Understanding How to Use the IRS Withholding Calculator to Check & Correct Withholding
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1 Welcome to Today s IRS Web Conference Understanding How to Use the IRS Withholding Calculator to Check & Correct Withholding Richard Furlong Stakeholder Liaison The original live broadcast of this web conference included an interactive polling feature which is disabled in this archived version. Media: SBSE.SL.Web.Conference.Team@IRS.gov
2 Technology Problems? (the moderator is speaking now) Audio is available through your computer only. There is no call in number. Make sure your computer sound is not muted. See Technical Help document posted to Materials on viewing screen for tips and required settings. Still problems? Close & re-launch your player OR Click gear icon top right corner of slide and photo boxes on viewing screen. Select Flash instead of HLS.
3 Understanding How to Use the IRS Withholding Calculator to Check & Correct Withholding Internal Revenue Service Alan Plumley Technical Advisor IRS Office of Research, Applied Analytics and Statistics
4 Objectives To illustrate why some major segments of the population should change their withholding soon; and To familiarize tax professionals with how to use the IRS withholding calculator to help taxpayers change their withholding.
5 Key Changes in Tax Law Affecting Withholding Generally lower tax rates Standard deductions almost doubled Single: $6,350 $12,000 Head of Household: $9,350 $18,000 Married-Joint: $12,700 $24,000 Exemptions eliminated Child Tax Credit increased from $1,000 to $2,000/child and eligibility expanded New credit for other dependents of $500/dependent Changes to allowable itemized deductions
6 2018 Withholding Tables Took Effect in February Based on new tax rate schedules, etc. Designed to maximize the number of people who don t have to adjust their withholding with a new Form W-4 Value of withholding allowance chosen to be same as under prior law Zero-Bracket Amount takes into account: Standard deduction (as before, but larger) Elimination of personal exemptions
7 Polling Question #1 Whose withholding is most in need of adjustment because of the change in tax law? A. Those with dependent children B. Those who itemized deductions for TY 2017 C. Those who will itemize for TY2018 D. Those who have more than one concurrent job E. All of the above F. A, B and D
8 Whose Withholding May Need Adjustment? Could be overwithheld or underwithheld: A. Families with children Could be significantly underwithheld: B. Those who itemized under prior law C. High-income individuals who have multiple jobs
9 A. Families With Children Change in per-child tax benefit depends on tax bracket and age of children, but benefit for most w/ lower-income is larger. Change in benefit/child for a typical person in a given 2017 tax bracket Marginal Tax Rate $4,050 Dependent Exemption 10% $405 15% $608 25% $1,013 28% $1, Note: these benefits were (and still are) phased out for those in the highest tax brackets.
10 A. Families With Children Change in per-child tax benefit depends on tax bracket and age of children, but benefit for most w/ lower-income is larger. Change in benefit/child for a typical person in a given 2017 tax bracket Marginal Tax Rate $4,050 Dependent Exemption $1,000 Child Tax Credit (under age 17) 10% $405 $1,000 15% $608 $1,000 25% $1,013 $1,000 28% $1,134 $0 Note: these benefits were (and still are) phased out for those in the highest tax brackets.
11 A. Families With Children Change in per-child tax benefit depends on tax bracket and age of children, but benefit for most w/ lower-income is larger. Change in benefit/child for a typical person in a given 2017 tax bracket Marginal Tax Rate $4,050 Dependent Exemption $1,000 Child Tax Credit (under age 17) $2,000 Child Tax Credit (under age 17) 10% $405 $1,000 $2,000 15% $608 $1,000 $2,000 25% $1,013 $1,000 $2,000 28% $1,134 $0 $2,000 Note: these benefits were (and still are) phased out for those in the highest tax brackets.
