Revised 2020 Form W-4 To Be Released Soon

Even though there will be a revised Form W-4 released in 2020, it will not be mandatory that  employees fill out a new one unless they change their withholding amounts after 2019.  According to the IRS, the new withholding methods should be closely in line with what employees have been accustomed to on prior Forms W-4.

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What's Changed?

The revised Form W-4 and new withholding methods will incorporate the phase-out of individual taxpayers’ personal exemptions, according to the new tax code effective January 1, 2018.  After December 31, 2019, employers will not be allowed to accept any Forms W-4 older than the latest 2020 version.

May 31, 2019 is the date the public expects to see the first draft of the 2020 Form W-4.  Following that release, the IRS will accept public comment on the Form, and release a second draft later in the summer.  This second draft will be the draft that the IRS expects employers and software vendors to use to update programs and systems for 2020.  The final version is expected to be released in the fall of 2019.

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