New W-4 for 2020
Published on Friday, 17 April 2020 00:00
The IRS updated the Form W-4 with significant revisions designed to make accurate income-tax withholding easier for employees in 2020. For your convenience, we have attached the new Form W-4. Additionally, to help employers navigate this change, we have compiled a list of the top five (5) changes employers should know about the new 2020 Form W-4:
- Current employees do not need to submit a new Form W-4 to their employers due to the redesign.
- All new employees hired as of January 1, 2020 must complete the new Form W-4.
- Current employees who would like to adjust their withholdings must use the new Form W-4.
- Employees may need more time to complete the new Form W-4 than they did to complete the previous versions. Employers should allow employees to take the new Form W-4 home rather than complete it on their first day. Employees can use the IRS Tax Withholding Estimator, a tool found on the IRS website, to help them complete the new Form W-4.
- Since Employers are not required to have existing employees complete the new Form W-4, Employers will need to program their payroll system to accommodate the existing withholding calculation, as well as the new method.
If you have any questions regarding the revised Form W-4, or any other HR needs, call HR Partners at 785-233-7860.