2018 Taxes
- Thread starter Cyclone06
- Start date
I say this partly tongue-in-cheek, but what's to investigate? The Register's reporting already showed it to be true and the Medicaid disaster only furthers the case. Given our tax law changes of recent years it's obvious that "barely scraping by" is the new normal for Iowa. And it will get worse once the effects of last year's new tax law are fully felt.
Are you saying people’s federal taxes were increased? With a US tax cut, state deductions decrease and the state usually gets a bump.
Maybe people would start paying less in during the year giving the government less to operate with? Idk.
Right, there is a short-term bump due to the federal tax cut, but once the Iowa tax cut kicks in tax revenues are expected to slow considerably. I suspect it will look like the 2013 property tax "reform" that looks great in press releases but underdelivers in terms of actually benefiting people and unnecessarily hamstrings the state financially.
That is kind of odd. I am guessing they just want to verify with the real documents (even though you input them into the software and they essentially get filed with your efile).
The $10K is backbreaking for more expensive areas. My deductions are significantly lower this year.
I spent mine on a trip to the Bahamas for the Battle 4 Atlantis (the airfare part of it anyway)
It's affecting "non expensive" areas too. I've seen numerous couples who make decent money hitting the limit with just their Iowa w/h, thus leaving their property taxes and vehicle registrations un-used.
Yeah, it got me. Although in fairness, I didn't think I would be able to itemize at all in the first place. But I also had a very weird return this year, due to some sweat equity issues with a small biz I am a partner in.
I filed my Iowa return on Feb 28...still haven't received my refund. Seems like a long wait...is this the usual waiting time?
$10K didn't even cover half of my property taxes, I even paid '18 property taxes early last year to get some write-off on '17. I'm sure it impacts non-expensive areas too, but I'm sure they don't pay a city tax of 4% and 2.5% RITA(regional income tax).
So I am right in that time-frame...won't be concerned yet. Thanks for the info!!
you can also look up where it is in the process - google "where's my refund iowa"
Efiled on Feb 25. Received the federal refund a few weeks later. Still waiting on the state refund. Their website says my refund has been issued and to allow 14 days for me to receive it. How GD inefficient is that?
Reminds me of an accounting term "ride the payables" as in hold onto cash as long as you can before paying bills.
