Announcement, January 6, 2020
Effective January 1, 2020, the Form W-4 Employee’s Withholding Certificate for federal withholdings no longer has the option of allowances.
The 2020 form IT-2104 Employee’s Withholding Allowance Certificate for state and city withholdings still provides for allowances.
Learn more about the Form W-4 changes on the IRS website.
Perform a quick Paycheck Checkup using the IRS withholding calculator and the IRS Publication 505, Tax Withholding and Estimated Tax (PDF).
Your withholdings should be adjusted in such a way that neither you nor the taxing authority owe each other a balance at the end of the tax year. We encourage you to do this through the paycheck checkup using the IRS Tax Withholding Estimator and the IRS Publication 505, Tax Withholding and Estimated Tax (PDF).
Additionally, withholding certificates include the option of having more money withheld from your pay to reduce the amount of taxes you'll owe at the end of the year.