The final redesigned 2020 Form W-4 was released by the Internal Revenue Service (IRS) on December 5. Two of the biggest changes to the form are:
- The elimination of allowances, which have been replaced by dollar values to calculate withholding
- The addition of boxes to indicate if workers hold multiple jobs or are in two-earner households
Beginning in 2020, new hires and current employees wishing to make changes to their withholding will need to use the new form. Existing employees who do not wish to make any changes to their withholding do not need to fill out a new Form W-4.