Did a Tax Cut Eat Your Refund?

Whether or not you’ve started on your 2018 taxes yet, many have – and, according to the headlines, there’s been some controversy about their refunds.  Have you noticed?

While many apparently missed it, last January the Internal Revenue Service released Notice 1036, which updated the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted in December 2017.  Those new tables reflected not only the increase in the standard deduction, but repeal of personal exemptions and changes in tax rates and brackets.

For many, that should have meant an increase in their take-home pay, beginning in February. 

But, according to the headlines, at least the first wave of filers saw noticeable reductions in their normal refunds – ostensibly because even though they made no change in their filing or withholding status, the IRS had changed the tables.  Now, of course, things seem to be normalizing.

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* 1. Were you aware of the change in 2018 withholding tables?

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* 2. Did you notice the change in withholding last year?

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* 3. Have you done your taxes yet?

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* 4. How will your tax bill/refund compare to last year?

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* 5. Have you made a change in your withholding?

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* 6. Any other comments on taxes, tax withholding, tax cuts and tax withholding, using tax withholding as a savings device, the merits (or demerits) in giving Uncle Sam an interest-free loan, or life in general?

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* 7. What is your role working with retirement plans?

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* 8. What size plans do you PRIMARILY work with?

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* 9. Suggestions for future survey questions?

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* 10. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...

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