For the first time in more than three decades, the IRS has given its W-4 form -- which determines how much federal income tax is withheld from your paycheck -- a makeover.
But in 2020, for the first time in more than three decades, the IRS has given its W-4 form -- which determines how much federal income tax is withheld from your paycheck -- a makeover. The agency says the revamped design"reduces the form's complexity" and helps with the"transparency and accuracy of the withholding system."
"While it uses the same underlying information as the old design, it replaces complicated worksheets with more straightforward questions that make accurate withholding easier for employees," the IRS says on its website.Tax service company H&R Block breaks down what new W-4 form encompasses next to the old oneEssentially, it is very similar. Taxpayers now have different filing status choices in the new form.
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