It’s important to revisit your tax withholding, especially if major changes from the Tax Cuts and Jobs Act affected the size of your refund this year. Even if you did a Paycheck Checkup last year, you should do it again to account for differences from TCJA or life changes. A Paycheck Checkup can help you see if you’re withholding the right amount of tax from your paycheck. Too little could mean an unexpected tax bill or penalty. You can use the Withholding Calculator found on www.irs.gov.

You should check your withholding if you…

• Are a two-income family or someone with multiple jobs
• Work a seasonal job or only work part of the year
• Claim the child tax credit
• Have dependents age 17 or older
• Itemized your deductions in previous tax years
• Have high income or a complex tax return
• Had a large tax refund last year
• Had a tax bill last year

Also remember that it is a good time to review your paystubs along with your 401(k) statements after every pay period to ensure your deductions are correct (medical, life insurance, 401(k) deferrals and loans, parking, METRO). Although most people only check that their direct deposits have been it is imperative that you notify Human Resources as soon as possible if you notice a paystub discrepancy between your requested deductions and your actual deductions.

If you participate in URAC’s 401(k) plan, you should review your account online at least a week after every pay period to ensure that your requested deferral has been deposited. Employees can access their 401(k) accounts on Vanguard’s site at https://my.vanguardplan.com.