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Unread 2019-01-26, 12:03 AM   #1
bonecrusher
 
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Default Tax Return Question

I am working on my tax return for 2018 and just was trying to compare to last year.

Last year on taxact it lists an exemption of $8,100 for our return ( wife and I filing jointly).

I compared to this year and the exemption is $0. Nothing has changed life wise ( no new house purchase, no children, no moving, no job changes, no new stock purchases or sales, etc). Our income is up and our taxes withheld is higher, but we are not in a new tax bracket either.

Did exemptions change from 2017 tax rules to 2018 tax rules to change? I tried to research and found a couple articles but couldn't tell if they would apply.

thanks in advance!
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Unread 2019-01-26, 12:13 AM   #2
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I wonder if this is what changed?

"The big news coming for 2018, stemming from the tax reform bill passed in December, 2017, is the elimination of the standard $4,050 personal tax exemption, while the standard tax deduction doubles in the 2018 tax year. Personal tax exemptions are changing as well, as you'll see below."
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Unread 2019-01-26, 12:25 AM   #3
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Yep that's it. No more exemptions, but higher standard deduction.

I'm learning more about taxes after getting fucked by the old member who used to do taxes on here. Audits aren't fun.
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Unread 2019-01-26, 12:34 AM   #4
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Yep that's it. No more exemptions, but higher standard deduction.

I'm learning more about taxes after getting fucked by the old member who used to do taxes on here. Audits aren't fun.
ouch.... sorry to hear that!

Yeah looks like i see the higher standard deduction. Weird that it actually reduced my refund when compared to last year...
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Unread 2019-01-26, 09:14 AM   #5
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Yep that's it. No more exemptions, but higher standard deduction.

I'm learning more about taxes after getting fucked by the old member who used to do taxes on here. Audits aren't fun.
No shit. A gal I used to bang was a travel nurse. Her income shot up from one year to the next, but also had a ton of deductions because of traveling for a year. She kept every fucking receipt from everything luckily, but it was still a fucking nightmare.
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Unread 2019-01-26, 10:40 AM   #6
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No shit. A gal I used to bang was a travel nurse. Her income shot up from one year to the next, but also had a ton of deductions because of traveling for a year. She kept every fucking receipt from everything luckily, but it was still a fucking nightmare.
lol!

That shit sucks. There has to be app or program they could scan those in during the year so it wasn't all dumped on someone at the end.


Who are you guys using for your return?

I have used Taxact the last 4 years, but it keeps shooting up price wise and now is over $60. CreditKarma lets you file for free no matter if its a basic or complex return. I might try them.
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Unread 2019-01-26, 11:40 AM   #7
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lol!

That shit sucks. There has to be app or program they could scan those in during the year so it wasn't all dumped on someone at the end.


Who are you guys using for your return?

I have used Taxact the last 4 years, but it keeps shooting up price wise and now is over $60. CreditKarma lets you file for free no matter if its a basic or complex return. I might try them.
This was years ago, before the iphone. She actually used an accountant who literally just handled travel nurses.
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Unread 2019-01-26, 11:51 AM   #8
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This was years ago, before the iphone. She actually used an accountant who literally just handled travel nurses.
Well I guess thats a positive that the accountant specifically handled them. Should make it a bit more manageable.
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Unread 2019-01-26, 11:56 AM   #9
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Is kansas accepting returns and do state and federal have to be filed at the same time?

Credit Karma is saying Kansas isn't accepting the returns currently.
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Unread 2019-01-27, 10:31 AM   #10
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Originally Posted by bonecrusher View Post
I am working on my tax return for 2018 and just was trying to compare to last year.

Last year on taxact it lists an exemption of $8,100 for our return ( wife and I filing jointly).

I compared to this year and the exemption is $0. Nothing has changed life wise ( no new house purchase, no children, no moving, no job changes, no new stock purchases or sales, etc). Our income is up and our taxes withheld is higher, but we are not in a new tax bracket either.

Did exemptions change from 2017 tax rules to 2018 tax rules to change? I tried to research and found a couple articles but couldn't tell if they would apply.

thanks in advance!
Withholdings in 2018 did change from 2017. Also since the standard deduction changed ($24k married/$18k single) if you don't have enough deductions to exceed those amounts, you no longer itemize. So for a lot of people, like yourself, who itemized in the past this will be their first year not to do so and it may or may not hurt them.

For me, I am single and was still able to easily itemize has I had nearly $25k in deductions. I filed my Federal Return on January 17 and my Missouri return on Jan 25. I check my tax status quarterly to make sure I am witholding the right amount and so I can get the most out of my paychecks. I wound up with a Federal refund of less than $1k so I feel I was able to hit my target fairly square on the nose.
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Unread 2019-01-27, 10:32 AM   #11
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Is kansas accepting returns and do state and federal have to be filed at the same time?

Credit Karma is saying Kansas isn't accepting the returns currently.
That very well could be the case. I know the State of Missouri didn't have their forms available until January 25th, so I wasn't able to file my Missouri taxes until that date.
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Unread 2019-01-27, 05:23 PM   #12
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That very well could be the case. I know the State of Missouri didn't have their forms available until January 25th, so I wasn't able to file my Missouri taxes until that date.
Either Taxact didn't mention it or they were able to get it accepted.

I filed with them yesterday.
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