Employees are NOT required to supply a new for W-4 if they have furnished a W-4 any year prior to 2020. However, anyone first paid after 2019 must use the redesigned 2020 form. If they fail to furnish the new form, they will be treated as a single filer with no other deductions.
The new 2020 Form W-4 replaces the old format with new, easier to answer questions. The new form does not include allowances, which allows for more simplicity and accuracy on withholding amounts.
The new form W-4 is broke down into 5 steps:
- Personal information (name, address, SSN, and filing status) – REQUIRED
- Information regarding a 2nd job or spouse’s job – not required
- Dependents – not required
- Other adjustments including other income or deductions – not required
- Signature – REQUIRED
As you can see only steps 1 and 5 are required, but steps 2-4 should be completed if applicable. Doing so will make your withholding more accurate.