The IRS reminds taxpayers to look into whether they need to adjust their paycheck withholding. Taxpayers who do need to adjust their withholding should submit a new Form W-4, Employee’s Withholding Allowance Certificate to their employers. Taxpayers can use the updated Withholding Calculator on IRS.gov to do a quick “paycheck checkup” to check that they’re not having too little or too much tax withheld at work.
Among the groups who should check their withholding are:
- Two-income families
- People working two or more jobs or who only work for part of the year
- People with children who claim credits such as the child tax credit
- People with other dependents who can’t be claimed for the child tax credit, including children age 17 or older
- People who itemized deductions on their 2017 tax return
- People with high incomes and more complex tax returns
- People with large tax refunds or large tax bills for 2017