American Politics -  This year's refunds are down, why? (121 views) Notify me whenever anyone posts in this discussion.Subscribe
 
From: Shrinking Shorty (TOILETHEA1) DelphiPlus Member Icon Posted by hostFeb-10 8:07 AM 
To: All  (1 of 28) 
 5713.1 

Tax code changes leave Americans asking, 'What happened to my refund?'

With filing season officially under way, a growing number of taxpayers are realizing that the Tax Cuts and Jobs Act might be a double-edged sword.

The White House said in October 2017 that the average family “would get a $4,000 raise” when it was pushing for passage of the law. Now that the new filing season has begun, some taxpayers are finding out that the tax man giveth — but also taketh away, especially as it pertains to their annual refund.

 

 

“Americans are obsessed with their refunds. What really matters is whether your taxes went up or down, not whether your refund went down,” said Howard Gleckman, senior fellow at the Urban Brookings Tax Policy Center. “It’s really important that people don’t confuse their refund with the taxes they pay,” he said.

But even as Gleckman pointed out that some people’s overall tax burdens might be smaller this year, he acknowledged that many people come to expect and even rely on that refund.

“The people who file early are the people who generally count on these refunds. They may have an expectation of higher refunds,” he said. These taxpayers, especially those who hold down multiple jobs, could be in for a rude awakening.

This was what happened to Jason Marques, a postal worker, pizza delivery driver and student in Massachusetts who said that, since his income didn’t change, he was expecting a similar refund to the roughly $6,000 he got last year — money he said would go towards his student loans or paying off credit card debt.

Marques said he was hurt by the cap on student loan interest deduction and the elimination of non-reimbursed business expenses, which he used to deduct the out-of-pocket costs he incurred as a delivery driver. “My jaw hit the floor,” he said, when he learned his 2018 refund would be under $500.

“I just started paying back my student loans. If I’d gotten the $6,000, I’d have paid off all my credit cards,” he said. “I could’ve really used that money to eliminate it all.”

Marques is not alone in his frustration. Early filers have been taking to social media to express their ire at finding that their refunds were a fraction of what they anticipated or — worse yet — that they would owe an unexpected bill to the IRS.

https://www.nbcnews.com/business/taxes/tax-code-changes-leave-americans-asking-what-happened-my-refund-n969366

 
 
 
 
 
 
 
 
 

 
From: krathyn1 (Phantom7031) DelphiPlus Member Icon Posted by hostFeb-14 7:25 PM 
To: Shrinking Shorty (TOILETHEA1) DelphiPlus Member Icon  (2 of 28) 
 5713.2 in reply to 5713.1 

that was a huge drop for that guy...wow! 
I am going to file for the first time in six years,,, i have had no taxable income nor way to get a refund off of SSDI... but since i cashed in my retirement benefits and they withheld money  I could get some of that back... 
I also make regular contributions to a church and to a couple of charities which i could also itemize in my paperwork.. I will get all the paperwork tomorrow and see what i  can do with it or what i need to do with it...

And I won't forget to Make THE CAKE!!

 
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From: Shrinking Shorty (TOILETHEA1) DelphiPlus Member Icon Posted by hostFeb-14 7:27 PM 
To: krathyn1 (Phantom7031) DelphiPlus Member Icon  (3 of 28) 
 5713.3 in reply to 5713.2 

Exactly, the cake is the reason you get refunds LOL

 
 
 
 
 
 
 
 
 

 
From: krathyn1 (Phantom7031) DelphiPlus Member Icon Posted by hostFeb-14 7:29 PM 
To: Shrinking Shorty (TOILETHEA1) DelphiPlus Member Icon  (4 of 28) 
 5713.4 in reply to 5713.3 

I still have the ingredients ....hmm

just so I don't forget to get the papers tomorrow...

 

 
From: Shrinking Shorty (TOILETHEA1) DelphiPlus Member Icon Posted by hostFeb-14 7:32 PM 
To: krathyn1 (Phantom7031) DelphiPlus Member Icon  (5 of 28) 
 5713.5 in reply to 5713.4 

True, you need those!

 
 
 
 
 
 
 
 
 

 
From: krathyn1 (Phantom7031) DelphiPlus Member Icon Posted by hostFeb-14 7:33 PM 
To: Shrinking Shorty (TOILETHEA1) DelphiPlus Member Icon  (6 of 28) 
 5713.6 in reply to 5713.5 

i will go to a Post Office they should have them right?

 

 
From: Shrinking Shorty (TOILETHEA1) DelphiPlus Member Icon Posted by hostFeb-14 7:35 PM 
To: krathyn1 (Phantom7031) DelphiPlus Member Icon  (7 of 28) 
 5713.7 in reply to 5713.6 

They normally do yes, though I haven't been inside one in years.

 
 
 
 
 
 
 
 
 

 
From: krathyn1 (Phantom7031) DelphiPlus Member Icon Posted by hostFeb-14 7:40 PM 
To: Shrinking Shorty (TOILETHEA1) DelphiPlus Member Icon  (8 of 28) 
 5713.8 in reply to 5713.7 

so. 
INgredients for chocolate cake. Yes. Recipe in the Chocolate Forum. 
Ingredients for tax return. I have the statements from Social Security, my church and my charities, the paperwork i got from the banks when I got the proceeds from my retirement accounts that states how much they withheld. The companies did not send me a separate statement.
I guess I have the paper work I need.  Almost all my medical this year was paid by insurance or Medicaid, so my own personal medical bills are few and  I doubt they are worth itemizing. I do have vitamins prescribed and sold me by the pharmacy maybe i should get a print out from the pharmacy?

 

 
From: Shrinking Shorty (TOILETHEA1) DelphiPlus Member Icon Posted by hostFeb-14 7:51 PM 
To: krathyn1 (Phantom7031) DelphiPlus Member Icon  (9 of 28) 
 5713.9 in reply to 5713.8 

It can't hurt...

 
 
 
 
 
 
 
 
 

 
From: krathyn1 (Phantom7031) DelphiPlus Member Icon Posted by hostFeb-14 7:56 PM 
To: Shrinking Shorty (TOILETHEA1) DelphiPlus Member Icon  (10 of 28) 
 5713.10 in reply to 5713.9 

strange cocoa powder this year. It has mint in it.>>

Must mean something.....

 

 
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