RE: Find out how much you're getting screwed...
April 10, 2018 at 4:57 pm
(This post was last modified: April 10, 2018 at 5:02 pm by John V.)
(April 9, 2018 at 10:01 am)mlmooney89 Wrote: It says "$2,050 tax cut" does that mean it will help my family next year or hurt? I don't understand taxes at all and we are royally fucked this next year because of health insurance.
Unless you're a high-income person in a high-tax state like CA or NY, you'll pay less in taxes in 2018.
Note though that the withholding tables were changed. That means you might be getting more in each paycheck - point being that you shouldn't necessarily expect a bigger refund with your return next year.
(April 7, 2018 at 11:22 pm)Jehanne Wrote: It states the following:
Quote:A retroactive increased deduction for medical expenses applies for a two-year period, from the beginning of 2017 to the end of 2018.
Here's another site:
https://turbotax.intuit.com/tax-tips/irs.../L9kree6l2
And, so, some of the changes were retroactive.
An increased deduction lowers your taxes, although this particular provision probably doesn't affect you at all.
Did you have a child turn 17 last year? That could cost you $1,000. But, under the new tax law you'll probably get $500 for that child in 2018.
