjusted my withholding to get back less. I made about 25% more in taxable income, paid almost the exact same amount of taxes in as we did in 2017, and got back $7500.
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Old 02-20-2019, 05:44 AM   #24
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Originally Posted by Turbo6 View Post
So we just put our info in turbo tax and I almost had a heart attack.....

we usually get a decent refund every year and now we owe almost 10k.....

Anyone have any similar outcomes? Trump can suck my you know what if this is the norm.....
Where do you live?
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Old 02-20-2019, 05:44 AM   #25
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Quote:
Originally Posted by Turbo6 View Post
So we just put our info in turbo tax and I almost had a heart attack.....

we usually get a decent refund every year and now we owe almost 10k.....

Anyone have any similar outcomes? Trump can suck my you know what if this is the norm.....
Nope. Less was taken out so my return was smaller. I'm not a big advocate of giving the US government an interest free loan.
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Old 02-20-2019, 06:04 AM   #26
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We usually get back $2500 this year we get back $3600. Thanks Trump.



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Old 02-20-2019, 06:11 AM   #27
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You really can't go by how much return you get back.
Do people not look at what their total tax bill was for the year?

I wish everyone had to write a check every week and send it in for taxes so they would pay attention to what the bill is every week.
Some folks pay in $40,000.00 a year and the only thing they care about is the $5,000.00 they got back and never give any thought to the $35,000.00 they paid
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Old 02-20-2019, 06:15 AM   #28
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Got back $8700 last year. Ended up getting $12k this year so I’m happy
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Old 02-20-2019, 06:20 AM   #29
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Closer to zero the better, no free loan from me.
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Old 02-20-2019, 06:23 AM   #30
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.....
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Old 02-20-2019, 06:37 AM   #31
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Ours didn't change but with kids, farm and business my deductions are pretty substantial
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Old 02-20-2019, 06:59 AM   #32
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My daughter called me asking why she wasn't getting back money this year. Told her welcome to the real world, you are now making very good money as an icu RN, no kids, no house, no deductions.....told her the free sh** army thanks her.
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Old 02-20-2019, 06:59 AM   #33
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Haven’t done mine yet. Ex-wife gets it anyway so her bar hoping can wait awhile now.
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Old 02-20-2019, 07:01 AM   #34
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I use FreeTaxUSA and it asks questions I never thought about.

I might have owed $200 to Federal this year but I got $600 plus back from the State due to the Homestead Credit.

I just don’t like having to pay taxes on part of my SS when it was a tax on my income to begin with when they were taking it out.
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Old 02-20-2019, 07:02 AM   #35
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Made more money this year along with two 1099s and got back about the same as last year.


“There's more fun in hunting with the handicap of the bow than there is in hunting with the sureness of the gun.” -Fred Bear-
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Old 02-20-2019, 07:06 AM   #36
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Originally Posted by tazhunter0 View Post
Haven’t done mine yet. Ex-wife gets it anyway so her bar hoping can wait awhile now.
sounds like you need to adjust your W-4.....
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Old 02-20-2019, 07:09 AM   #37
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I owed about $700 the last 5 years. Hoping to break even this year


I'll know Saturday
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Old 02-20-2019, 07:13 AM   #38
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We got back more this year but we also purchased another home. Even without the purchase we would have gotten the close if not the same as what we got last year. I pay a little extra every paycheck in taxes which for me is my safety net. Not sure it really makes a difference but we have gotten back more each year as time goes on. I don’t try and claim anything absurd, I know some of my friends do. I haven’t heard about their returns it will be interesting to see how they make out this year.
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Old 02-20-2019, 07:15 AM   #39
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Originally Posted by friscopaint View Post
My daughter called me asking why she wasn't getting back money this year. Told her welcome to the real world, you are now making very good money as an icu RN, no kids, no house, no deductions.....told her the free sh** army thanks her.


This made me laugh. Thanks


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Old 02-20-2019, 07:18 AM   #40
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Something isnt adding up.
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Old 02-20-2019, 07:18 AM   #41
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Quote:
Originally Posted by friscopaint View Post
My daughter called me asking why she wasn't getting back money this year. Told her welcome to the real world, you are now making very good money as an icu RN, no kids, no house, no deductions.....told her the free sh** army thanks her.
Oh, and to make it better, she is a neuro ICU nurse at Parkland in Dallas and gets to see the free sh** army every day !!!!
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Old 02-20-2019, 07:21 AM   #42
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Between my wife and myself we made just enough to put us in a higher bracket, and with no kids and no real deductions this year we expected to pay in but instead received 1800 back.
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Old 02-20-2019, 07:22 AM   #43
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....told her the free sh** army thanks her.
Doubt that very much. They probably b**** all the way to the grocery store saying they got to live on this measly pittance, but I figure she got the drift.
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Old 02-20-2019, 07:22 AM   #44
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I pay attention to tax law changes so I don’t get shocked. It’s the prudent thing to do.
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Old 02-20-2019, 07:23 AM   #45
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Being able to keep more of the money I earn all year long is a good thing. If you depend on a big tax return every season you're doing it wrong.
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Old 02-20-2019, 07:29 AM   #46
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Quote:
Originally Posted by Turbo6 View Post
So we just put our info in turbo tax and I almost had a heart attack.....

we usually get a decent refund every year and now we owe almost 10k.....

Anyone have any similar outcomes? Trump can suck my you know what if this is the norm.....
Lol blaming trump for what is most likely your error shows foolishness. The amount of refund or amount you owe is a reflection of your ability to understand withholdings.
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Old 02-20-2019, 07:38 AM   #47
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Originally Posted by tkuehn5410 View Post
Difference is that with his tax plan, there were fewer taxes taken out of checks...
Very few seem to grasp this concept. If I put less in, how can I reasonably expect to get more out? If I put less into my savings account, should I expect that I am going to be able to get more out one day?

Quote:
Originally Posted by Buff View Post
I wish everyone had to write a check every week and send it in for taxes so they would pay attention to what the bill is every week.
You and me both. Could you imagine the accountability that would happen instantaneously if someone had to cut a check for 20-30% of their pay every month to the Feds?!

Last edited by WItoTX; 02-20-2019 at 07:38 AM. Reason: .
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Old 02-20-2019, 07:39 AM   #48
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you need to compare the w-2's from the last 3 years and see how much they've taken out for taxes over the year. I'm getting back a little less but they took out 12k less for the year so I'm happy with that.

too many people cant save money for anything and count on the government to save it for them.
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Old 02-20-2019, 07:45 AM   #49
Smart
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For $10K it would be worth sending to a professional to make sure you didn’t screw something up... which sounds like what you probably did.
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Old 02-20-2019, 07:49 AM   #50
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Not sure how it all works, but last year we paid in a few hundred. This year we got back a little. My son is 22, single with no deductions and makes pretty good money. Last year he paid in quite a bit....this year he paid in $4.
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