In January 2020, the Internal Revenue Service (IRS) will release a new version of Form W-4, Employee’s Withholding Certificate. The W-4 is the document used by Payroll to process the federal taxes withheld from your paycheck. Changes to the W-4 are the result of the 2017 Tax Cut and Jobs Act and the most significant since the introduction of the document in 1943. The 2020 Form W-4 will be available after January 1, 2020.
Employees are not required to submit a new W-4 if they have an existing W-4 on file. However, the IRS recommends that a “paycheck checkup” be done to see if adjustments to your current withholding are needed. To conduct the checkup, you can use the IRS Tax Withholding Estimator at https://apps.irs.gov/app/tax-withholding-estimator. To effectively use the estimator, it is helpful to have a copy of your most recent pay stub and your most recent personal income tax return.
Again, you are not required to change your W-4. The income tax withholding will continue based on your previously submitted form if you do not submit a new form. The Payroll department cannot give tax advice and recommends that you consult with your tax professional or the Internal Revenue Service if you have any questions about the new form.