The IRS has a handy tool called the IRS Tax Withholding Estimator to help taxpayers better understand their withholding. It’s essential to examine your federal withholding periodically to ensure you are comfortable with the amount of tax withheld.
Checking your withholding status may be a good idea to consider if you have experienced a change that may affect your tax status, such as:
- Going through a marriage or divorce
- Having or adopting a child
- Purchasing a new home
- Working two or more jobs at the same time
- Only working part of the year
- Claiming credits such as the child tax credit
This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS9
Footnotes and Sources
- IRS.gov, August 20, 2024
