Unusual number of Americans might owe taxes in April

[Yo_Mama_Been_Loggin]

Millions of Americans are benefiting from lower federal income tax rates, yet an unusual number of them may be surprised to find they owe taxes when they file their 2018 returns.

To save this from causing you too much financial distress, it helps to know what's coming and how to prepare for it.

When federal income tax rates were lowered for this year, millions of workers started seeing more money in their weekly paychecks. They may also associate a tax cut with the probability of getting a tax refund next year. Instead though, changes in how paycheck withholding is being handled may result in more Americans owing money next tax season than in past years.

The sources of the problem include both how withholding instructions are given and the new tax laws themselves. Responsibility for providing withholding tables to employers was transferred from the Internal Revenue Service to the Treasury Department when the tax bill passed. In an effort to get those tables out to employers early in the year -- very soon after the new law was passed -- it seems the tables may not have fully accounted for all the complexities of the new law.

The upshot is that the Treasury Department estimates that 21 percent of Americans are being "under-withheld" -- that is, having less money withheld from their paychecks than they will likely owe. This is up from 18 percent who would have been under-withheld under the old system.

https://www.msn.com/en-us/money/taxes/unusual-number-of-americans-might-owe-taxes-in-april/ar-BBO5srr?li=BBnbfcN

[Bettie]

1. A lot of people who are used to getting a refund

will be disappointed as well.

I know a lot of people who rely on that refund.

[Wellstone ruled]

2. If what has been posted here as to the

new Tax Tables,there will be millions who will be surprised when the w 2's and 1099's hit the mail box.

[Johnny2X2X]

3. People will be angry

And if the Dems are smart they'll use it. It was a mistake in the tables, but make it known that the mistake happened because of the new administration's incompetence.

[dalton99a]

4. +1

[BamaRefugee]

6. People will be angry AT THE DEMS. Because they will be in charge then. It's way above the heads of

deplorables to figure out that this was put into effect while their cockthrob right wing heroes were in charge, and that Dems fought against it.

[BamaRefugee]

5. NO WORRIES! That hefty $17 extra per paycheck (yes, I know people who are bragging about it)...

will come in handy at tax time, and pay the increased taxes for everybody. Because YOU KNOW they all stashed it away, "just in case".

These right wingers I know, who consider themselves SUPER PATRIOTS, were more than happy to sell America out to Russia for $17 a week.

[dameatball]

7. You must know my brother!!

[BamaRefugee]

8. Is he a UPS guy?

Cuz this one UPS guy practically foams at the mouth when he mentions his $17 a week increase

[dameatball]

10. Nope. Retired cop.

[BamaRefugee]

13. Ah. Same foaming at the mouth though ;-)

[dameatball]

14. More like an annoying smugness.

The usual "I've got mine so I'm not worried about anyone else."

[BamaRefugee]

16. Yep. That arms across the chest, all knowing look and smug set of the mouth seen in all Nixon voters

back in the day.
Then of course, a few years later, not ONE SINGLE AMERICAN would admit to having voted for him!

[NewJeffCT]

9. I live in a high property tax state

not being able to deduct property taxes fully is going to really us next year.

[Achilleaze]

11. Typical republican screw job.

&f=1

[MiniMe]

12. Messing with the tax withholding tables only work for a short period

Until people have to fill out their next year taxes. Didn't the repukes already learn that? W tried it, and maybe HW tried it? I'm not sure about HW

[TheBlackAdder]

15. The folks in the Blue coastal states that fund socialist Red ones lose their mortgage deductions.