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Do You Have Enough Withholding

| August 24, 2018

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