tax withholding estimator

Well, to make the tool more user-friendly for taxpayers, we changed the whole look andfeel. In the screenshot here, you can see the dial is all the way to the left, the owingside. And we have one for Sherry, is the estimator based on the new W-4 that is outin draft form or still the old W-4? And there was another questionthat came in, people were saying where do we download the mobile Tax Withholding Estimator app.So let me clarify that. We completed step one. Is it, A, people who owed on their last year's return; B,people who are not happy with the size of their last year's refund; C, people who took on a secondjob this year or, D, all of the above? If you had answeredno, that you're not claiming any dependents, then that dropdown menu wouldn't show up on thescreen. INCOME TAX CALCULATOR Estimate your 2019 tax refund. SAUCERMAN: Yes. It will not let us advance from four of five questions.

And we have two boxes herebecause she indicated she's filing a marriage filing joint return. And more people will now be able touse the new tool. It makes it more consistent with other tools that are on irs.gov like user tax account andour other online applications. In other words, there wouldn't be as big a difference inyour paycheck if you need to make the change. The standard deduction has almost doubled andthese amounts are adjusted every year. RUIZ: And yes it is. And you can see that note at the end of the question "Do you plan to claimdependents on your tax return?" therefore we do not collect any information which would enable us to respond to any inquiries. So, yea, there's not a different calculator, whatyou're going to need to do is go to the Publication 505 and use the worksheets in the Publication505. So that'swhy this suggestion is kind of cool in a way, but it doesn't work because we don't ask for thatkind of information.

Justlike there are two ways to go back, there are two ways to go forward so that she can see theadjusted result.

BREHMER:Actually, no, you don't have to enter it.

The exact refund range shown is customized based on the tax information entered by that user.Based on the refund amount selected, the Tax Withholding Estimator will give the worker specific recommendations on how to fill out their W-4. And, again, when Sherry and I weretalking about this, we said it wouldn't be a good idea to take the capital loss away from yourwages or away from your self-employment income because that would really mess up the result. Thisbrings up the dropdown menu for tax credits that may be applicable based on the information that'sbeen provided. And please note,continuing education credits or certificates of completion are not offered if you view an archivedversion of our webinar on the IRS video portal. It also automatically calculates the taxable portion of any Social Security benefits.If you're aware of the how it worked before, you'll be very excited about that new feature. So,the person does have a capital loss from the sale of securities, then they should use Publication505 to figure out their estimated taxes or their withholding. So, you'll have your first section for your first job and then another section for yoursecond job and one for your spouse's job and so on. Tax withholding estimator and the temptation isjust click the blue button and get started. Expand that section and you cancheck that for other and unearned income. This is, why can't it - the estimatorinclude if someone has dividends or capital gain? Now, I know.

And at this time, I'm going to turn itover to Karen to begin the presentation. And I thought it wasa really good tool, but some people did have some difficulty in using it. Now, if you had -you want to put in two jobs that maybe you worked one job for the part of the year and you changedto a different company, so it's not one - and got a different job and that was an increase thenyou would have two jobs - list two jobs.

Rates are up to date as of April 28, 2020. If you're self-employed, you know that you have to calculateself-employment tax and then you get to take an adjustment to income of one-half of yourself-employment tax. It'll give you the list of itemized deductions and boxes whereyou can enter amounts that you expect you will claim. Iftaxpayers underpays their taxes, then they have to pay an estimated tax penalty and that's goingto apply whether they paid their taxes through withholding or through estimated tax payment or acombination.

So, go to IRS.gov, scroll down a little bit on the pageand you'll see this graphic of the estimator. So,she won't check any more boxes. Once our taxpayer learns aboutthis issue, she realizes that neither she nor her spouse can be claimed by someone else. RUIZ: Sherry, can you enter a date that isafter the actual date that you're entering the information into the estimator? RUIZ: I agree. And before we close the Q&;A session, Karen and Sherry, what are some key pointsyou want the attendees to remember from today's webinar? It calculates thetaxable portion of Social Security.

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