The final version of the 2020 Form W-4, Employee’s Withholding Certificate, is now available. The new W-4 form better incorporates TCJA changes by allowing employees to more accurately estimate the amount of tax they ask their employers to withhold from their paychecks beginning in 2020. In addition, the goal of the new design is to balance simplicity, accuracy and privacy for employees while minimizing burden for employers and payroll processors.
The form helps clients with multiple sources of income to correctly set withholding from each source or to add income where income taxes are not withheld. All this can be a little confusing, so you should call me with your questions. I can also fill out the form for you based on the information you have shared with me.