COVID Tax Tip 2022-168: Not too much, not too little – taxpayers should check if their tax withholding is just right
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Issue Number: COVID Tax Tip 2022-168
Not too much, not too little – taxpayers should check if their tax withholding is just right
There are good surprises and there are bad surprises. Generally, a tax-related surprise is probably unwanted. To avoid tax surprises, people should review their tax withholding. There’s still time left in 2022 to make changes and see the benefit on their tax return next year. An adjustment made now will help people avoid the surprise of a balance due or a larger-than-expected refund. People who owe taxes when they file may also face a penalty for underpayment, so they should take steps to avoid that.
It’s an especially good idea to check withholding when a taxpayer has a big life change. Events like marriage, divorce, a new child, a new home purchase, or changes in tax laws can all be reasons to adjust withholding.
Credit amounts may change each year. Taxpayers can visit IRS.gov and use the Interactive Tax Assistant to identify whether they qualify for any tax credits that may call for a withholding adjustment.
Taxes are pay as you go
A few other facts about refunds:
Tax Withholding Estimator
Other items may affect 2022 taxes
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