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Owe too much in taxes? Here’s how to tackle the new W-4 tax form

The idea of cranking out yet another form after filing your income tax return sounds as soul-crushing as, oh, maybe clearing out all those boxes filled with who knows what from the basement. 

Take time to fill out a new W-4 for 2020? Sure, let me do the laundry first. 

One reason you might be looking at a much smaller tax refund – or owe far more money than you’d imagine – is that you didn’t earmark enough cash out of each paycheck toward your taxes. If you need to change your withholding, you need to complete a new W-4 form. 

The Tax Cuts and Jobs Act of 2017 put a slew of new tax rules into place beginning in 2018 and altered the tax picture for many families. The tax withholding tables that went into place in early 2018 put more money in paychecks throughout the year by reflecting the new lower tax rates. But the withholding tables alone do not reflect an individual’s or a couple’s specific tax liabilities. 

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