Done your taxes yet, US-ians? Shocked yet?

[Jimmy Higgins]

I haven't done our taxes yet, but we were getting close to the break-even point with itemizing, due to the drop in mortgage interest as we get near the end of the loan. So swapping exemptions for a higher SD may benefit us. We also provided about 50% support for our son, so we're going to see if it works better with him as a dependent or having him file alone.

We *looks around to see if anyone else is listening* benefited from the cut. Living in the midwest (low property taxes (despite what the locals think) and cheaper mortgage) with one child meant that I haven't been itemizing for a while, and they increased the child tax credit. So the deduction went up, the tax credit went up, win-win for my family.

If one lives in the Northeast... not likely as simple. This could end up getting a lot of Republicans fired in the northeast, at least those that remain.

 

[Gun Nut]

I'm still waiting for a form from a stock sale that should be available this week, but judging from what I've heard from people in a similar situation (middle income, no dependents, few deductions except my mortgage) I will not be counting on a refund. Thanks Obama!

That would be your 1099-B. You don't need to wait for it. If you know what you paid for the stock, what the commission was, and what you sold it for, that is all you need for your Schedule D (sale price - commission - amount paid = income from sale). You don't submit the actual 1099 with your return... it just happens to have that information nice and tidy for you... but you can just look up that info on your brokerage account and move on.

 

[jonatha]

We also provided about 50% support for our son, so we're going to see if it works better with him as a dependent or having him file alone.

There is no longer an exemption for dependents so it won't change your return either way.

 

[Worldtraveller]

I think ours will probably go down slightly, but it's hard to say. We haven't had a 'normal' tax year since 2014, because of relocating to take care of family, contract work, self employment, inheritance, (and that's just in the last 4-5 years). I did have to bump my withholding up significantly last year in an attempt to break even, so hopefully that works out at least.

I'm still tweaking my paycheck deductions to get close to break even again this year, based on my tax guy's estimate.

 

[funinspace]

No idea as the last couple years have had massive variances...sounds a little like Worldtraveller's.

 

[hurtinbuckaroo]

We also provided about 50% support for our son, so we're going to see if it works better with him as a dependent or having him file alone.

There is no longer an exemption for dependents so it won't change your return either way.

Credit for other dependents ($500).