Posted on 02/09/2019 4:00:36 AM PST by Libloather
You get 500 credit for children over 17. Also, old 1000 credit stopped at same age.
Hey my husband is in the tax profession and didn’t realise the loss of personal exemptions until I told him about it last year. People were focusing on SALT. They will find out very soon how personal exemption loss hurts them.
There is no tuition involved; one over 17 on an academic scholarship, another over 17 still in high school. the doubling of another’s child tax credit simply compensates for the one that aged out.
Thank you for the suggestions, though; I honestly appreciate it.
The withholding per check was decreased. It made for a bigger paycheck but less refund.
Yes, I calculated that into it.
It simply doesn’t make up for adding $20,000+ in taxable income that had been untaxed under the old exemptions.
Sounds like you need a robin hood to even that out like what happened in Texas.
That’s right, and I pointed out in several posts, that will impact all 50 states.
Move to a self governing village. They don’t put up with that nonsense and don’t allow overnight parking. It keep crime down too.
By tuition they meant paying high taxes pays for public school which is comparable to private school tuition.
Over 30 years ago when we had all the kids and business was good we let our credits accrue as a positive balance. We have been pushing this positive balance forward as a prepayment for the following year instead of getting a return. So in essence we have already made 90%-95% of our estimated payments because we keep forwarding this credit. All we ever owe is the balance equal to our SS for the year.
? I don’t understand.
The problem I have isn’t related to the state at all; it is a federal tax issue. While I live in a high property tax state, the SALT limitation had no impact on me; I’ve actually benefited from the increased standard deduction but am hurt by losing child tax credits on children over 17 (under 20) as well as the personal exemptions.
I have to adjust my withholdings going forward, but the loss of those credits, while anticipated and adjusted for, have now had the loss of exemptions dumped on top of them (for all family members). It is a temporary situation, but when people ask the old adage “Are you better off than four years ago?”, this issue will be among many that cause plenty of people to say: NO.
And why is 16 the magic number. You dont have to clothe, feed, shelter, provide medical for kids older than 16? The older they are, the more expensive they are.
Yes, we don’t have many of them around here. Most of the land is developed, and when new housing is built (usually on former industrial sites) it is multi-unit hives for childless workers - with set-asides for section 8 required.
I added another withholding the past year to decrease the size of my refund.......because I don’t like making interest free loans to the government. It worked. My take home pay is higher and my refund is half the size it was. I need to consider adding another. Ideally, I’d owe after filing my taxes but not quite enough to trigger a penalty.
At least they can contribute (through working), but make no mistake - the whole point is to force them to work. I have no objection to them working (I required it), but at this point it isn’t an option but a necessity.
Young people see the economic plight of families and simply swear they’ll never have them; not a good situation.
If you’re referring to # 63, I was responding to the poster about some tax credits available to parents paying college tuition and other costs for children.
One day last week, all my liberal friends posted that they didn’t see their taxes go down because they weren’t ultra-wealthy. It was many that I figured it had to be a new talking point.
Something an astounding number of people seem to fail to understand.
Ahh, that makes sense. Thanks!
I received a $5,000 federal tax refund last year. This year I owe $4,500. The cap on state and local taxes is the difference. I should be getting a deduction of $25,000 in state and local taxes paid, on top of other deductions. But they are capped at $10,000. So I have to take the standard deduction. Otherwise I would owe $7,000. Also I failed to adjust my withholdings after the tax law passed because I falsely believed I would be paying less in taxes.
If this is happening to everyone else, I don’t understand what the budget is not balanced.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.