The IRS is changing how you pay your taxes...again. Coming soon, there will be a new W-4 form that drastically changes the entire process. The goal is for taxpayers not to owe any money, but also for there to be no money owed to taxpayers. It's a way to call it even each and every year.
Officials say the new form will be more complicated, but will still resemble a 10-40. Instead of claiming a certain number of deductions and allowances, taxpayers will be asked to input the dollar amounts for income, itemized deductions and credits.
The IRS will ask for public comments and revise the form in time for the 2020 tax season. The final version of the new W-4 will be released by the end of this year, just in time for the 2020 tax season.
Source: Channel 8