Tax refund in New York

Do I need to file a New York state tax return?

Tax refund in New York applies if state income taxes were withheld from your payment and/or if you applied for tax credits to which you are owed a state refund, you must submit a New York state return to recover your money.

Residents in New York State: must file state taxes in NY IF

• You must file a federal tax return. OR
• You do not have to file a federal return, but your federal AGI plus any addition * New York and $ 4,000 ($ 3,100 if a person can claim you as a dependent).

Part-time residents and non-residents of New York State: You must file state taxes in NY IF any of the following conditions are met:

• He earned income from sources / sources in New York, and his gross income has been adjusted for the fiscal year more than his standard deduction in New York
• State income taxes were withheld from your payment and / or if you wish to claim tax credits for which a state refund is due.
• You will report the net operating losses on your New York State personal income tax return, but you will not report a net operating loss for federal income tax purposes.

Residents and part-time residents in New York City and Duners: you need your New York income tax or your income tax surcharge for Yonkers residents to report on your state statement.

• You must submit a statement from the state of New York AND
• He was in New York City or forensics who lived during the fiscal year OR earned income in New York City or forensics.
• You work on your own and earn more than $ 50,000 from a business conducted within the city’s commuter transportation area (MCTD).

 New York income tax

the best marginal rate of income tax in New York is 8.82% the ninth highest in the country, but few taxpayers pay this. The state applies successive taxes (as the federal government does), and higher people pay higher rates. In 2018, only people who earn more than $ 1.08 million pay the highest rate, while the next group pays almost 2% less. Co-filing cabinets have the same rates, with square brackets approximately double that of individual filing cabinets.

New York tax credits

the tax credit reduces your income tax by the total amount of the credit. So if you have $ 5,000 in taxes and qualify for a $ 500 tax credit.  You only have to pay a total of $ 4,500. Many new tax credits are offered in New York State.  Many of which benefit primarily from low-income households. Available credits include the Work Income Tax Credit equivalent to 30% of the federal credit with the same name.  University education credit (this can be presented as a deduction) for a value of up to $ 400. And the child and dependent care credit, which ranges from 20% to 110% of the federal credit with the same name depending on the taxable income of the New York City taxpayer.

New York Sales Tax

With 4%, the New York sales tax rate is higher than just six other states. However, each county in New York charges additional surcharges at that 4% rate. This means depending on where you are that the actual rates.  Could be much higher than in other parts of the country. The following table shows the total state.  And local sales tax rates for each New York County. Please note that the five counties of New York (New York, Kings, Queens, Bronx and Richmond) are subject to the city’s total tax rate of 8,875%.  The highest total rate in the state. This rate includes a 0.375% charge in the city’s suburban transport area.  Which supports the region’s transportation infrastructure.

In addition to an 8,875% rate in New York sales tax rates.  In four other New York cities are different from the county in which they are located. So in Mount Vernon New Rochelle and White Plains, the total rate is 8.375%. The sales tax rate in Yonkers is 8.875%. The rest of Westchester County, which consists of these four cities, has a sales tax of 7.375%. Not all products are subject to sales tax in New York. For example, foods sold in grocery stores (except prepared and / or heated foods) are generally exempt. And in New York City, the purchase of clothing and footwear is also up to $ 110 without taxes sale.

New York Property Tax

Effective rates – taxes as a percentage of real value (excluding estimated value) – less than 1% to 3.5%. It is surprising that the city with the lowest effective property tax rate is New York.  The average value of taxes paid is 0.80% of the value of the property. The reason for this relatively low rate is that the taxable value of most residential properties in New York City.  Is only 6% of the market value.  However, outside of New York City.  Rates are typically between 2% and 3%. Regardless of the city if you are looking to refinance or buy a property in New York with a mortgage.  See our guide to mortgages in New York. We have details of the average mortgage rates. And other mortgage information in the Imperial State Tax refund in New York.