I got the hit, and I think for most people still itemize this year, we are the unlucky ones, get a big hit in SLAT deductions, and all other is the same, maybe tax bucket is a little bit lower, but that can’t compensate on the SLAT loss, all my property tax is essentially wiped off from tax deduction.
But our refund was smaller. Funny, we didn’t even notice our paychecks going up. I guess we don’t live close enough to the edge. I suppose that means our refund will be even smaller next year, since the paycheck changes took effect mid year.
[quote=svelte]$12K less this year on slightly higher income.
But our refund was smaller. Funny, we didn’t even notice our paychecks going up. I guess we don’t live close enough to the edge. I suppose that means our refund will be even smaller next year, since the paycheck changes took effect mid year.[/quote]
so your tax went down too… interesting … so this wasn’t that bad after all for some people even in this state.
I’m a salary + commission structure. Ran the numbers under both the old tax structure and new tax structure and ended up paying less as a % of AGI under the new tax laws. While my deductions were significantly less due to the SALT maximum, the Child Tax Credit (increased amount and not phasing out) helped me a bunch as I have 3 kids.
Also ran the numbers and determined that owning a home doesn’t benefit me as much now tax-wise; made the decision to sell my home to move to a different high school district a bit easier.
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