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re: I'm dreading filing taxes this year
Posted on 1/23/23 at 9:59 am to Northwestern tiger
Posted on 1/23/23 at 9:59 am to Northwestern tiger
State of LA changed tax code as well. They lowered the percentage but also did away with the federal tax deduction. They claim that tax payers who do not itemize will pay less in state taxes and those that do itemize will pay more. However so far what we have seen is those tax payers are paying more even when they take the standard deduction. Lots of folks going to be wondering why they owe the state when they never have in the past.
1
Posted on 1/24/23 at 4:51 pm to zbra24
quote:
State of LA changed tax code as well. They lowered the percentage but also did away with the federal tax deduction. They claim that tax payers who do not itemize will pay less in state taxes and those that do itemize will pay more. However so far what we have seen is those tax payers are paying more even when they take the standard deduction. Lots of folks going to be wondering why they owe the state when they never have in the past.
That seems hard to believe given the way the tax brackets now work. Are we talking about a larger total tax, or are people just under withholding and not realizing it?
ETA- just did a quick calculation on $150k AGI married filing jointly - state taxes would be about $130 lower under new system than the one in place in 2021.
This post was edited on 1/24/23 at 5:01 pm
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