2020 Form W-4

Forum|Forum|5 years ago
October 22, 2020
3 replies
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I just got a new job and am working on filling out the new Form W-4 from my employer in order to determine the amount of tax withholding. On the form, it says to complete steps 2-4 if "Multiple Jobs or Spouse Works" applies to me. My husband does have already have a job in which he's already filled out his own W-4/W-9 a long time ago, so he's already getting the correct amount of tax being withheld on his end. In this case, can I simply skip steps 2-4?

Not A Product Question

Best answer by Opus 17

No, you can't skip. With the design of the new W-4 after tax reform, you both need to submit new W-4s. Follow all the instructions and do all the calculations one time, then submit new W-4s to both employers. Your withholding will probably be wrong if you are using the new form and he is using the old form.

Bees

Level 7

try this tutorial https://www.youtube.com/watch?v=baY3P3R9mjo

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

rjs

Level 15

Use the Tax Withholding Estimator on the IRS web site to figure out what you and your husband should each put on the W-4 forms that you give to your employers. It's much easier than using the worksheets on the form. It will let you adjust your withholding to get the approximate refund amount that you want.

Tax Withholding Estimator

Opus 17

Answer

Level 15

lp69Author

Level 2

Thanks Opus17, that makes sense. If I skipped it, then the consequence would be that next year when I file my 2020 taxes, I will likely owe and have to pay back some money to the IRS right?

Opus 17

Level 15

If you are under-withheld, you make it up when you file, by paying extra tax instead of getting a refund. If you are significantly under-withheld, you can also be charged interest and a penalty for late payment. At the very least, you need to run the IRS calculator to get an estimate of where you stand.