Whether or not you’ve started on your 2018 taxes yet, many have – and, according to the headlines, there’s been some controversy about their refunds. Have you noticed?
While many apparently missed it, last January the IRS released Notice 1036, which updated the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted in December 2017. Those new tables reflected not only the increase in the standard deduction, but repeal of personal exemptions and changes in tax rates and brackets.
For many, that should have meant an increase in their take-home pay, beginning in February.
But, according to the headlines, at least the first wave of filers saw noticeable reductions in their normal refunds – ostensibly because even though they made no change in their filing or withholding status, the IRS had changed the tables.
This week, we’d like to know: Were you aware of the change? Did you make any adjustments to your withholding – and, if not, have you noticed a difference in your withholding this year and/or your refund/amount due for 2018? And what do you think of all this?
Reply to this week’s NAPA-Net reader poll at https://www.research.net/r/BPZBK87.
And we’ll have it all wrapped up for you on Friday!
