Taxes are crazy

Started by bpcbuyerconfused

over 6 years ago

Posts: 85

Member since: Oct 2013

Discussion about

I'm shocked. Just learned I owe additional ~$40k federal taxes for 2018. Very small refund from NYS, ~$5k. Total income is ~$600k, married filing jointly. No wonder why so much inventory lingering on market. I was actually looking to purchase another property <$1mm but will need to reconsider that decision now. In utter disbelief. Crazy.

Response by Aaron2

over 6 years ago

Posts: 1693

Member since: Mar 2012

Do you owe more because you didn't adjust your withholding deductions when the withholding rates changed, or is it because your tax rate truly increased? My total federal taxes owed are essentially the same as last year, but with a difference in when I pay them (as part of paycheck withholding or all at once with the return). With ~600k income, AMT no longer applies, and the loss of SALT shouldn't have been that great.

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Response by 300_mercer

over 6 years ago

Posts: 10539

Member since: Feb 2007

Agree. At $500-600k total income married should be very small impact. At $1mm w2 married, it is 1 to 2 perfect range federal.

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Response by Admin2009

over 6 years ago

Posts: 380

Member since: Mar 2014

Living in NY/NJ is becoming overly expensive

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Response by truthskr10

over 6 years ago

Posts: 4088

Member since: Jul 2009

I didnt have a big difference but I enjoyed not seeing AMT tax.
That AMT tax really used to rub me the wrong way.

Taxes are crazy

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