Blog posted On February 04, 2019
The individual tax rates changed, so the IRS updated the income tax withholding tables and encouraged filers to review and update their W-4 forms — which determine how much income tax is withheld from your pay — to make sure you were withholding the right amount under the new legislation.
But a 2018 survey by H&R Block suggests that most Americans never did that: As of November, only about 20 percent of respondents said they had updated their W-4 in response to the tax overhaul. That means about 80 percent didn’t.
If you’re among those who didn’t, you could get a smaller refund than you anticipated. You could even owe money to the IRS.
Read more at CNBC.com.