Changes to IRS Form W-4
Changes to IRS Form W-4, Employee’s Withholding Certificate, effective 1/1/20
The IRS has made significant changes to the 2020 Form W-4, Employee’s Withholding Certificate, as a result of federal tax law changes that took place in 2018. You are not required to make any changes to your withholding, but please note, if you do not make a change, your net pay in 2020 could be impacted, particularly if you currently claim any number of personal allowances.
Management of the University cannot provide advice on completion or modification of this form. However, we do recommend you perform a “paycheck checkup” to see if you need to make adjustments to your current withholding.
The following steps may be helpful:
- Review your current withholding on the Employee tab in Banner Self Service, either on your “Pay Stub” or under “Tax Forms”. This is the starting point for your 2020 withholding.
- Review the new 2020 Form W-4, as released by the IRS: https://www.irs.gov/pub/irs-pdf/fw4.pdf
- Refer to the IRS Frequently Asked Questions concerning the 2020 W-4: https://www.irs.gov/newsroom/faqs-on-the-2020-form-w-4
- Run the IRS’s Tax Withholding Estimator (available in January): https://www.irs.gov/individuals/tax-withholding-estimator
Any change to your 2020 withholding must be made directly in Banner Self Service, Employee tab, Tax Forms, W-4, which will be available after the New Year.
If you do not make any changes in Banner Self Service, withholding will continue based on your current submission, with adjustments to accommodate the new W-4 regulations.