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IRS releases 2019 draft Form W-4

The IRS released a draft version of the 2019 Form W-4 (Employee’s Withholding Allowance Certificate), and instructions for individual taxpayers to determine their income withholding for 2019.

The federal tax overhaul made significant changes to tax rates, deductions and income tax withholding calculations. The draft issued serves as an attempt to simplify the task of determining income tax withholdings for individual taxpayers as a result of the Tax Cuts and Jobs Act.

The proposed draft also condenses the form to less than two pages, whereas the 2018 Form W-4 and instructions were four pages.

The updated form adds lines for optional reporting by the taxpayer of nonwage income not subject to withholding, itemized deductions and other deductions and credits, and wages of members of the taxpayer’s household that have lower-paying jobs.

Keep in mind that the draft form/instructions are only an initial blueprint and could be revised as the IRS receives feedback.

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