The IRS is encouraging people to review their tax witholding ASAP

COVID has changed many of our income levels. The IRS has a withholding estimator that can help you determine if you need to resubmit the W-4, a form that impacts what level of taxes your paychecks remove. If changes are needed, the IRS has a document you can fill out and turn into your employer.

The IRS also recommends a W-4 review annually for people:

• 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