Tax return season is in full swing, and as recently reported in the national news, many tax payers are not receiving the refunds they anticipated. Some individuals who expected a refund may find themselves in a position of having to pay additional taxes for 2018.
As Payroll communicated over the past year, employees were strongly encouraged to review their federal and state withholdings to ensure the appropriate amounts were deducted. This is especially important now, while there are still many payroll cycles left in the 2019 calendar year over which to prevent an under (or over) withholding situation.
Employees may make changes directly in Core-CT to their federal and state withholdings utilizing self-service, or by submitting updated W-4 and CT-W4 forms to Payroll. Federal and state withholding forms are located at https://payroll.uconn.edu/forms/. Additionally, the 2019 IRS Withholding Calculator (https://www.irs.gov/individuals/irs-withholding-calculator) is available to assist individuals in determining their federal tax liability. Eligible employees may also wish to consider contributing to tax-deferred products, such as 403(b) and 457 plans, which reduce taxable gross income through payroll deductions.