'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.
It's officially the new year, which means, among other things, it will be time to file your taxes in no time.
Basically, it drops the language of allowances, which may be confusing for some, in favor of a series of questions about your income and dependents."The new draft Form W-4 reflects important feedback from the payroll community and others in the tax community," IRS Commissioner Chuck Rettig said in a statement when the new design was unveiled in May.
What is different about the new W-4?Tax service company H&R Block breaks down what new W-4 form encompasses next to the old one here. The “total number of allowances” section is now gone. Instead of calculating the number of allowances, which translates into a certain amount of tax withheld , the form features questions about your income and dependents. There is also a new optional “Step 4” section on the new form for other adjustments such as deductions for mortgages."In the past, the value of a withholding allowance was tied to the amount of the personal exemption," the agency writes on its website.
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