2018 NY tax return Results...

[mnm99]

I get it that you had problems with withholding/refunds but did you compare 'effective rate', this year to last?

I don't care about refunds. I don't know why everyone says that. It's not about that. Yes the effective rate was less then last year. woohoo.. So happy for that.., BUT as I said before, the lack of deductions and SALT killed me. looking at last years return and this one I owed more in federal taxes all said and done.

 

[Woody]

I don't care about refunds. I don't know why everyone says that. It's not about that. Yes the effective rate was less then last year. woohoo.. So happy for that.., BUT as I said before, the lack of deductions and SALT killed me. looking at last years return and this one I owed more in federal taxes all said and done.

There's only two directions the effective rate can go...down or up. Yours went down yet I sense some sarcasm in the 'woohoo'. The changes benefited you, where's the .

 

[mnm99]

Woody...I really don't understand what you want to hear. I understand your on Trumps side, but Oh my gosh...If I made the same amount as last year and paid more taxes, how did that benefit me?!!! The effective rate didn't outweigh the deductions. I'm an independent and go with whatever side I feel is doing the right thing. Not to get political...

 

[Golfman25]

Woody...I really don't understand what you want to hear. I understand your on Trumps side, but Oh my gosh...If I made the same amount as last year and paid more taxes, how did that benefit me?!!! The effective rate didn't outweigh the deductions. I'm an independent and go with whatever side I feel is doing the right thing. Not to get political...

Then your effective rate didn't go down. It went up.

Effective rate = total tax / total income.

 

[Bridog]

It's not working Biff.

 

[play dough]

I'm an independent and go with whatever side I feel is doing the right thing. Not to get political...

So then someone with a federal taxable income of $100K in New York should pay less in federal tax than the person with that same federal taxable income of $100K in say, my state of Michigan just because they reside in a high tax state? That's the "right thing"? That's the part I dislike about deductions. It penalizes fiscal responsibility. More debt, more benefit. More children, more benefit. And so on. Unfortunately for you, the new tax law put a cap on some of those advantages you've enjoyed in the past. I'd be a bit irritated as well. Tell Cuomo to quit spending so much of your money.

 

[Woody]

Woody...I really don't understand what you want to hear. I understand your on Trumps side, but Oh my gosh...If I made the same amount as last year and paid more taxes, how did that benefit me?!!! The effective rate didn't outweigh the deductions. I'm an independent and go with whatever side I feel is doing the right thing. Not to get political...

You put your stuff out there and it's drawn comments, all with good intent, I know mine are. But you you keep changing things....this post you said you made the same, in a different one you said you made more.

If you're correct that your effective rate went down, then you did benefit. To say 'the effective rate didn't outweigh the deductions' shows you have a mis-understanding of things. The effective rate is a final measure, inclusive of all things in order to generate it. If it went down ya' done good, even though you write a bigger check to Uncle Sam this spring, it doesn't change the fact your effective rate is down....ya' still done good.

This is an exciting time. The Donald is one of us, he once had a pretty nice boat and the new Anthem is way cool too....

 

[OllieC]

 

[bmac]

My tax guy has had my info for a week. I am dreading his call. I am fully expecting my effective tax rate to go up due to the high SALT deductions I have. I will report back when I've gotten my return back from him.

 

[JVM225]

My tax guy has had my info for a week. I am dreading his call. I am fully expecting my effective tax rate to go up due to the high SALT deductions I have. I will report back when I've gotten my return back from him.

I got crushed, but expected it. As usual, I’ll wait until the last minute to mail in the vouchers and checks to the vultures.
The silver lining is that at least I prepaid some 2018 school and town taxes in the last week of 2017 so I owed a bit less last year than if I hadn’t done that.
Guess it all evened out for 1040-2017 & 1040-2018.
Took advantage of the market dip to dump some dogs and pickup some bargains in late December. At least that helped offset some games.
Could be worse. I could still be living and working in NYC.
Would be nice if people in New York woke up and realized that the problem is not with the federal government as much as it is with the state and local tax and spend policies in NY, then revolted.
Not likely though.
I’m amazed that some of my friends and neighbors just don’t get it.
I think they spike the water or something to keep the population ignorant.