Form W-4 allows your employer to withhold the correct federal income tax from your earnings. If you withhold too little, you may owe tax when you file your tax return and may owe a penalty. If too much is withheld, you will generally be due a refund.
A new version of IRS Form W-4 has been released in December 2019 for the 2020 tax year.
Note no longer does the form use withholding allowances.
There is now a five step process for determining employee withholding.
If you are hired in 2020 or you make changes to your withholdings in 2020, you must use the 2020 Form W-4. Not all employees are required to complete the 2020 Form W-4. It is designed so the federal withholding tables work with both the 2020 and prior versions of the form.
Contact Tax Attorney Abtin Barzin for help preparing your W-4.