12 A. Families With Children Change in per-child tax benefit depends on tax bracket and age of children, but benefit for most w/ lower-income is larger. Change in benefit/child for a typical person in a given 2017 tax bracket Marginal Tax Rate $4,050 Dependent Exemption $1,000 Child Tax Credit (under age 17) $2,000 Child Tax Credit (under age 17) $500 Non-Child Dependent Credit 10% $405 $1,000 $2,000 $500 15% $608 $1,000 $2,000 $500 25% $1,013 $1,000 $2,000 $500 28% $1,134 $0 $2,000 $500 Note: these benefits were (and still are) phased out for those in the highest tax brackets.
13 Scenario: Example 1: Family With Children Married with 3 children (ages 12, 9, and 6) One job, $90,000 of wages; no other income Standard deduction Impact of Child-Related Benefits on Withholding 2017 Allowances for dependent exemptions 3 Total child-related credits $3,000 Allowances for credits (per W-4) 5 Income offset by child-related allowances $32,400 Marginal tax rate 15% Withholding offset by child-related allowances $4, No new Form W-4 New Form W-4 Note: assumes allowances active in 2017 were set within the last few years.
14 Scenario: Example 1: Family With Children Married with 3 children (ages 12, 9, and 6) One job, $90,000 of wages; no other income Standard deduction Impact of Child-Related Benefits on Withholding No new Form W-4 New Form W-4 Allowances for dependent exemptions 3 3 Total child-related credits $3,000 Allowances for credits (per W-4) 5 5 Income offset by child-related allowances $32,400 $33,200 Marginal tax rate 15% 12% Withholding offset by child-related allowances $4,860 $3,984 Taxpayer s 8 withholding allowances unchanged.
15 Scenario: Example 1: Family With Children Married with 3 children (ages 12, 9, and 6) One job, $90,000 of wages; no other income Standard deduction Impact of Child-Related Benefits on Withholding No new Form W-4 New Form W-4 Allowances for dependent exemptions Total child-related credits $3,000 $6,000 Allowances for credits (per W-4) Income offset by child-related allowances $32,400 $33,200 $49,800 Marginal tax rate 15% 12% 12% Withholding offset by child-related allowances $4,860 $3,984 $5,976 By completing a new Form W-4, this person could reduce withholding by about $2,000 ($5,976 - $3,984).
16 Polling Question #2 What determines whether your 2018 tax benefit for dependents is larger or smaller than it was for 2017? A. The number of dependents B. The age of the dependents C. Your tax rate bracket D. A and B E. All of the above
17 Example 1: Family With Children Crosswalk to the Withholding Calculator Scenario: Married with 3 children (ages 12, 9, and 6) One job, $90,000 of wages; no other income Standard deduction 2018 Form W-4 Worksheets: Claim 15 allowances 2 for spouses 1 for single job 12 for Child Tax Credit (4 x 3 children) Withholding Calculator: Run on April 9: Recommendation of 15 allowances Recommendation will change if run later in the year (decreasing time available to make adjustments). Following any mid-year change in withholding, employee should revisit the calculator again the following January.
