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How to check withholdings mid-year?

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  • How to check withholdings mid-year?

    I've found lots of "tax forecaster" tools online for the prior tax year (so now, for 2020) but not many for the current year. My wife and I have one W2 job each without significant complicating factors ... no businesses, 1099s, or anything except W2 income and retirement accounts. Is there an easy way to either manually or via a calculator tool quantitatively estimate whether the amount of tax withheld thus far for the year is correct, significantly high, or significantly low?

  • #2
    https://www.irs.gov/individuals/tax-...ding-estimator

    IRS.

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    • #3
      Why don’t you just do a mock 1040 using the new deduction, etc.? Make sure to look at all taxable income - w2, dividends, interest, etc.

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      • #4
        Website with an online tax calculator that’s easy to use:

        https://smartasset.com/taxes/income-taxes

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        • #5
          I use a spreadsheet to project out the latest paystub to estimate what the W-2 will look like. You need to account for pre-tax items to arrive at your taxable wages.

          Armed with this information you can use an online tax calculator to plug in those numbers to see if your withholding is on track.

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