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Form W4 for 2020

#happyreturns

Statement from the IRS regarding the new Form W-4

The Treasury Department and the IRS are working to incorporate changes into the Form W-4, Employee’s Withholding Allowance Certificate, for 2020. The current 2019 version of the Form W-4  is similar to last year’s 2018 version.

The IRS is working closely with the payroll and the tax community as it makes additional changes to the Form W-4 for use in 2020.

For the current 2019 tax year, the IRS continues to strongly urge taxpayers to review their tax withholding situation as soon as possible to avoid having too little or too much withheld from their paychecks. To perform a quick “paycheck checkup” use the IRS withholding calculator.

You can view the draft of the 2020 W-4 (PDF) and submit any comments you have.

 

You can view the FAQ from the IRS on the draft 2020 Form W-4 HERE

QuikTax™ will be ready to help our clients fill out this new and more complex form when it is completed by the IRS.

Our current understanding of the reason for such a complex redesign of this form is to keep more money in the pocket of the taxpayers on a weekly basis, and reduce the amount of refunds at tax time.  It appears that, based on the draft, the form is mini version of a tax return.  It appears to relatively complex, and complexity leads to errors.  So we will make sure that we understand the requirements of the form and it’s complexities.  As always we will be ready to help our clients.

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