New 2023 Federal Form W-4
A new federal W-4 form for 2023 is now available. Unlike the big W-4 form shakeup of 2020, there are not significant changes to the new form for 2023.
You do not have to fill out the new W-4 form if you already have one on file with your employer. You also don't have to fill out a new W-4 every year.
However, if you start a new job, or want to adjust your withholdings at your existing job, you'll probably need to fill out a new W-4.
For 2023 there is a new tax table regarding how to claim dependents. To avoid paying more in federal taxes for 2023, an employee may want to consider completing the new 2023 Federal W4 form since the tax tables are no longer updated.
Additionally, major events such as divorce, marriage, new dependents, or side gigs, can also trigger a change in tax liability, so it's also a good idea to review your withholdings and W-4 as life changes.
Source: Patriot Software
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