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FAQ

Can someone identify who or what department prepared, analyzed and approved the revised federal income tax withholding tables provided for pensions and annuities as a result of the federal legislation that was enacted effective January 1, 2018?

Now for a little background, when I retired withholding amounts were calculated on the basis of two elements: tax filing status which in my case was and still is Married Filing Jointly and on the number of exemptions that I wished to claim, which was and still is zero, as opposed to two, for myself and an additional one for my spouse. However the tax reform legislation that was hastily passed to be in effect for 2018 basically eliminated the concept of personal exemptions for federal income tax yet apparently the federal agency responsible for the new federal income tax withholding tables still are predicated upon the principle of personal exemptions! I have also read reports that it was not the IRS, but instead, the Department of the Treasury that designed, approved and disseminated the new federal income tax withholding tables to be effective beginning in 2018 presumably with no review or approval by the US Congress that enacted this legislation and presumably with the political intent to hastily take steps to implement this legislation with no review or approval to quickly reflect increase in take home amounts for paychecks and for annuity/pension payments. This apparently slapdash and haphazard approach to the new withholding tables, particularly for annuity/pension payments appears to require review and oversight to effect necessary corrections and the delay in review and oversight should definitely be addressed posthaste. Please advise if any of you have experienced similar unpleasant experiences in reviewing the changes of federal income tax withholdings from your pension or annuity plans in preparing your tax returns for 2018. Or is the only viable alternative to request a petition to our federal representatives and senators to take the requisite action to review the design, approval and publication of these recent tax withholding policies and tables? This inquiring mind, for one, thinks somebody or some agency should be held accountable!

Has the IRS miscalculated tax withholding for 2018 taxes?

I have calculated numerous client’s 2018 tax projections. From what I have calculated, for clients with primarily W-2 or pension income and reasonable itemized deductions (most middle class clients will use the new standard deduction), the decrease in withholdings has been close to the expected decrease in income tax.Therefore, our experience with simple returns consisting of W-2 or pension wages, the new withholding tables are reasonably correct. Our experience is that about 80%–85% of our clients will have a net decrease in income tax, but that the refunds will be similar or slightly smaller due to the new withholding tables.The challenge is for clients with higher investment incomes or part of social security being taxed, the lower withholdings may not be enough to cover the decrease in income tax. In several cases, we have had our clients increase the withholding to cover the other income items or have withholding taken from social security or IRA withdrawals.

The majority of people don't realize that a tax refund is the result of the government withholding too much tax. Did the government do this on purpose?

The government doesn't withhold money from your check, your employer (or pension plan) does based upon how you completed your withholding authorization (form W-4). You can find an IRS withholding calculator at: IRS Withholding CalculatorTo come up with a dollar estimate for how much you'll need to have withheld, a simpler calculator can be found at: 2018 Tax Reform Calculator | Trump Tax CalculatorIf you're not having enough withheld, instead of adjusting the number of exemptions, calculate the additional dollar amount you'll need to withhold for the year (a), determine the number of pay days you have remaining in the calendar year (b), and divide (b) into (a). The number which results is the additional dollar amount you should have withheld from each of your checks for the rest of the year. See W-4: https://www.irs.gov/pub/irs-pdf/...To stay up on this, you'll need to run these numbers a couple of times a year, and over time, you'll get a good sense of the adjustments you'll need to make.At the beginning of last year, the tax reform calculator showed that if my income stayed the same, I should go from paying an additional $275 at year end to receiving a refund of around $1,000.To test my assumptions, I maintained all of my withholdings at the same dollar amount which required that I adjust my additional withholding to make up for the adjustment in the federal withholding tables. In 2018 my income (AGI) increased by $5,000 for the year, so my actual refund would be less than the tax reform calculator estimate.I have filed my taxes and found (1) the tax reform calculator refund calculator was remarkably accurate, (2) even though my AGI increased, the difference between my additional tax payment and my 2018 refund was approx. $640.I came out ahead even though I lost my deductions for my state income taxes (in a high tax state), my property taxes, and my vehicle taxes.I plan to move sometime this year, so I'm going to leave my withholding alone for now.

If you had to create a one-page tax form for the US to implement in 2018, what would the required inputs and formulas be?

Welcome to IRS.gov, Mr. Anderson!Enter your income here: $ ___________x 0.23 (or whatever Congress argued their way into)This is your tax: (computed value)(Submit to IRS) (Cancel)If tax was withheld, this is your exact tax liability. If it wasn’t withheld, send us a check for the tax owed.Obviously, Intuit and a lot of CPA’s would really hate whoever managed to install this…EDIT: OK, I suppose I’d need another form if you own a business:Welcome to Internal Revenue Service, Mr. Anderson!Enter your revenue here: _____________Enter your expenses here: _______________This is your taxable income: (computed value, revenue minus expenses)x 0.23 (or whatever Congress argued their way into)This is your tax: (computed value)(Submit to IRS) (Cancel)Corporate Tax FormWelcome to Internal Revenue Service, Mr. Anderson!Enter corporate revenue here: _____________Enter corporate expenses here: _______________This is your taxable income: (computed value, revenue minus expenses)x 0.23 (or whatever Congress argued their way into)This is your tax: (computed value)(Submit to IRS) (Cancel);"";""
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