(02-08-2019, 02:20 PM)Otter Wrote:(02-08-2019, 02:09 PM)fenders53 Wrote: That makes sense but Chas mentioned a "penalty". After reading it again, I assume he is actually just referring to additional tax tax owed. And I understand how that will make financially challenged somehow think their tax rates went up when they file.
Some folks did see their total tax liability go up. Thankfully, I did not. However, people who used to benefit from a lot of personal exemptions and deduct a hefty amount of state and local taxes are those most likely to have seen their federal income tax burden increase.
That was my understanding after reading this thread. I just read "penalty" and thought "fine" which didn't make sense to me if your employer caused it. I suppose I should do my taxes soon. I can't remember the last time I took anything other than the standard deduction, but I do have rental property profit to compute. Hopefully that hasn't changed significantly.