18 IRS.gov Home Page: Search on calculator
19 Withholding Calculator Landing Page
20 Withholding Calculator Landing Page (scrolled down)
21 Withholding Calculator Landing Page (scrolled down)
22 Withholding Calculator Landing Page (scrolled down)
23 Withholding Calculator Landing Page (scrolled down)
24 Withholding Calculator Landing Page (scrolled down)
25 Withholding Calculator Page 1
26 Select filing status and if you can be claimed as a dependent by someone else Withholding Calculator Page 1
27 Withholding Calculator Page 1
28 Withholding Calculator Page 1
29 Withholding Calculator Page 2 Select number of jobs, dependents, etc.
30 Withholding Calculator Page 2
31 Withholding Calculator Page 2 (scrolled down) Enter info about tax credits for which you may be eligible.
32 Withholding Calculator Page 2 (scrolled down) Enter info about tax credits for which you may be eligible.
33 Withholding Calculator Page 3 Enter wage income and withholding information.
34 Withholding Calculator Page 3 (scrolled down) Enter nonwage income and tax adjustments information.
35 Withholding Calculator Page 4 Enter itemized deductions, if any.
36 Withholding Calculator Page 5 (Results)
37 Withholding Calculator Page 5 (Results)
38 Withholding Calculator Page 5 (Results)
39 Withholding Calculator Page 5 (Results)
40 Withholding Calculator Page 5 (Results)
41 Withholding Calculator Page 5 (Results) (scrolled down)
42 Withholding Calculator Page 5 (Results) (scrolled down)
43 B. Those Who Itemized Under Prior Law Since the standard deduction is built into the withholding tables, itemizers claim withholding allowances for the extent to which their itemized deductions exceed the standard deduction. Since the standard deductions have almost doubled, the extent to which itemized deductions exceed the standard deduction will decrease. So, those who claimed allowances for itemized deductions under prior law should claim fewer allowances in 2018 for itemized deductions even if they no longer itemize.
44 Example 2: Itemizers Scenario: Married, no children One job, $90,000 of wages; no other income $29,000 of itemized deductions Impact of Itemized Deductions on Withholding 2017 Itemized deductions over standard deduction $16,300 Allowances for deductions 4 Income offset by deductions $16,200 Marginal tax rate 15% Withholding offset by deductions $2, No new Form W-4 New Form W-4
45 Example 2: Itemizers Scenario: Married, no children One job, $90,000 of wages; no other income $29,000 of itemized deductions Impact of Itemized Deductions on Withholding No new Form W-4 New Form W-4 Itemized deductions over standard deduction $16,300 $16,300 Allowances for deductions 4 4 Income offset by deductions $16,200 $16,600 Marginal tax rate 15% 12% Withholding offset by deductions $2,430 $1,992
46 Example 2: Itemizers Scenario: Married, no children One job, $90,000 of wages; no other income $29,000 of itemized deductions Impact of Itemized Deductions on Withholding No new Form W-4 New Form W-4 Itemized deductions over standard deduction $16,300 $16,300 $5,000 Allowances for deductions Income offset by deductions $16,200 $16,600 $4,150 Marginal tax rate 15% 12% 12% Withholding offset by deductions $2,430 $1,992 $498 By not completing a new Form W-4, this person is having about $1,500 too little withheld ($1,992 - $498).
47 Polling Question #3 Why should those who itemized in 2017 reduce their withholding allowances in 2018 even if they will no longer itemize (due to the increased standard deduction)? A. They shouldn t reduce their withholding allowances at all. B. Withholding allowances depend on the extent to which itemized deductions exceed the standard deduction. C. They ll have too much withheld if they don t do so.
48 Example 2: Itemizers Crosswalk to the Withholding Calculator Scenario: Married, no children One job, $90,000 of wages; no other income $29,000 of itemized deductions 2018 Form W-4 Worksheets: Claim 4 allowances 2 for spouses 1 for single job 1 for itemized deductions in excess of std. dedn. ($5,000 / $4,150) Withholding Calculator: Run on April 9: Recommendation of 2 allowances (due to underwithholding so far this year) Recommendation will change if run later in the year (decreasing time available to make adjustments). Following any mid-year change in withholding, employee should revisit the calculator again the following January.
49 Withholding Calculator Page 1
50 Withholding Calculator Page 2
51 Withholding Calculator Page 2 (scrolled down) No children, no credits
52 Withholding Calculator Page 3 Enter wage income and withholding information.
53 Withholding Calculator Page 3 (scrolled down) Enter nonwage income and tax adjustments information.
54 Withholding Calculator Page 4 This taxpayer has $29,000 of itemized deductions.
55 Withholding Calculator Page 5 (Results)
56 Withholding Calculator Page 5 (Results)
57 Withholding Calculator Page 5 (Results)
58 C. Those With Multiple Concurrent Jobs Since the standard deduction is built into the withholding tables, it is applied to each job, even though they are eligible for just one on their tax return. Since the standard deductions have almost doubled, this has a bigger effect for dual earners than in the past. The second job is being withheld starting at the lowest tax bracket, rather than at the marginal rate of the first job. Both of these causes of underwithholding existed before. Moderately-high-income singles in particular will be at risk of being underwithheld without re-filing, though all taxpayers in multiple job households should consider checking their withholdings.
