New York City Tax Filing: Answers to the Most Important Questions
'08.04.2021'
Lyudmila Balabay
The COVID-19 pandemic has profoundly changed the daily lives of New Yorkers. Of course, taxation has also been affected by the impact of the coronavirus. What you need to know when filing your tax return in New York in 2021, the publication told Lohud.
Answers to the most important questions about filing tax returns in New York
Deadlines for paying federal and state taxes in New York
The US Internal Revenue Service (IRS) in March moved the federal income tax deadline from April 15 to May 17. New York soon followed the federal lead and also pushed the tax deadline to May 17.
The state Department of Taxation and Finance said tax payments will not be subject to penalties or interest until May 17. If payment comes after that, then the taxpayer faces a fine.
Individuals who are unable to file a state tax return by May 17 can request an extension by October 15.
Unemployment benefits and taxes in New York
Unemployment benefits received in 2020 are taxable in New York State.
Taxpayers with an adjusted gross income of less than $ 150 will not pay federal income tax on the first $ 000 of unemployment benefits received in 10. But this does not apply to state taxes.
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However, individuals who fill out Form 1040-NR (Nonresident Alien Income Tax Return) will not be eligible for a federal tax credit.
What if I received unemployment benefits but filed my 2020 tax return before the $ 10 tax credit decision was made
Taxpayers do not need to file an adjusted tax return to qualify for this tax credit. The IRS will automatically process refunds for those who have already filed returns.
The full IRS guide on this subject can be seen here.
How to know if you owe unemployment benefits taxes
The first step to figuring out if you owe something to the state or the federal government with unemployment benefits is to find your Form 1099-G.
New Yorkers can find their 1099-G form on State Department of Labor website For more information, see Unemployment Services. Clicking on Get your 1099-G will automatically start downloading the form.
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New Yorkers can also request paper copies of the form by calling the State Department of Labor at 888-209-8124.
What to do if you are not eligible for COVID-19 financial assistance
Taxpayers who are eligible for Round 19 and Round XNUMX of Financial Assistance for COVID-XNUMX can apply for a tax credit if they have not received checks or received a partial payment.
To apply for this loan, an individual must file a tax return for 2020, even if they are not required to do so under the rules (due to low income or other reasons that would exempt them from filing a tax return).
More information on this can be found here.
