New IRS tool: Paycheck Checkup
Like last year, the IRS urges everyone to do a Paycheck Checkup and review their withholding for 2019. This is especially important for taxpayers who faced an unexpected tax bill when they filed this year and those who have a major life change in 2019.
The Internal Revenue Service (IRS) has announced the launch of a new IRS Tax Withholding Estimator, which replaces and expands the old IRS Withholding Calculator.
The Tax Withholding Estimator has been redesigned with new features to make it more useful and easier to use, including:
- The ability to target either a tax due amount close to zero or a refund of around $500
- A progress tracker to help you see how much more information you need to provide
- Tips to help you determine if you qualify for various tax credits and deductions
It’s a good idea to gather your recent pay stubs and your completed 2018 tax forms before you get started so you have all of the information you need. If you decide to change your tax withholdings, it’s easy to do so through UCPath online. (Please note current and upcoming UCPath Center outages.)Tags: IRS, taxes