In IR-2018-124, the Service offered a "Paycheck Checkup" for families with two incomes. The IRS Withholding Calculator on www.IRS.gov helps couples with two or more sources of income to adjust their withholding amounts.
Many two-income families will be able to change or reduce withholding due to the passage of the Tax Cuts and Jobs Act (TCJA). The TCJA increased the standard deduction to $24,000 for couples. It also eliminated personal exemptions, increased the Child Tax Credit and changed both the tax rates and brackets.
If you and your spouse have two or more sources of income, you could be overwithholding or underwithholding. The "Paycheck Checkup" is especially useful with two-income...More