Monitoring your tax withholding

TAX WITHOLDING-VO

KIMT News 3 – If you’ve experienced a life changing event recently, experts say don’t forgot to check your taxes.

If your starting out a new job, getting a second one, or any number of other life events, you should always monitor your tax withholding.

Tax experts say that these events all warrant amendments to be made to your W-4 forms.

As college graduates prepare for their first jobs out of school, some say it’s even more important to start on the right track.

“Withholding is you paying your taxes throughout the year. Often times when people get a new job, they don’t fill that paperwork out correctly, or maybe they have two jobs now, and so they’re making a lot more income but, they haven’t withheld more money. They’ve kept that same amount,” said Brenda Schmitt, Family Finance Program Specialist with Iowa State University Extension.

Those who also received credits toward their healthcare insurance are reminded to amend those credits to help avoid any surprise fees.

“If you’re getting more credit than you should be having, you’re going on money at the end of the year, so it’s really smart to always be paying attention but, if you have a life-changing event, you get another job, the child gets married or moves out then, you need to go back and amend that,” said Schmitt.

If you’d like more information on how to go about filing amendments to your taxes, feel free to visit your local Iowa State Extension office.

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