Quote:
Originally Posted by llovelace
I just received a larger pension check but after calculating what I will need to pay in taxes for 2018, it certainly appears I will be paying more. Even though the standard deduction will go up to $12000 but with the elimination of the personal exemption of over $4000 and elimination of other deductions my taxes will increase and I fear I will not pay enough in and be penalized in the end. Be careful before you spend this and determine if your taxes will really go down. Mine will not. I think many people will be surprised when they file next year.
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We have not received our pension checks yet. However, once again Snowbirds from high tax States (N.Y., California, Illinois, etc.) have to keep in mind the deduction limits on State Taxes of ($10,000) that is in the tax bill and could be sending a big check to “Uncle” in April 2019. Best meet with your tax adviser shortly after all this is sorted out or you could be in for a big surprise. Just saying.....