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How To Fill Out The New W-4 Form
Each year, the Internal Revenue Service issues a new W-4, and each year, many people don’t bother to fill it out.
This happens despite the fact that there are significant things that can occur in any given year that might influence how you fill out a W-4. We’d argue that reviewing Form W-4 annually is an excellent habit for just about anyone, even if it’s not a federal requirement.
In this post, we’ll provide a quick overview of the new 2020 W-4 for both employers and employees. We’ll show you exactly how to fill out the W-4, and walk you through the new W-4 worksheets and tax withholding estimator.
Why should anyone care about the new W-4? The new form is designed to make withholdings more accurate. Taxpayers who fill out the 2020 form are less likely to wind up with a large tax bill or a giant refund when they file tax returns in 2021—money that could have been invested or spent on essential expenses throughout the year.
Updating your withholding amount is always optional, although the IRS recommends that employees revisit their W-4 forms every year.
An employer’s guide to the 2020 W-4
This section explains the biggest W-4 changes employers need to know about.
What’s new about Form W-4?
Many employees who have not had significant life changes like getting married or having kids have probably not filled out a W-4 in a LONG time. That’s why we recommend that you remind your team about the importance of reviewing their withholding every year. In addition, any newly hired employees in 2020 must fill out the redesigned W-4.
If that isn’t reason enough to revisit Form W-4, with the passage of the Tax Cuts & Jobs Act (TCJA) in 2017, major changes to employee withholding came to pass. Those chan