Review tax withholding amounts to avoid surprises next tax season

By on May 3, 2018

Following passage of federal tax reform legislation in December 2017, all employees are encouraged to review their tax withholding amounts to avoid having too much or too little taken from their paychecks based on the new rates and tax brackets. Failing to withhold an adequate amount could cause you to owe money when filing your tax return in 2019.

The Internal Revenue Service (IRS) encourages all employees to check their withholding amounts, especially the following taxpayer groups:

  • Two-income families
  • Those with two or more jobs at the same time or who only work part of the year
  • Those with children who claim credits such as the Child Tax Credit
  • Those who itemized for 2017
  • Those with high incomes and more complex tax returns

The IRS recently released an updated withholding calculator to help you determine the proper withholding amount for 2018 to avoid unexpected over/under withholding when filing your tax return in 2019. Answers to frequently asked questions about using the calculator are also available.

Please use these resources to assess your personal withholding requirements and make changes, as necessary, to your W-4 information. Income tax withholding amounts can be adjusted on the W-4 Tax Information page in myUFL.

Questions about these changes can be directed taxhelp@admin.ufl.edu. UF cannot provide tax advice but may be able to provide additional useful information.

Posted in: Your Money