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Each year the Internal Revenue Service issues a new Form W-4. The new form issued this year reduces the form’s complexity and increases the transparency and accuracy of employee tax withholdings. 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.
Allowances are no longer used for the redesigned Form W-4. In the past, the value of a withholding allowance was tied to the amount of the personal exemption. Due to changes in the law, currently, you cannot claim personal exemptions or dependency exemptions.
2020 Form W-4’s are now available and considering these changes we recommend that employers share the form with their employers. While employees are not required to provide a new Form W-4 each year, it is in their best interest to review the form as withholdings may change.
You can download the new 2020 W-4 tax form here and for more help understanding the new form watch this video provided by IRS.gov.