IRS Makes Withholding Calculator Available
The IRS is encouraging taxpayers to use a withholding calculator on their website, located here. The calculator helps you determine if you are having the right amount of tax withheld from your monthly benefit payment. Checking your withholding now can prevent you from having unexpected taxes due when you file your taxes next year.
Before you use the calculator, it’s best to have some records handy:
- A copy of your most recently completed income tax return, 2017 or 2016
- Your most recent net pay information, either a check stub or a direct deposit receipt, that shows your Federal income tax withholding
- Information on any itemized deductions or tax credits for 2018
After using the Calculator, you may decide to change your withholding. To change your withholding at COAERS, fill out a new W4-P available here on our website.