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RE: 2018 Q2 Personal Net Worth Report

in #money6 years ago

I used a few calculators that are for the new tax laws. I drop a large amount into tax advantaged retirement accounts through work and am married with two kids.

Basically, with the amount I put into retirement accounts each month I had already overpaid my tax bill this year. So I stopped it.

There is also no longer a 15% bracket this year, there is a 10%, 12%, and then 22% etc. The standard deduction is now $12k each for the wife and I.

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Link? (Probably useful to others) My wife usually does the taxes, I knew about the deduction change, but didn't specifically look more. I have three kids and house probably in similar boat to you, though I'm getting hammered with taxes living in New York state. Thankfully not in socialist New York City.