IRS plans a new withholding form

The IRS this week released a draft of its new tax-withholding form, said Darla Mercado in CNBC.com. The new W-4 form, which the IRS expects to start using in 2020, “looks for greater specificity” in the total amount of allowances you’re claiming, asking for details such as multiple jobs within your household. “An additional section calls for taxpayers to claim their dependents” and provide details of “other income that didn’t have taxes withheld up front, including interest, dividends, and retirement income.” The IRS is currently taking comments on the proposed form from the public. This past year was the first time that filers submitted returns under the new tax law, and the average refund check went down from $2,778 last year to $2,729.