The IRS has released a new draft form W-4 to help taxpayers avoid withholding surprises
The new draft reflects changes under the Tax Cuts and Jobs Act . In addition to the new tax rates, the TJCA made significant changes to itemized deductions normally claimed on a Schedule A and eliminated personal exemptions. As a result, current withholding schemes were not adequate for all taxpayers, causing the General Accounting Office toThe concern eventually resulted in anthat penalty relief might be available.
The draft form is a little bigger than the old form W-4: it's a whole page . The form includes calculations for taxpayers with more than one job and how to deal with additional income that might not be subject to withholding - items that tax professionals had expressed concern had not been adequately addressed after tax reform.
"The new draft Form W-4 reflects important feedback from the payroll community and others in the tax community,"IRS Commissioner Chuck Rettig."The primary goals of the new design are to provide simplicity, accuracy and privacy for employees while minimizing burden for employers and payroll processors."
The revised form W-4 will not be effective until 2020. And changes are still on the way: The IRS expects to release a near-final draft of the 2020 Form W-4 in mid-to-late July before the final version of the form is released in November.
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