New W-4 Version

The 2020 Form W-4, Employee's Withholding Certificate, is very different from previous versions. This is due to the federal tax law changes that took place in 2018. The Internal Revenue Service (IRS) is not requiring all employees to complete the revised form and has designed the withholding tables so that they will work with both the new and prior year forms. However, certain employees will be required to use the new form: those hired in 2020 and anyone who makes withholding changes during 2020.

If your tax situation has changed or if you are concerned about the amount of your current withholding accuracy, we recommend you perform a paycheck checkup to see if you need to make adjustments to your current withholding. The IRS offers a free Tax Withholding Estimator (www.irs.gov/W4App) that may be useful to you. To effectively use the estimator, it is helpful to have a copy of your most recent pay stub and tax return. The estimator will be updated to account for the 2020 tax tables in early January, according to the IRS.