8/30/2020 – All taxpayers should review their withholding annually. People should generally increase withholding if they hold more than one job at a time or have income from sources not subject to withholding. If adjustments aren’t made for these situations, they will likely owe additional tax and possibly penalties when filing their tax return.
People who should check their withholding include those:
- who are part of two-income families
- working two or more jobs or who only work for part of the year
- with children who claim credits such as the child tax credit
- with older dependents, including children age 17 or older
- who itemized deductions on their 2019 tax return
- with high incomes and more complex tax returns
- with large tax refunds or large tax bills for 2019
- who received unemployment at any time during the year
For more information, and a handy calculator, go here: http://ow.ly/C6cQ30r7sPC