The Internal Revenue Service (IRS) wants USPS and other employees to review their federal income tax withholding.
Several tax law changes took effect this year. By checking your withholding now, you can avoid an unexpected bill or penalty at tax time.
The IRS offers an online withholding calculator that can help you determine if you should submit a new Form W-4 to the Postal Service.
You should have your most recent pay stub and federal tax return on hand. The calculator’s results are only as accurate as the information you enter.
According to the IRS, it’s especially important to check your withholding if you:
- Are a two-income family
- Have two or more jobs at the same time
- Work a seasonal job or only work part of the year
- Claim credits like the child tax credit
- Have dependents age 17 or older
- Itemized your deductions on your 2017 return
- Have high income or a complex tax return
- Had a large tax refund or tax bill for 2017
You can use PostalEASE to make changes to your Form W-4.
If you have questions, request one of our Free Federal Benefits Review and Retirement planning calls to help you maximize all of your benefits going into retirement.