By Jeanne Sahadi and Katie Lobosco, CNN Money

(CNN Money) — The U.S. Treasury and the IRS on Thursday put out new guidance and withholding tables for employers that incorporate changes from the new tax law.

Under those new tables, the Treasury estimates that 90% of people who get a paycheck are likely to see more in take-home pay, as soon as February. Employers will have until Feb. 15 to incorporate the changes in their payroll systems.

But for many taxpayers, they will need to assess whether the new tables really are withholding enough money so that they’re not saddled with a big bill when they file their taxes next year.

The major changes affecting individuals include new tax brackets, (mostly) lower income tax rates, a near-doubling of the standard deduction and the elimination of both personal exemptions as well as many itemized deductions.

The new tables are designed not only to best approximate the change in workers’ tax liability under the new law, but to do so in a way that “delivers benefits as soon as possible to as many people as possible with as little disruption as possible,” a senior Treasury official told reporters.

The IRS is not issuing new Form W-4s … yet. “We’ve constructed the tables so that most people should be accurately withheld if they leave their W-4 in place,” a senior IRS official noted.

Related: Will enough tax be withheld from your paycheck? Good question

The plan is to have new W-4s by 2019. Personal exemptions are a core feature of the current withholding system, but now that they are eliminated, “it’s necessary to build a new approach to withholding, which will take some time,” the senior IRS official said.

In the meantime, he urged filers who have complicated tax situations — i.e., anyone who is not single, childless and holding down just one job — to review the number of allowances they currently take on their W4s once the IRS puts out its new withholding calculator by the end of February.

Such a calculator will ask for anonymous inputs — for example, your income, number of dependents and other pieces of information that help determine whether you might be eligible for various tax breaks.

“We would encourage every taxpayer to run their information through the calculator. Then they can decide what they want to do,” the senior IRS official said.

That’s not bad advice for any year when there are big tax changes but it’s especially critical this year.

Most people fill out their W-4 form when they’re hired at a new job and don’t change it unless they get married, have kids, get divorced or experience other life-changing situations.

And roughly three-quarters of tax filers are overwithheld because they take too few allowances. And that results in a refund when they file their tax returns. The IRS doesn’t expect that to change much under the new tax law given the preference filers have shown for getting big refunds, rather than just breaking even or having to cut a new check to Uncle Sam when they file their returns.

Too good to be true?

Democrats are concerned the rushed withholding tables could leave many tax filers in a situation of potentially being underwithheld for tax year 2018 and therefore left owing money when they file their tax returns in early 2019.

“Republicans are using brute force and speed to implement a law that will deliver a financial blow to hardworking Americans all across the country,” Sen. Ron Wyden, the top Democrat on the Senate Finance Committee, said in a statement.

Earlier this week, Wyden and Rep. Richard Neal, the top Democrat on the House tax-writing committee, asked the Government Accountability Office to analyze the new IRS tables to see if they might lead to systematic underwithholding of federal taxes from paychecks.

“I look forward to GAO’s independent review of these tables, which will expose whether the Trump administration is tampering with Americans’ paychecks, resulting in a whopping tax bill next year,” Wyden said.

The GAO has said Wyden’s request must go through its usual review process before a decision to proceed is made.

Treasury Secretary Steven Mnuchin at the White House press briefing on Thursday dismissed suspicions that administration is “juicing” the tables as a “ridiculous charge.”

CNNMoney’s Donna Borak contributed to this report

The-CNN-Wire
™ & © 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved.

Comments (61)
  1. Bob Leahy says:

    Thank you President Trump!

    No thanks to Democrats!

  2. Mike Arvand says:

    Every paycheck that gets bigger, is a lost vote for democrats.

  3. This benefits workers, no longer a Democrat constituency

  4. It’s clear now that the MSM, both political parties…they ALL intentionally wanted our economy, our country in tatters. It’s been so easy to restore real growth, confidence, wages…and while this boom takes place, all they do the live long day is work to get rid of Trump who caused it. Get rid of Trump and we’ll be right back to high taxes, paychk to paychk, working poor to fund DC’s wealth. Wake up people and see what’s happening.

  5. And not one POS Democrat voted this.

  6. Carl Ball says:

    well looks like trump has done what both parties could not do in 5 decades make america great again! with american’s more and more proud of where they live on the globe! come on he has got all colors of people going back to work with stuffed wallets again and all we get from dems and msm is how unpc he is! well if he did call haiti and africa and others dirtbag countries then yes most people agree with him! have any of you whiners ever been to haitti? it’s a pig farm and if you ever lived down wind of one you would know what i mean!

  7. ““Republicans are using brute force and speed to implement a law that will deliver a financial blow to hardworking Americans all across the country”

    Yeah, those tax CUTS, more money in our pockets, will be such a financial blow, how will we cope?

    1. The demtards are referring to the Central Americans

  8. chrismireya says:

    How would allowing 90% of Americans to keep more of their wages and salaries be a “financial blow to hardworking Americans?” The politicians in the Democratic Party are out-of-touch. Those bureaucrats think that they can spend our money better than we can.

