Originally Posted by
Big E 757
To those who’ve done their taxes already, assuming owning a home and you have a family, are you getting back as much as last year or as much as you expected? Poor wording..Is your tax liability similar to last year? Unless you’re a Real Estate investor, in which case, I know uncle Don hooked you up somewhat.
I’m sure most guys/girls aren’t there yet, but for the few that might have finished or are working on them, were there any “Oh crap, I didn’t see that coming” type realizations? I haven’t really studied the new laws, because, well, tax law has got to be one of the most boring, confusing, head scratching subjects on the planet.
I haven't finished my 2018 taxes yet, but I ran my 2017 numbers through 2018 edition of Turbotax - the 2017 taxes using the 2018 tax laws resulted in paying 15% less federal tax. I'm a widebody FO, so that 15% is a decent amount, nothing to sneeze at.
As SailingFun said, the elimination of the AMT is what made the most difference I suspect. Yeah, my State and Local Taxes (SALT) deduction were capped at $10,000 but I wasn't too far above that anyway.