Do these mock 2018 taxes look right?

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BuckyBadger
Posts: 718
Joined: Tue Nov 01, 2011 11:28 am

Do these mock 2018 taxes look right?

Post by BuckyBadger » Mon Feb 26, 2018 10:51 am

Trying to determine if I'm withholding too much or not enough for my potential 2018 taxes, so I made a spreadsheet and I wanted to figure out if you all thought I was calculating my projected taxes correctly.

2018 assumptions/changes:

1. New brackets for MFJ for 2018
2. Verified 2018 SS, medicare levels
3. Assume that property tax, car tax, and state tax max out at $10k, which make standard deduction greater than itemized deductions
4. child tax credit assumed to be $2k, and as it doesn't phase out until $400k income, assumed that we get it all

What it looks like to me is that at our current wthholding we're going to come out just about right - we'll be overpaying by maybe a thousand dollars. But that it's not quite even - we'll owe about $4k to NC and get about $4k back from the fed. When calculating the total taken for taxes annually I didn't account for the fact that it will go down a bit after I pass the SS breakpoint, so it may end up being just about even.

Apologies for the format - it's kind of free-form and it's the first time I've tried anything like this. Does anyone see anything that I might be missing?

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FiveK
Posts: 4410
Joined: Sun Mar 16, 2014 2:43 pm

Re: Do these mock 2018 taxes look right?

Post by FiveK » Mon Feb 26, 2018 1:23 pm

BuckyBadger wrote:
Mon Feb 26, 2018 10:51 am
Does anyone see anything that I might be missing?
Given your spreadsheet interest, it might be worthwhile to compare your results vs. the personal finance toolbox spreadsheet.

I threw your numbers into that one and saw some differences. Didn't do an exhaustive search for the root causes....

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dual
Posts: 481
Joined: Mon Feb 26, 2007 7:02 pm

Re: Do these mock 2018 taxes look right?

Post by dual » Mon Feb 26, 2018 1:37 pm

I used this spreadsheet for my planning ( :D substantial savings over this year)

https://sites.google.com/site/excel1040 ... ew-tax-law

Can't vouch for accuracy but seems well done and I like the results :happy

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