    1. They must be referring to the deadbeats that didn’t pay any taxes and still got a return…

    2. The Democrats are not out of touch. They’re Progressives who want to tax everyone to death so they can control your life. They keep telling us they’re the party of the middle class and all they’ve done is raise our taxes, ruined our healthcare when they promised they would fix it. They taxed the corporations so much that we lost millions of American jobs over the years. They had a chance to vote to cut taxes and instead they did and continue to do everything they can to demonize Trump.

    3. Meant to say on the last line. They had a chance to vote to cut taxes and instead they did Nothing and continue to do everything they can to demonize Trump

  9. Can’t wait for Pelosi to insult the middle class by referring to the bigger pay checks as mere crumbs compared to her own pay check…

  10. “Democrats are concerned the rushed withholding tables could leave many tax filers in a situation of potentially being underwithheld for tax year 2018 and therefore left owing money when they file their tax returns in early 2019.”

    Democrats are concerned taxpayers will see how much money they are saving before the next election.

    1. No we won’t have to pay more money when we file our taxes next year. The tax brackets have changed so you pay less for the year period.

  11. Robert Quinn says:

    Even “crumbs” are better than what Nancy was offering.

  12. “I’m afraid you peons can’t handle the added financial burden of bigger paychecks. Allow me to relieve you of some of that…” — Sen. Ron Wyden (D)

  13. Jack Riley says:

    The contributing American citizens deserve some tax relief
    Said no democrat ever.

  14. The Democrats are already panicking. After Americans see their pay checks with more money they won’t care what Party Trump belongs to. Everyone will be happy and vote for Trump in 2020.

  15. Let’s not forget that not one Democrat voted for tax breaks for the middle class. And they tell us they’re the party for the working people. What they are is the Party of Tax & Spend.

  16. Not a single Democrat voted for this. They only care about illegals and jihadi “refugees.”

  17. And that big blue tsunami the democrats were expecting for the midterms will turn into nothing more than a dripping faucet. And when taxpayers do their taxes in 2019 and get a return bigger than they have see in probably forever the dems can kiss the White House goodbye in 2020.

  18. Troy Dynes says:

    The Social Democrats are outraged at the notion of people keeping more of what they earned whereas the ‘crats derive their power from taking what others have earned and redistributing it for votes.

    Power to the People! MAGA!

  19. Not one Democrat voted for tax cuts for the middle class, whom they “champion”. Liars. The establishment Republicans are no better. It is good to see the swamp draining, slow,…..but draining. #MAGA

  20. I would camp out all night to vote out democrats! President Trump continues to steam roll the America Hating Democrats. My 401k is up almost $100,000 in one year!!! God Bless President Trump and God Bless the Republicans! MAGA 2018 and beyond!

    1. Mark Deckard says:

      Uhh would you mind sharing some tickers?

  21. Vox Veritas says:

    Impossible!!!!

    Democrats stated that only the wealthy would benefit.

    Democrats couldn’t have been lying again, as per usual, could they?

  22. Dan Raidt says:

    Another inconvenient truth for the demorats.

  23. Schumer: It’s a trick!
    Pelosi: We’re all gonna die!

  24. Carl Hudecek says:

    Most of the comments so far are from stupid people too dumb to realize that less taxes withheld means either a) MORE money they must pay to Uncle Sam
    when they file next spring, or b) a smaller refund.

    If this is such a good idea, why withhold ANY tax money from paychecks?

    1. Scott Snadow says:

      You DO understand that taxes will be LOWER for most people, right? Which is why it makes sense for the amount withheld to be lower as well. What part of “We’ve constructed the tables so that most people should be accurately withheld if they leave their W-4 in place” are you having trouble understanding?

      1. Carl Hudecek says:

        And what part of “Most of the comments so far are from stupid people too dumb to realize that less taxes withheld means either a) MORE money they must pay to Uncle Sam when they file next spring, or b) a smaller refund” do YOU fail to understand?.

  25. Ford Hanson says:

    As Pelosi so elitistly said, these are just crumbs. Nancy Marie Antoinette.

  26. Curious…

    BHO promised “the average American family will receive $2,500 healthcare insurance savings”, if the DNC crammed the ACA through Congress during Christmas.

    They did and the opposite resulted.

    DJT crammed a tax cut through the RNC…

    People are getting significant returns THREE months later.

    It’s really the difference in a business approach by a man who personally built a significant business enterprise.

    VS.

    A theoretical approach, by a man who was adjunct professor,a community organizer and part time Senator.

    That will be pretty easy to market in August / September 2018…

    Mrs Warren…

    Mr. Sanders…

    Oprah???

  27. Julie Dougan says:

    Maybe we all can take a vacation and go to Hait and stay in one of thier luxury outhouses.

  28. This is how you win 50 states in the next election. Democrats are so greedy for power they are not capable of putting Americans first.

  29. I started getting more on my paycheck last Friday It was enough to pay for the gas in my car for the week And i also got a $50 a week raise THANK YOU MR PRESIDENT!!!!!!!!

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