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More Taxpayers Will Owe the IRS In April Because Of Underwithholding

August 3, 2018

From the National Public Radio website

More Americans will be writing a check to the IRS in April because their employers are not withholding enough from their paychecks following the new tax law, the Government Accountability Office says in a new report.

Based on simulations run by the Treasury Department, the GAO says taxes for 30 million Americans — 21 percent of taxpayers — are being underwithheld by their employers, meaning they are getting a larger check this year, but will owe at tax time in April. According to the simulations, 73 percent of taxpayers will be overwithheld and receive a refund from the Internal Revenue Service.

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Retirees should review withholdings on their Social Security and other pension sources. Work with your tax consultant.

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