Online calculator for NEXT year’s taxes?

[momtosam]

Does anyone know of an online calculator to help you anticipate your tax refund/payment for next year when the new tax laws are in effect? We itemize deductions and I’m really afraid we are going to take a BIG hit.

 

[CaliforniaGirl09]

Does anyone know of an online calculator to help you anticipate your tax refund/payment for next year when the new tax laws are in effect? We itemize deductions and I’m really afraid we are going to take a BIG hit.

I'd love to know, too! We are in the same boat.

 

[wendow]

Hey, same boat too! Itemizers and really concerned...

 

[havaneselover]

I think H&R Block has one. It tells you how much your taxes are for 2017 and how much they will be next year under the new laws assuming nothing changed.

https://www.hrblock.com/tax-calculator/#/en/te/aboutYou

Everything is super screwy now. My paycheck changed 1/31 based on my old w4. But I can’t itemize anymore. It’s still okay but until they get the new w4 the change to the paycheck is pretty meaningless.

 

[Hisgirl]

We also do a lot of itemizing and I work it to where we ALWAYS owe. I ran 2016 numbers through. We had owed over $4000+. After running through the new tax calculator, we took the standardized instead as it was better due to the elimination of state tax deductions, and instead of owing $4000+, we got back $13. I was shocked!

 

[Andrea1975]

The IRS withholding calculator is great and very detailed, and will tell you how to set your withholdings so that you come out close to even. Unfortunately, they haven't updated it for 2018 yet. I think it's in progress, but they aren't saying when it will be out. But I recommend it once it is released!

 

[DLgal]

The IRS withholding calculator is great and very detailed, and will tell you how to set your withholdings so that you come out close to even. Unfortunately, they haven't updated it for 2018 yet. I think it's in progress, but they aren't saying when it will be out. But I recommend it once it is released!

They have said it would be ready by "late Februrary."

I'm waiting on it too, because I'm pretty sure we will have to change withholdings due to additional income that will be paid to us this year that was supposed to technically be paid last year.

 

[momtosam]

Thanks!

 

[PatMcDuck]

We live in NJ and itemize. I think we are really in trouble next year. It will be bad here. We hope to move in a few years (retirement). Double whammy may be houses losing value because of the whole mess, right as we need to sell.

 

[Golf4food]

If you are at all computer savvy and really want to understand your tax situation the best thing you can do is sit down with a 1040 and build it out in Excel and fill in all of your personal information and calculate it yourself. Then you know why instead of just what and can make better tax decisions in the future. Won't work for everyone, but if anyone in your family uses Excel much it isn't hard - a few simple formulas here and there, list things out over here, add them up over yonder...

 

[NY Pirate Princess]

Tax tables should be out by the end of February. Until irs publishes the tables it is all just guessing. You can try to calculate based on the adjusted tax rates....

 

[Andrea1975]

The withholding calculator is available for anyone who was looking:
https://www.irs.gov/individuals/irs-withholding-calculator

 

[belleelc77]

The withholding calculator is available for anyone who was looking:
https://www.irs.gov/individuals/irs-withholding-calculator

Thank you. This was very helpful.

 

[Karenj2]

We did our taxes already through H&R block. Generally, we are even for local, owe about $200 for state, and get back around $2k for federal. The H&R block guy showed us what would happen next year if all things we did stayed the same, and we could theoretically get BACK over $6k!! I was shocked. ( I'm not holding my breath - I'm sure the government will find a way to take back some of that.)

 

[starry_solo]

Marking this to make sure I read it

 

[tvguy]

I don't itemize, but I had my taxes done last week and the CPA's software is setup to do the comparison and my taxes will go down by $2,800 for the 2018 tax year. However, the IRS has adjusted the withholding tables too, so my paycheck is about $100 larger every two weeks, so it will only net me a $400 larger refund next year.
DD's estimate was much lower, only $300 less tax, and she does not itemize. But she plans to buy a house this summer, so she will have interest and property taxes as a write off next year. And even though we live in "Taxifornia", the interest and property tax write-off for her will likely only be about half of the next write-off cap.