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Saturday, Aug 17, 2019

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IRS releases updated withholding tools


Tax day is fast approaching and this is a good time to check your tax withholding and make appropriate adjustments. The IRS has released an updated Withholding Calculator and a new version of Form W-4 to help taxpayers check their 2018 tax withholding. If employees need to make changes to their tax withholding, the appropriate forms are available on the Human Resources website.

According to IRS.gov, using the withholding calculator can help employees avoid having too little or too much tax withheld. Taxpayers who want to update their withholding in response to the new law, or who start a new job or have other changes in their personal circumstances in 2018 can also use the Withholding Calculator.

“An employee checking their withholding can help protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time in 2019. It can also prevent employees from having too much tax withheld; with the average refund topping $2,800, some taxpayers might prefer to have less tax withheld up front and receive more in their paychecks.

As a first step to reflect the tax law changes, the IRS released new withholding tables in January. These tables were designed to produce the correct amount of tax withholding -- avoiding under- and over-withholding of tax -- for those with simple tax situations. This means that people with simple situations might not need to make any changes. Simple situations include singles and married couples with only one job, who have no dependents, and who have not claimed itemized deductions, adjustments to income or tax credits.

People with more complicated financial situations might need to revise their W-4. With the new tax law changes, it’s especially important for these people to use the Withholding Calculator on IRS.gov to make sure they have the right amount of withholding.” (IRS.gov)

If you wish to file a new W-4 please select the withholding form based on your state of residence below. Printed forms may be submitted to the Employee Service Center on the first floor of the HRTC Building.  Employees updating only their allowances and not making address changes, may make the necessary updates online in My Personal Information.

Ohio

West Virginia

Kentucky

If you have questions about your current tax withholding allowances, you can review this online in My Personal Information or call the Employee Service Center at 740-593-1636. Ohio University cannot provide individual tax advice. If you have questions, you should consult your professional tax advisor about your specific circumstances.