59 Example 3: Two Jobs Scenario: Single, no children Two jobs, $155,000 & $40,000 of wages; no other income Standard deduction Impact of Itemized Deductions on Withholding 2017 A. Shortfall in withholding due to std. deduction $1,562 B. Shortfall in withholding due to marginal rates $2,181 C. Number of withholding allowances 0 D. Additional $ to withhold (per W-4) $4,520 E. Over/(under) withholding [D-(A+B)] $ No new Form W-4 New Form W-4 Note: assumes additional $ to withhold in 2017 was set within the last few years.
60 Example 3: Two Jobs Scenario: Single, no children Two jobs, $155,000 & $40,000 of wages; no other income Standard deduction Impact of Itemized Deductions on Withholding No new Form W-4 New Form W-4 A. Shortfall in withholding due to std. deduction $1,562 $2,400 B. Shortfall in withholding due to marginal rates $2,181 $2,683 C. Number of withholding allowances 0 0 D. Additional $ to withhold (per W-4) $4,520 $4,520 E. Over/(under) withholding [D-(A+B)] $777 ($563) Taxpayer s 0 withholding allowances and additional $ to withhold unchanged.
61 Example 3: Two Jobs Scenario: Single, no children Two jobs, $155,000 & $40,000 of wages; no other income Standard deduction Impact of Itemized Deductions on Withholding No new Form W-4 New Form W-4 A. Shortfall in withholding due to std. deduction $1,562 $2,400 $2,400 B. Shortfall in withholding due to marginal rates $2,181 $3,083 $3,083 C. Number of withholding allowances D. Additional $ to withhold (per W-4) $4,520 $4,520 $5,320 E. Over/(under) withholding [D-(A+B)] $777 ($963) ($163) By not completing a new Form W-4, this person will face a balance due of $963 rather than last year s refund of $777.
62 Polling Question #4 Why are those with two or more concurrent jobs likely to have too little withheld? A. The withholding tables give the benefit of the standard deduction to each job. B. The withholding tables assume that there are no other concurrent jobs. C. Both A and B
63 Example 3: Two Jobs Crosswalk to the Withholding Calculator Scenario: Single, no children Two jobs, $150,000 & $40,000 of wages; no other income Standard deduction 2018 Form W-4 Worksheets: Claim 0 allowances Have an additional $5,320 withheld this year. Withholding Calculator: Run on April 9 Claim 0 allowances Have an additional $4,975 withheld over the balance of the year, taking into account what has already been withheld. Recommendation will change if run later in the year (decreasing time available to make adjustments). Following any mid-year change in withholding, employee should revisit the calculator again the following January.
64 Withholding Calculator Page 1
65 Withholding Calculator Page 2
66 Withholding Calculator Page 2 (scrolled down) No children, no credits
67 Withholding Calculator Page 3 Enter wage income & withholding information for both jobs.
68 Withholding Calculator Page 3 (scrolled down) Enter nonwage income and tax adjustments information.
69 Withholding Calculator Page 4 No itemized deductions.
70 Withholding Calculator Page 5 (Results)
71 Withholding Calculator Page 5 (Results)
72 Withholding Calculator Page 5 (Results)
73 Other Features of the Withholding Calculator Allows for some other types of income and offsets to income. Accounts for withholding to date (e.g., mid-year). Accounts for part-year jobs. Prevents users from entering unallowable or inconsistent amounts. For example: New $10,000 limit on state & local deductions Head of Household, but no dependent claimed
74 Most Important Points Most people should check their withholding ASAP to avoid an unexpected outcome for 2018 refund / balance due. The withholding calculator helps to guide mid-year changes to withholding (when warranted). If you change withholding mid-year to compensate for underwithholding or overwithholding during the first part of the year, check in with the calculator the following January to establish the desired fullyear withholding arrangement.
75 Thank You!
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