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  • Writer's pictureHolly Roundtree CPA

2019 – 08/12

A second draft of the 2020 Form W-4 is now available. The IRS expects no substantive changes when the form’s final version is published. The new form doesn’t change the computation of withholding contained in the earlier draft. The previous version of Form W-4 calculated a taxpayer’s income tax withholding using a withholding allowance based on the personal exemption amount. Tax law changes in 2017 suspended personal exemptions and substantially increased the standard deduction. The mismatch between the old Form W-4 and the TCJA has caused some taxpayers to over- or under-withhold. See the draft form:

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