2020 W4
IRS Releases Final 2020 Form W-4 Version

The IRS (Internal Revenue Service) released the final version of Form W-4 for tax year 2020.

 

This is a reminder that the form is available through Walmart Online W-4.

 

With this release, due to the federal tax law changes that took place in 2018, there are significant changes to the form and associates should review with their tax advisor to determine if they need to submit a new form.

 

The new form was created to help associates withhold more accurately in conjunction with their personal tax liability based on the annual tax filing.

 

Impact

  • Associates are not required to submit a new form. However, they are encouraged to do so as there could be potential impact to the associate’s overall tax withholding vs tax obligation during tax filing season.
  • If an associate does not submit a new Form W-4, tax withholding will be based on the most recently submitted form as the new withholding tables were designed to work with new and prior forms.
  • The IRS has provided the Tax Withholding Estimator (see below link) that will help associates conduct a review of their payroll tax withholdings and help determine if the associate needs to adjust withholding by submitting a new Form W-4.
  • If an associate does submit a 2020 Form W-4, Steps 1 and 5 as indicated on the form must be completed. Steps 2, 3 and 4 are optional but will help with more accurate federal tax withholding.

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