The IRS is created a
new W4 Form for 2020. The old system of claiming Single or Married with 0 to 9 exemptions is gone. Here's a little help on how to fill out the new form if/when required of you:
STEP ONE: Claim the same status as your tax return:
Single/Married Filing Separate,
Married filing Joint or
Head of Household. That part is easier.
STEP TWO: Only needed if you are married and have multiple jobs OR are married to someone with multiple jobs. If not, go to Step 3. If yes, we suggest you take their suggestion and click the link to use their Online Calculator (see below).
STEP THREE: Kids/Dependents. Pretty easy step which helps calculate dependent kid credits.
STEP FOUR: Other Income/Deductions/Tax: a) Enter an amount of added income that doesn't have tax withheld; this could be interest, dividends, small self-employment, etc..it's just an estimate of expected extra income (and will increase tax taken out of paychecks. b) only needed if you Itemize your deductions, which means having a lot of ongoing mortgage interest, charity or medical expenses. You could review 2018 taxes to see if you itemized OR leave blank and wait till you file 2019 to find this figure. c) Additional Tax: Literally an added dollar amount per paycheck. If you provide a 2020 paystub to your Tax Preparer, we can help you determine if you need to enter anything here (if it looks like you're coming up short on withholding).
