New IRS Withholding Calculator & Form W4
March 1, 2018
The IRS has released an updated withholding calculator in conjunction with a new version of Form W4. The IRS had previously updated withholding tables that reflect the changes made by the Tax Cuts and Jobs Act; however many taxpayers are affected by the new law in ways that cannot be accounted for in the new withholding tables. The IRS has specifically encouraged taxpayers with “more complicated financial situations” to check their withholding, including:
. . . 2-income families.
. . . People with two or more jobs at the same time or who only work for part of the year.
. . . People with children who claim credits such as the Child Tax Credit.
. . . People who itemized deductions in 2017.
. . . People with high incomes and more complex tax returns.
Visit https://www.irs.gov/individuals/irs-withholding-calculator to do a quick "checkup"