The Form W-4 changed as the Tax Cuts and Jobs Act enacted in 2017 removed personal exemptions, increased the Standard Deduction, and made the Child Tax Credit available to more people.
The W-4 was changed in 2020 to take into account the law enacted above.
Prior to 2020, Form W-4 only required you to input the number of allowances you were claiming, and any additional amount you wanted withheld from your paycheck.
The new Form W-4 has 4 Sections.
- Personal information, including your filing status
- This section is used if you have work multiple jobs at the same time or are married filing a joint return and both you and your spouse are employed.
- Information on dependent you are claiming on your return (children or qualifying relatives)
- Other Adjustments. This section will allow you to consider any other income or deductions and additional withholding from each paycheck.
You have indicated that you are single and have no dependents. If you only have one job, then you would want to complete Section 1 and possibly Section 4 if you would have other income and deductions affecting your return.
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