Updating your W4
Due to the federal tax law changes that took place in 2018, the new 2020 Form W-4, Employee's Withholding Certificate, is different from previous versions and the Internal Revenue Service (IRS) has updated the tax brackets. The IRS is not requiring all employees to complete the revised form and has designed the withholding tables so that they will work with both the new and prior year forms. However, those hired in 2020 and anyone who makes withholding changes during 2020 will be required to use the new form.
We encourage you to go to the following link to learn more information: https://www.irs.gov/forms-pubs/about-form-w-4
This link will provide access to the new W-4 form, FAQs on the W-4, and the IRS Tax Estimator. You should take the time to use the Tax Estimator to verify that you have enough taxes withheld during the year.
The state of Minnesota did not follow the federal changes and continues to give the employees the option to enter withholding allowances.
Even though the IRS does not require all employees to complete the revised form and even if your tax situation has not changed, you may want to perform a "paycheck checkup" to see if you need to make adjustments to your current withholding.