December 11, 2019 FAC/STAFF

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Today: New W4 for 2020 and Withholding Calculator

The Internal Revenue Service (IRS) has released an updated Federal Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2020 tax withholdings following passage of the Tax Cuts and Jobs Act, which made changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions and changing the tax rates and brackets. The IRS urges taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks.
With the new tax law changes, it’s especially important for people to use the Withholding Calculator on IRS.gov to make sure they have the right amount of taxes withheld.
Among the groups who should check their withholding are:
• Two-income families.
• People with two or more jobs at the same time or who only work for part of the year.
• People with children who claim credits such as the Child Tax Credit.
• People who itemized deductions in 2019.
• People with high incomes and more complex tax returns.
It is NOT mandatory to submit a new W-4. Please see the links below for more information:
https://www.irs.gov/pub/irs-pdf/fw4.pdf
https://www.irs.gov/individuals/irs-withholding-calculator
Please note that the Controller’s Office does not provide guidance or advice to individual tax payers.