Happy New Year! The IRS updated the W-4 form for the year 2020. The methodology behind the new form is different compared to the previous form. Below are helpful resources on completing the new 2020 Federal Tax Withholding Form.
Redesign of New W-4 Form
The new form will still contain the same information as the previous form, however some of the more complicated parts have been replaced with questions that will make the form easier to understand, making information more accurate for employees.
Withholding allowances will no longer be used for the new W-4 Form. Previously, withholding allowances were tied to the amount of the personal exemption. You cannot currently claim personal exemptions or dependency exemptions due to changes in the law.
Are you required to fill out a new W-4 form?
No. If you have filled out a W-4 form before 2020, you will not be required to fill out a new one. You will continue to compute your withholding based on the information from your most recent W-4.
You can find Frequently Asked Questions about the redesigned form here. Reminder: you can view other regulatory resources regarding IRS forms under Payroll > Regulatory Resources.