Author Topic: PSA: IRS W-4 Tax Withholding Estimator gave incorrect results before 5/25/24  (Read 153 times)

Tass

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The IRS Tax Withholding Estimator is here: https://www.irs.gov/individuals/tax-withholding-estimator

Currently, it displays a banner with the following warning:

Quote
If you downloaded a W-4 before May 25
Forms W-4 downloaded from the Tax Withholding Estimator before May 25 incorrectly included amounts on line 4(a) that should be excluded from income. If you downloaded a W-4 before May 25, run the estimator again and download a new W-4.

All calculations in the estimator are correct. This error affects only Forms W-4 you may have downloaded.

Our financial situation has changed several times this year, so I was double checking my W-4. Turns out it previously had me enter an amount in 4(a) "Other income (not from jobs)" that was about 6x larger than it should have been, and I have probably already withheld more than my full tax burden for the year.

If you've used this tool for the 2024 tax year, double check your numbers!