I was using the old version but my accountant said that I needed to have the employees update them. I even asked my accountant how to do it and they didn't know. Crazy

This is still not an answer to the question most of us have.

No. Employees who have furnished Form W-4 in any year before 2020 are not required to furnish a new form merely because of the redesign. Employers will continue to compute withholding based on the information from the employee's most recently furnished Form. Just use the 2020, lol. 

Our accountant didn't know either. She told me to consult with QB....we all see how that is going. They created the program but they don't know how it works.

I must have missed a thread to this, why would you not enter the deductions as is? Quickbooks will figure out the deduction based on your pay schedule via set up when you run payroll..

Because on the new W4 2020 and later the deduction is a dollar amount.

It reads, multiply the number of children by $2,000. So, two kids = $4,000

Then it says, multiply the number of other dependents by $500.00. So, one non working spouse = $500

That gives me a total of $4,500.00. 

The spot to put that dollar amount in QuickBooks under Form 2020 or later looks like this:

"Claim Dependents 0.00" 

^ That doesn't appear to be a spot to enter $4,500.00 to me...so what do we put? 4.5? No one knows. 

It's a whole ridiculous formula, which no one understands. 

Yes just enter 4.500 QB will calculate it as $4500

It then withholds only a few dollars in federal tax. We don't want that either. 

And why can't the people from QB just say that if that is what we are supposed to do!? 

they live in India so they have no idea about QB they are only searching the web for answers...

I'm here to elaborate on some details of what you can do about it, 494.

You'll only have to enter the amount directly on the box. Please see the screenshot below:

Once done, click OK. It should let you enter the amount. However, if you're still having issues entering it, make sure to get the latest tax table update to prevent issues. 

Then verify and rebuild data to locate and fix common issues in a company file. I've added this article for more details: Verify And Rebuild Data In QuickBooks Desktop.

Furthermore, QuickBooks offers selected payroll and employee reports that can help you keep track of your employees. For more information check out this article for additional information:  Customize Payroll And Employee Reports. 

Post your comment below if there's anything else that you want us to help with. As always, the Community is always here to assist your needs. Have a good one!

You are correct 

It all depends on how your employee fill out their W-4. Though the government has changed it to make it as complicated as they possibly can, It really is not different in essence to how it had been. Sometimes people have multiple children and only claim one or none on their W-4, so that it takes out whatever amount of taxes that they prefer, And then they claim the correct amount on their taxes, Part of the government plan is so they are not paying out all of these massively, high tax returns,.. They’re paying out massive returns every year that is a lot of money going out all at once. .. They prefer to have it closer to even. So if you’re employee wants more taken out, then they need to claim less dependence, 

If your accountant didn’t know you need a new accountant.. just saying