IRS Releases Revised Form W-4 for Employees (article)
The IRS released a new version of the Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act (TCJA) in December, 2017. The Form W-4, Employee’s Withholding Allowance Certificate, is used in particular by employees to indicate the amount of withholding from their paychecks. Because the TCJA made numerous changes in the tax code, including increasing the standard deduction, the removal of personal exemptions, the increase in the child tax credit, as well as modifying other deductions, tax rates and brackets, the IRS is encouraging all individuals to review their current W-4 on file with their employers, and make necessary changes, if indicated. To assist individuals with this process, the IRS provides a Withholding Calculator, together with a set of FAQs, on its website.