Tax Withholding Calculator Debuts on IRS Website
With the new tax law changes, it's especially important for these people to use the Withholding Calculator on IRS.gov to make sure they have the right amount of withholding.
A copy of a IRS 1040 tax form is seen at an H&R Block office in this December 22, 2017 photo. While you don't have to worry just yet about whether to take the standard deduction or not, there are some steps you can take to avoid paying too much (or not enough) out of pocket right now.
When new withholding tables were rolled out, Republicans touted stories of more robust pay for workers under the new tax plan.
The calculator unveiled Wednesday by the Treasury Department and the Internal Revenue Service helps people determine whether they have the correct amount of money withheld by employers from paychecks - to avoid facing a huge tax bill for 2018.
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The calculator actually spans five pages - covering much more detail than what you might have come across the last time you filled out a paper W-4. What concerns, if any, do you have regarding the new tax law? Simple situations include singles and married couples with only one job, who have no dependents, and who have not claimed itemized deductions, adjustments to income or tax credits. The Senate Finance Committee's top Democrat, Ron Wyden of OR, said Wednesday that many companies are using their after-tax gains to buy back their shares on the stock market.
"Withholding issues can be complicated, and the calculator is created to help employees make changes based on their financial situation", said acting IRS Commissioner David Kautter. So if you do not file a new Form W-4 for 2019, your withholding might be higher or lower than you intend. "The IRS does not want people to get to April and have a surprise where they realize they owe more than they thought, or that they could have had more money in their paycheck". Start by using the IRS withholding calculator, which it recently updated. And the IRS says it doesn't store the data you enter.
The W-4 form lets you select how much you want withheld from your pay, based on whether your spouse works, whether you have children and whether you itemize.
If you decide to change your withholding allowances for this year, you'll need to resubmit another W-4 form to your employer.
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