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Changes Coming in 2020 to Tax Form W-4

Dec 05, 2019

The 2020 version of Tax Form W-4, the “Employee’s Withholding Certificate,” will be very different from previous versions when it becomes available Jan. 1. This is due to the federal tax law changes that took place in 2018. The Internal Revenue Service (IRS) is not requiring all employees to complete the revised form and has designed the withholding tables so that they will work with both the new and prior year forms. However, those employees hired in 2020 and current employees who wish to make changes during 2020 will be required to use the new form.

Even though the IRS does not require all employees to complete the revised form and your tax situation may not have changed, CNM recommends you perform a “paycheck check-up” to see if you need to make adjustments to your current withholding. To conduct the check-up, you can use the IRS’s Tax Withholding Estimator. To effectively use the estimator, it is helpful to have a copy of your most recent pay stub and tax return. It is likely that the estimator will be updated in January to account for the 2020 tax tables. Please note: if you do not submit a new form, your current withholding will continue based on your previously submitted form. If you are satisfied with your current tax withholdings, you do not need to make any changes.

If you do plan to use the 2020 Form W-4, please read the instructions that are included with the form. The IRS has published Frequently Asked Questions that you also may find helpful.

You can access and make changes to your federal W-4 form by logging into myCNM. Click on the “Employee” link in left column, then “Tax Forms” under “My Records.”