Expecting $6K NY state tax refund for 2022 - How do I adjust withholding to reduce my refund?

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Aguilar
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Joined: Fri Jan 24, 2020 10:01 pm

Expecting $6K NY state tax refund for 2022 - How do I adjust withholding to reduce my refund?

Post by Aguilar »

I'm expecting a very large NY state tax refund this year of over $6k. I'd like to offset this by adjusting my tax withholdings for my new job, which I just started.

I'm filling out an IT-2104 for NY and it asks for filing status. To have less $ withheld upfront, should I choose Married? My tax filing status is married filing separately (I'm in the process of a divorce).

I played around with a paycheck calc to see how different allowances would affect my withholding. On the extreme end, if I elect 9 allowances, it barely reduces my tax withholding per paycheck compared to 0 allowances. Increasing my allowances is not going to reduce the refund by more than $500.

Are there any other levers I can adjust to offset this big refund I'm expecting?
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