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How Much Can You Take Home in 2018? – Reviewing Your Form W-4 after TCJA

By Jeremy Rodriguez, JD
IRA Analyst

jeremy
                                                                                                                                                                                                                                                Rodriguez

 

With the tax deadline having just passed, now is the perfect opportunity to start planning for next year. Last year’s return should be readily available, and you may even have many important items committed to memory. Additionally, four months into the year is the perfect time to begin making current year projections. Of course, this year is different. That’s because 2018 will be the first we file under the changes created by the Tax Cuts and Jobs Act (TCJA).

One thing you should do is reexamine your withholding. Back in February, the IRS released an updated withholding calculator that reflects changes under the new tax law. You can find the new withholding calculator here (https://apps.irs.gov/app/withholdingcalculator). The great thing about using the calculator is that you won’t have to deal with the new W-4 worksheets. The IRS specifically encourages taxpayers who fall into the following groups to double-check their withholding:

 

 

 

 

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eSeminar Now Available On Demand!

  • Includes seven sessions packaged as a group or available separately—listen at your convenience!
  • Covers important 2018 IRA Updates, including new planning opportunities under the Tax Cuts and Jobs Act
  • Complete all seven sessions and become eligible to join Ed Slott’s Elite IRA Advisor Group℠

 


 

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