IRS to update W-4 form in 2019 and 2020
The IRS will soon update the W-4 form used by employees at their workplace to better reflect the recent changes to federal tax law.
The U.S. Treasury said Thursday that the IRS will update the form in the coming weeks for use for the 2019 tax year. That version is expected to be fairly similar to the W-4 currently in use.
A more significant change will come in 2020 with the hope of making the withholding system more accurate and transparent to employees.
Employees fill out a W-4 form with employers so that the employer can withhold the correct federal income tax from their pay.
The IRS released a draft of the redesigned form in June for public comment and said it is working to integrate those suggestions.