Taxes-Itemized Deductions?

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  • Doug

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    For the first time in many years, it was better for us to take the standard deduction rather than itemize deductions.
    Taxes paid divided by gross income decreased by about 1% from last year.

    What did others experience?
     

    TangoFoxtrot

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    For the first time in many years, it was better for us to take the standard deduction rather than itemize deductions.
    Taxes paid divided by gross income decreased by about 1% from last year.

    What did others experience?
    The standard deduction was increased to about 24k I think In the tax bill trump signed so that's going to make itemizing less needed.

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    RugerRog

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    My itemized deductions were less that 24,000, some of it was because I hit the 10,000 SALT limit. I seemed to have lost some other deductions this year too, so completing taxes was not favorable for me :xmad:
     

    TangoFoxtrot

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    My itemized deductions were less that 24,000, some of it was because I hit the 10,000 SALT limit. I seemed to have lost some other deductions this year too, so completing taxes was not favorable for me :xmad:
    I've read status and dependents Declarations made a difference for some. I'm good if I get less back next year since I'm actually keeping more. I think it worked out that I'm getting about 2600 more a year on my paychecks for now... at least till the demtards scrap it.. if AOC has her way we will only keep 10% of our paycheck... that's wht that ignorant C actually wants

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    Doug

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    I hope everyone on INGO is smart enough to know it isn't the size of the refund that matters. It is the amount of tax paid.
     

    Vigilant

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    My itemized deductions were less that 24,000, some of it was because I hit the 10,000 SALT limit. I seemed to have lost some other deductions this year too, so completing taxes was not favorable for me :xmad:
    I’m not following? If you didn’t itemize because it wasn’t over the standard deduction, you should have paid less using the sd?
     

    MarkC

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    I hope everyone on INGO is smart enough to know it isn't the size of the refund that matters. It is the amount of tax paid.

    There was an entire thread on this, where the smart (and generally handsome) members of INGO seemed to get that.

    https://www.indianagunowners.com/forums/break-room/465914-2018-income-tax-return-rant.html

    As for my taxes, we had just enough to itemize. But it was close. Fortunately, living in fiscally responsible Morgan County helps keep us well below the SALT cap.
     

    Goodcat

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    I can’t believe people who got back less money, but paid less total in taxes (way more take home) are screaming like the fact they got less money on their tax return is proof it was a bad plan. You have more money!? *♂️*♂️*♂️
     

    ditcherman

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    I hope everyone on INGO is smart enough to know it isn't the size of the refund that matters. It is the amount of tax paid.
    Wait what?!?
    It is amazing how many people don't understand this. If everyone had to write a check monthly or quarterly they wouldn't be taking so much.
    To the OP, the raised sd kicked us out of itemizing.
     

    KittySlayer

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    We came close to 24k this year but ended up just going standard deduction.

    As for my taxes, we had just enough to itemize. But it was close. Fortunately, living in fiscally responsible Morgan County helps keep us well below the SALT cap.

    If you are right at the boarder line for itemizing consider using a strategy called Bunching.

    In 2019 you make your contribution to your church for both 2019 and 2020. Shove as many itemized deductions as you can into 2019. That becomes the year you Itemize and then 2020 is the year you take the Standard Deduction. So basically you alternate every other year. If you end up in the hospital and the sun sets you might have enough medical to get over the threshold and that becomes a Bunching year that you load up with deductions. Always consider AMT and remember state tax paid in the current year that result in a refund are taxable the next year.
     

    El Conquistador

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    We itemized this year, came in just a tad over the standard deduction even after taking a hit on the SALT cap. This will be the last year for itemized deductions for us.
     

    Cameramonkey

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    Sitting here doing my taxes. I normally get about $200 back from state and pay about $300 in federal. Literally as close as I can get to breaking even. This year I am VERY much in the green ($1500 combined) thanks to tax cuts. And that includes throwing out all my deductions I used to get. Wow!
     

    Tactically Fat

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    Sitting here doing my taxes. I normally get about $200 back from state and pay about $300 in federal. Literally as close as I can get to breaking even. This year I am VERY much in the green ($1500 combined) thanks to tax cuts. And that includes throwing out all my deductions I used to get. Wow!

    I finished mine up the other day. $46 whole dollars back from the State of Indiana. Our Fed refund this year is 1.1% of our gross income. I personally consider being +/- 3% of G.I. to be a "wash". Any more than that and we'd tweak withholding.
     

    BugI02

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    We itemized this year, came in just a tad over the standard deduction even after taking a hit on the SALT cap. This will be the last year for itemized deductions for us.


    Want to say straight up ElConquistador - not picking on you just chose you as a current example. I hope the people who are rubbing up against the SALT cap, who then look around and don't seem to be living in a proto-Palm Beach or Basking Ridge, will place the blame for their situation correctly

    IMO if your state and local taxes exceed $10000 - which would be 10% of a family income of $100k, 6.67% of $150k - you need to question your community's spending priorities and what value you are getting for that level of taxation. The SALT cap is not increasing your taxation so much as exposing it.

    Full disclosure. I choose to live in a close in suburb of my city with its own police, fire and school system. Our community spends a lot on the school system, but they are highly rated and provide a good return on that investment. I have no children in the school system but have no qualms about that cost because it underpins the value and easy salability of my house. We easily have enough representatives on police and fire for them to be quite responsive, and city government has a strong code and enforcement tools that can be intrusive but also promote neighborliness and a sense of cohesion (Examples are for noise to be in violation, it only has to bother me at my home - no decibel meter readings for given periods of time required. A neighbor can illuminate their home with accent lighting or area lighting in any way they wish, but no more than five lumens of such lighting may fall on my house or else I have a valid complaint. No one may fly drones except over their own property). Although I certainly was willing to take the full SALT deduction in years past (I believe in reducing my total tax bill because I advocate the 'starve the beast' stratagem) I will still happily pay an increased portion of local taxes because I feel I get good value for the money and I have input at all levels in how it is spent. This is an informed choice that I make yearly
     

    ATOMonkey

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    I liked that the child tax credit went up $1,000 per kid. That's a reduction in $2k taxes right off the top.

    We paid $1617 less this year, because our taxable income went up slightly.

    Our effective income tax rate was 17.45% when you account for ALL the money Uncle Sugar took.
     
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    KittySlayer

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    We itemized this year, came in just a tad over the standard deduction even after taking a hit on the SALT cap. This will be the last year for itemized deductions for us.

    See my comment on Bunching. If you have some flexibility with your other itemized deductions you could benefit.

    IMO if your state and local taxes exceed $10000 - which would be 10% of a family income of $100k, 6.67% of $150k - you need to question your community's spending priorities and what value you are getting for that level of taxation. The SALT cap is not increasing your taxation so much as exposing it.

    You must be one of those Deplorable's I've heard about.
     
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