New 2020 Federal Form W-4 information
On Dec. 5, 2019, the IRS released the final version of the 2020 Form W-4, which instructs employers how much tax to withhold. The IRS redesigned the form to reflect the changes to the federal tax code from the Tax Cuts and Jobs Act, which took effect last year.
Current employees are not required to complete a new form but can choose to adjust their withholding based on the new form. All new employees hired as of Jan. 1, 2020, must complete the new form, and any adjustments made after Jan. 1, 2020, must be made using the new form.
Even though current employees are not required to complete the revised form, the IRS does recommend you perform a “paycheck checkup” to see if you need to adjust your current withholding. To conduct the checkup, you can use the IRS’s Tax Withholding Estimator. To effectively use the estimator, it’s helpful to have a copy of your most recent pay stub and tax return.
W-4 process for UCPath
The new Federal Form W-4 is available on UCPath online for employees to review and fill out. Go to Employee Actions > Income and Taxes > Federal W-4.
UCPath Center associates are unable to offer 2020 Federal Form W-4 tax guidance. Please consult with a tax advisor if you have any questions.
If you have any additional questions or need other services, please visit UCPath and click on “Ask UCPath Center” to submit an inquiry. You may also contact the UCPath Center to speak with an associate Monday through Friday from 8 a.m. to 6 p.m. at (855) 982-7284.
Tags: taxes, W-4