Form W-4 is used to set your tax withholdings. In the previously issued W-4s, you could claim allowances to reduce your tax withholding but with the 2020’s new W-4, allowances have been removed from the form.
Instead of allowances, you will now enter information on your tax return. This eliminates one thing from tax withholding, you can no longer withhold less tax. As a general rule, the more allowances you claimed, the less tax would be withheld but with the removal of allowances, there is no way to withhold less tax. However, you can withhold more by entering a set amount that will be effective on each paycheck.
On the newly issued Form W-4, you must detail if you hold more than one job at a time, dependents if you have any, estimated itemized deduction amount you’ll claim, and income outside of jobs that you want it to be subjected to withholding.
Printable New Form W-4
As usual, you can obtain the printable version of the Form W-4 from the IRS for free. If you want to file it online then print off though, you must look for alternatives. The Internal Revenue Service does not provide the W-4 with an online fillable version.
Instead, you can get the form from this post and start filing it online or simply print it off and complete it with hand. Now that the allowances are no longer a thing on Form W-4, adjusting your allowances may be quite confusing at first. For instructions, click the link below to understand the all changes in 2020’s W-4 to get a better grasp of your tax withholdings.