Changes To 2020 Tax Withholdings
The IRS released a revised Form W-4 for the 2020 tax year. This allows employees or retirees to more accurately estimate the amount of taxes to withhold from their income.
The IRS released a revised Form W-4 for the 2020 tax year. The form has been redesigned to align better with the Tax Cuts and Jobs Act. This allows employees or retirees to more accurately estimate the amount of taxes to withhold from their income. Sacramento County, and SCERS have implemented the required changes into its payroll systems. In turn, SCERS has revised its Tax Withholding Form for retirees to reflect these changes.
It is not required that you update your tax withholding preferences at this time; however, any tax withholding changes effective January 1, 2020 or later must be completed using the revised SCERS Tax Withholding Form. You will find this form on our website, www.scers.org. There are significant changes to the federal withholding methodology. SCERS highly recommends you review them at www.irs.gov. Please refer to the URL’s below for additional information:
IRS FAQS: https://www.irs.gov/newsroom/faqs-on-the-draft-2020-form-w-4
Online Calculator: https://www.irs.gov/individuals/tax-withholding-estimator
Updated SCERS Tax Withholding Form:
Tax Withholding Form