Claiming a number hasn’t been a thing for a few years now. Just fill out your W4.
Withholdings aren’t your taxes, just how much is getting withheld towards your taxes. Your taxes are your taxes, regardless of how much you withhold.
Withhold too much, you gave Uncle Sam an interest free loan. Withhold too little, you have to write a big check at tax time.
Your goal should be to do neither, so fill out your W4 accurately.
Your actual tax liability is the same either way.
If you give more money to the government than you owe, you give up the opportunity to earn interest on that money during the year. If you give the government less money than you owe you'll end up paying penalties for underwithholding.
The way you get the most total money in your bank account is to fill out your W-4 and IT-2104 accurately so that you're giving the government the right amount of tax in the first place.
You may find our [Taxes wiki](/r/personalfinance/wiki/taxes) helpful.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
You owe the same taxes regardless.
You should pay the least taxes possible during the year, so you could invest anything extra potentially.
People who think it is cool to get a large refund are mathematically doing the worst thing.
With that said, you could face penalties for not paying taxes during the year.
>Which one would I get more money overall if I make 110K an year? They are going to come out exactly the same in the end.
Allowances haven’t been a thing since 2019 You should actually read the new w4 and fill it out accurately.
What state is this for? There has been no federal allowance for 5 years.
NYS . Employer still has the form.
Claim the correct allowances so you don't owe and don't get a refund. [Instructions here](https://www.tax.ny.gov/forms/current-forms/it/it2104i.htm).
Claiming a number hasn’t been a thing for a few years now. Just fill out your W4. Withholdings aren’t your taxes, just how much is getting withheld towards your taxes. Your taxes are your taxes, regardless of how much you withhold. Withhold too much, you gave Uncle Sam an interest free loan. Withhold too little, you have to write a big check at tax time. Your goal should be to do neither, so fill out your W4 accurately.
Your actual tax liability is the same either way. If you give more money to the government than you owe, you give up the opportunity to earn interest on that money during the year. If you give the government less money than you owe you'll end up paying penalties for underwithholding. The way you get the most total money in your bank account is to fill out your W-4 and IT-2104 accurately so that you're giving the government the right amount of tax in the first place.
You may find our [Taxes wiki](/r/personalfinance/wiki/taxes) helpful. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
You owe the same taxes regardless. You should pay the least taxes possible during the year, so you could invest anything extra potentially. People who think it is cool to get a large refund are mathematically doing the worst thing. With that said, you could face penalties for not paying taxes during the year.