The IRS calculated the 2024 tax deduction based on previous income and deductions. If the numbers don’t match, they should be changed to make sure the tax deduction is as correct as possible.
We determine the tax deduction according to what we expect from you in terms of wealth, income, and deductions. This is calculated based on past tax adjustments, estimates of wage growth and interest rate trends. But the IRS doesn’t know everything about you, and other circumstances may also affect your financial situation. It is important that you verify the information yourself and enter the correct numbers, so that the tax deduction is as correct as possible, says tax director Nina Schanke-Vonemark in a press release.
here Can you check your tax card?
Verification of interest income and interest expenses
Interest rates rose sharply in 2023, and the tax agency takes this increase into account in the 2024 tax card. These are average numbers that are not necessarily entirely accurate for an individual, so it is very important this year to check the tax card.
– Make sure that the loans and interest on the debt on the tax card match what you expect to repay during 2024. The same applies to interest income. Interest on loans and savings affects taxes, says Vonemark.
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Changes in life affect taxes
In addition to looking at your tax card now, it may be a good idea to check back at least during the year and make any adjustments to your tax card if necessary. This could be when buying and selling a house, or if there are other special conditions such as fixed interest on loans. Then there’s all the more reason to make sure your numbers agree with what’s written on your tax card.
Not all deductions and other information are automatically included in the tax card. This applies, for example, to parental allowance and travel allowance between home and work, as well as adjustment allowance. Anyone who is entitled to these deductions, or receives these benefits, must enter the numbers themselves to obtain the correct tax deduction.
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It may change throughout the year
If the information on the tax card is incorrect, the result may be a higher tax deduction than necessary throughout the year. If the withholding tax is too low, it means residual tax. The tax card can be changed on the Tax Authority website. It also explains how changes in numbers affect the tax deduction. Changes can be made throughout the year.
-You don’t have to do anything after submitting the changes. We arrange a new tax card for you, and your employer, Nav and others collect this card directly from the tax agency, says Vonemark.
Anyone who will earn less than NOK 70,000 in 2024 must have a tax exemption card so that no tax is deducted. Those who received a free ticket last year will automatically receive a free ticket for 2024.
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