Changes to Form W-4 for 2020

The IRS has revised Form W-4 for 2020 due to the recent tax law changes in 2018.

Note: Employees who have submitted the Form W-4 in any year before 2020 are not required to submit a new form merely because of the redesign.

The revised Form W-4 2020 will have a new look, which does not include exemptions. Allowances are no longer used for the redesigned Form W-4 to increase transparency, simplicity, and accuracy. In the past, the value of a withholding allowance was tied to the amount of the personal exemption. W-4 2020 does not allow employees to claim personal exemptions or dependency exemptions.

The IRS website offers much more detailed information regarding this change. The IRS has developed a withholding estimator for a “paycheck checkup.” The Tax Withholding Estimator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work.