Everyone should check their withholding
It’s important to revisit your tax withholding, especially if major changes from the Tax Cuts and Jobs Act affected the size of your refund this year. Even if you did a Paycheck Checkup last year, you should do it again to account for differences from TCJA or life changes. A Paycheck Checkup can help you see if you’re withholding the right amount of tax from your paycheck. Too little could mean an unexpected tax bill or penalty.
You should check your withholding if you . . .
- Are a two-income family or someone with multiple jobs
- Work a seasonal job or only work part of the year
- Claim the child tax credit
- Have dependents age 17 or older
- Itemized your deductions in previous tax years
- Have high income or a complex tax return
- Had a large tax refund last year
- Had a tax bill last year
You can use the results from the Tax Withholding Estimator to determine if you should:
- complete a new Form W-4, Employee's Withholding Allowance Certificate, and submit it to your employer.
- complete a new Form W-4P, Withholding Certificate for Pension or Annuity Payments, and submit it to your payer.
- make an additional or estimated tax payment to the IRS before the end of the year.
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