New Form W-4 for 2020 can be challenging!

The new form takes into account a 2nd job, children under 17 (for the possible child tax credit), and children over 17 (for the possible dependent credit).  It also takes into account if your Spouse works as well as any additional income.

The new Form W-4 is divided into 5 steps:

Step 1 is required; this is where you will enter your personal information like name, address, social security number, and filing status.

Step 2 may or may not apply.  If you hold more than one job or your spouse works you will need to use the estimator at www/ to calculate the most accurate withholdings.

Step 3 is the qualifying children under age 17 or other dependents.

Step 4 is where you report additional withholding you may need if you have investments or other sources of income (not a 2nd job) that does not have any withholdings.

Step 5 is where you sign and submit to your employer.

Your tax professional will need you to bring in a current paystub for each job you or your spouse holds.  Additional income with no withholding as well as be able to answer questions about your children you are claiming.  The withholding estimator is a great tool provided by the IRS to ensure you are withholding the correct amount and will not be subject to a penalty.