IRS Tax Reform Tax Tip 2018-45: Updated Withholding Calculator Reflects Changes in New Tax Law
Internal Revenue Service (IRS) sent this bulletin at 03/26/2018 12:36 PM EDT
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Issue Number: Tax Reform Tax Tip 2018-45Updated Withholding Calculator Reflects Changes in New Tax Law To help taxpayers, the IRS updated the special Withholding Calculator tool on IRS.gov to reflect changes in the Tax Cuts and Jobs Act passed in December. With most employees seeing withholding changes in their paychecks, the IRS recommends taxpayers use the Withholding Calculator to do a “paycheck checkup.” This will help taxpayers check that they are having the correct amount of income tax withheld from their paychecks. Doing a checkup can help protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time in 2019. Some taxpayers might prefer to have less tax withheld up front and receive more in their paychecks, which would reduce their tax refund next year. The IRS encourages everyone to check their withholding as soon as possible, but it’s especially important for these people to use the Withholding Calculator to make sure they have the right amount of tax withheld:
Remember, the Withholding Calculator does not ask the user for personally identifiable information, such as name, social security number, address, or bank account numbers. The IRS does not save or record the information the taxpayer enters in the calculator. More information: Share this tip on social media -- #IRSTaxTip: Updated Withholding Calculator Reflects Changes in New Tax Law https://go.usa.gov/xQaWc
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