New W-4 Form Shows Craziness of Tax Program


Simplification Creates Complexity

Do you love getting a big tax refund? You shouldn’t. You paid more than you owed and gave the government an interest-free loan when you could have been putting that money to better use.

Believe it or not, the government agrees. The IRS prefers that you pay the exact amount of taxes that you owe, saving them the effort of dealing with refunds.

In mid-2018, the agency released a draft revision of the 2019 W-4 form designed to help taxpayers estimate withholding given recent tax changes. The current W-4 bases withholding allowances on personal exemptions, which were removed by the Tax Cuts and Jobs Act (TCJA).

Without exemptions as a guide, how do you estimate your tax bill? The draft W-4 included a worksheet that requires standard tax form inputs like non-wage income, estimated deductions/credits, and taxable wages for all lower-payi…

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