|The new W4 applies to any newly added employee on or after January 1, 2020 or any employee that makes changes to their W4 on or after January 1, 2020.|
Specific questions can be directed to the IRS website: https://www.irs.gov/newsroom/faqs-on-the-2020-form-w-4
The steps below assist in what values on the new W4 apply to what fields on the 001 federal record. The highlighted fields indicate what values may need something entered (based the employee's completed W4).
1. First check the box to 'Use New W-4' field.
2. Based on the box checked in 1c, enter the coordinating filing status in the 'Filing Status' field.
Single or Married filing seperately = Single or Married Filing Separtely
Married filing jointly = Married Filing Jointly or Qualifying Widow(er)
Head of household = Head of Household
3. Based on the box in Step 2c, enter Y or N in the 'Two Like Jobs' field.
Box in 2c is checked = Check the 'Two Like Jobs' box
Box in 2c is not checked = Do not check the 'Two Like Jobs' box
4. Based on the value in Step 3, enter that amount in the 'Annual Dependent Amount' field.
5. Based on the value in Step 4a, enter that amount in 'Annual Other Income' field.
6. Based on the value in Step 4b, enter that amount in the 'Annual Deduction Amount' field.
7. Based on the value in Step 4c, enter that amount in the 'Additional With Holding' field.