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The 2020 W-4 Form is changing – Some employees will have to make changes too

The 2020 W-4 Form is changing – Some employees will have to make changes too

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 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 you need to make changes to your W-4 after the first of the year, an electronic version will be available through PeopleSoft on January 6, 2020. Please contact Bruce McGlory at 973-4707 with questions. If you do not need to make changes, you do not need to submit the new form and your withholding will continue based on your previously submitted form. 

Even though the IRS does not require all employees to complete the revised form and even if your tax situation has not changed, we recommend you perform a “paycheck checkup” to see if you need to make adjustments to your current withholding.  To conduct the checkup, you can use the IRS’s Tax Withholding Estimator www.irs.gov/W4App. To effective use the estimator, it is helpful to have a copy of your most recent pay stub and tax return. A good time to perform this checkup would be in January after any 2020 tax table changes have been made to the estimator.  

The IRS has also published Frequently Asked Questions that you may find helpful should you need to complete the new form: https://www.irs.gov/newsroom/faqs-on-the-draft-2020-form-w-4.