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05-04-2018, 07:36 PM | #1 |
Rose Garden
Join Date: Mar 2005
Posts: 6,504
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2018 IRS Tax Withholding Calculator
GCMs
The IRS put out their new withholding calculator several weeks ago, and with the major overhaul in the 2018 tax code it's worth checking to see if your withholding needs to be adjusted. When DH and I did ours, it turned out that we were under withheld by about 25% - despite getting a small refund in past years. You'll need your most recent pay stub from each job, plus a copy of your 2017 return. This is especially something you may wish to do if you live in a state with significant state and local income taxes, as those are no longer fully deductible, and in some cases this change will effectively "cancel out" charitable giving.
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Wife to my wonderful Beloved (2002) / Mom to The Mathematician - making progress living with ASD, ADHD/SPD/anxiety and depression (2004) and precious Taylor taken from us too soon (2009). Go Team Lioness!!! |
The Following 5 Users Say Thank You to FlyingBlueKiwi For This Useful Post: | bananacake (05-07-2018), MercyInDisguise (05-05-2018), Singingmom (05-31-2018), Soliloquy (05-04-2018), Virginia (05-04-2018) |
05-04-2018, 07:45 PM | #2 |
Rose Garden
Join Date: Aug 2009
Posts: 16,751
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Re: 2018 IRS Tax Withholding Calculator
Thanks for posting this. We had HR Block run our numbers. It's good to plan ahead.
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ENFp Wife who is thankful to be in love....17 years Homeschooling Mom of three....15 DD dancer and 12 DS mountain biker and 5 DD calico critter and dolly mommy 12/2014 8/2015 11/2015 9/2016 |
05-04-2018, 10:00 PM | #3 | |
Rose Garden
Why climb a mountain? Because it's there!
Join Date: Mar 2005
Location: Selkirk Mountains
Posts: 52,860
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Re: 2018 IRS Tax Withholding Calculator
Quote:
I shouldn't be surprised. We get taxed on money we spend on sales tax and other random taxes. |
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The Following User Says Thank You to Soliloquy For This Useful Post: | MercyInDisguise (05-05-2018) |
05-05-2018, 07:50 AM | #4 |
Rose Garden
Join Date: Aug 2009
Posts: 16,751
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Re: 2018 IRS Tax Withholding Calculator
Deductions for kids changed. It's really worth running the numbers to see.
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ENFp Wife who is thankful to be in love....17 years Homeschooling Mom of three....15 DD dancer and 12 DS mountain biker and 5 DD calico critter and dolly mommy 12/2014 8/2015 11/2015 9/2016 |
05-05-2018, 08:06 AM | #5 | ||
Rose Garden
Join Date: Mar 2005
Posts: 6,504
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Re: 2018 IRS Tax Withholding Calculator
Quote:
---------- Post added at 11:06 AM ---------- Previous post was at 11:02 AM ---------- Quote:
My fear is that churches and other charities will take a hard hit in 2019 when those who have not run the numbers now realize they may not be getting the refund they expected next spring.
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Wife to my wonderful Beloved (2002) / Mom to The Mathematician - making progress living with ASD, ADHD/SPD/anxiety and depression (2004) and precious Taylor taken from us too soon (2009). Go Team Lioness!!! |
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05-05-2018, 08:55 AM | #6 |
Rose Garden
Join Date: Aug 2009
Posts: 16,751
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Re: 2018 IRS Tax Withholding Calculator
How much charitable giving to people do who are getting refunds? Do you really think that's going to affect charities?
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ENFp Wife who is thankful to be in love....17 years Homeschooling Mom of three....15 DD dancer and 12 DS mountain biker and 5 DD calico critter and dolly mommy 12/2014 8/2015 11/2015 9/2016 |
05-05-2018, 09:12 AM | #7 |
Rose Garden
Join Date: Jun 2005
Posts: 27,360
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Re: 2018 IRS Tax Withholding Calculator
Thank you. We are still exempt but I wondered. Standard deduction will now be better for us, which I’m actually glad about because our home mortgage interest is just going down, though payments are staying the same but less is interest now.
We don’t do charitable giving for the tax break, so it won’t affect our giving.
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Erin born of water and of the Spirit 4/96 married 5/02 Mama to: 2004 2007 2010 2012 2017 2019 Jan 2, 2024 And many I hope to hold in heaven one day |
05-05-2018, 09:20 AM | #8 |
Rose Garden
Join Date: Mar 2005
Posts: 6,504
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Re: 2018 IRS Tax Withholding Calculator
In blue states, yes. Through this year, property taxes, state/local taxes, charitable giving were pretty much all fully deductible. The standard deduction was $12,000.
The TOTAL deduction for state/local and property taxes combined is now limited to $10,000. In the state where I live, property taxes for middle class people tend to be anywhere from $2,500 to 7,000 . State/local taxes tend to be 10% of gross income. So, a family in a modest house earning $80,000 gross in my blue state will lose are least $3000 in deductions, and probably much more. The standard deduction has been upped to $24,000, but people are mostly pushed put of the lowest brackets. Therefore, unless someone has large mortgage interest payments, most of the first $14,000 of giving now receives essentially no tax benefit. So, people who tithe or otherwise give substantial charity may find they owe thousands more than in 2017. An additional problem is that there has been political advertising calling this "Your tax cut," but the calculations just don't bear that out (except for the wealthy ). I fear that people will do their taxes early next year and find they both won't be getting a refund, may even owe tax, and that will be disastrous for both household budgets and charity.
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Wife to my wonderful Beloved (2002) / Mom to The Mathematician - making progress living with ASD, ADHD/SPD/anxiety and depression (2004) and precious Taylor taken from us too soon (2009). Go Team Lioness!!! Last edited by FlyingBlueKiwi; 05-05-2018 at 09:25 AM. |
05-05-2018, 09:50 PM | #9 |
Rose Garden
Why climb a mountain? Because it's there!
Join Date: Mar 2005
Location: Selkirk Mountains
Posts: 52,860
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Re: 2018 IRS Tax Withholding Calculator
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05-05-2018, 10:00 PM | #10 |
Rose Garden
Join Date: Mar 2005
Posts: 6,504
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Re: 2018 IRS Tax Withholding Calculator
Just to clarify, this is what I was responding to above.
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Wife to my wonderful Beloved (2002) / Mom to The Mathematician - making progress living with ASD, ADHD/SPD/anxiety and depression (2004) and precious Taylor taken from us too soon (2009). Go Team Lioness!!! |
05-06-2018, 05:30 PM | #11 |
Rose Garden
Join Date: Aug 2009
Posts: 16,751
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Re: 2018 IRS Tax Withholding Calculator
I called my pops who has done taxes for 17 years. 60+hours a week (crazy!). He said less than 10% of his clients give to charity and nearly all are Christians who are tithing. A few give to animal charities. Very interesting.
He agreed it will be a nightmare for blue states with high property taxes.
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ENFp Wife who is thankful to be in love....17 years Homeschooling Mom of three....15 DD dancer and 12 DS mountain biker and 5 DD calico critter and dolly mommy 12/2014 8/2015 11/2015 9/2016 |
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05-30-2018, 09:24 PM | #12 |
Rose Trellis
Join Date: Dec 2012
Location: VA, USA
Posts: 2,606
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Re: 2018 IRS Tax Withholding Calculator
I think we're ok.
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Joanna INTJ A Brit living in America DH (ISFP) 07/09 DS1 01/12 DS2 06/14 DD1 01/16 |
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