October 22, 2020

W-4 reminder for university employees

University employees hired in 2020 and anyone making tax withholding changes this year are now required to use a 2020 Form W-4 Employee’s Withholding Certificate, which is different from previous versions. The new form reflects federal tax law changes that took place in 2018, and it is available on the Payroll website. 

While the IRS doesn't require all employees to complete the new Form W-4, Human Resources-Payroll recommends that employees perform a “paycheck checkup” to determine if your current withholding needs adjustment. Use the IRS’s Tax Withholding Estimator to conduct the checkup. It is helpful to have a copy of your most recent paystub and tax return to effectively use the estimator. The IRS also has answers to frequently asked questions that you may find helpful in completing the form. 

Employees do not have to complete a form if they do not want to make changes. For employees who want to make changes and complete a new form, Payroll will enter the new form before the next payroll runs, if the form is received at least five days before the applicable payroll run. 

If you have questions about completing the form after reviewing the IRS instructions, contact a tax professional. Payroll staff are not tax experts and are not able to provide advice on personal tax matters.