Economy

IRS Publishes 2018 Withholding Tables

IRS Publishes 2018 Withholding Tables

The Internal Revenue Service has released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. Employers will have until February 15 to incorporate the changes in their payroll systems.

Officials have given employers a deadline of February 15 to implement the new withholding tables resulting from the passage of the president's Tax Cuts and Jobs Act.

And roughly three-quarters of tax filers are overwithheld because they take too few allowances. Currently, 76 percent of Americans who file their taxes receive a tax refund.

Democrats are concerned the rushed withholding tables could leave many tax filers in a situation of potentially being underwithheld for tax year 2018 and therefore left owing money when they file their tax returns in early 2019.

IRS Publishes 2018 Withholding Tables

The law lowers tax rates, which is the primary reason Americans will see bigger paychecks next month, but it also limits or scales back tax deductions, changes that might not be realized until Americans file their tax returns. Ron Wyden, the top Democrat on the Senate Finance Committee, said in a statement. But the IRS expects that many taxpayers will have to do so later this year, when the agency releases a revised version of the form. "The new year is off to an exciting start, and I look forward to many more great things to come". There are significant limitations on long-cherished deductions, such as the federal deduction for state income, property and sales taxes. There are also new limits on the mortgage interest deduction, and the child tax credit was expanded.

U.S. Rep Mike Johnson released a statement on January 11, the day the Treasury Department announced the news that likely will increase the amount of money a number of American workers take home each paycheck, starting as early as February. If they determine they are paying too much or too little in taxes, based on the size of their family or other variables, they can direct their employer to make changes.

"Such a calculator will ask for anonymous inputs - for example, your income, number of dependents and other pieces of information that help determine whether you might be eligible for various tax breaks", CNN Money noted.

These tax changes are all scheduled to expire after 2025, though Republicans have said they want to make them permanent.

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