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Turbo has released the updates to the tax software to update for the changes in the unemployment exemption and other care act provisions.
But be aware New York so far has not made the 10,200.00 in unemployment insurance not taxable .
So the software will change the federal but not the state ..law makers are still trying to push for making the first 10,200 in unemployment not taxable by our state but so far it is what it is .
Also New York has pushed the due date out to may 17 like the federal
There was no reason why people in NYS should not have had federal and state taxes deducted from UI payments. One of the few states that have option available and it should have been used to avoid the sort of mess people are finding themselves in now.
When you under with hold there are going to be problems on tax day, always.
There was no reason why people in NYS should not have had federal and state taxes deducted from UI payments. One of the few states that have option available and it should have been used to avoid the sort of mess people are finding themselves in now.
When you under with hold there are going to be problems on tax day, always.
I do it so it wasn’t a problem either way . I have them hold the max.
I would just be nice if ny went along with the other states and doing what the fed is doing.
Just checked further, Hawaii isn't waiving UI taxes, and neither (so far) is Iowa. The latter however has bills pending in legislature on matter, but so far nothing seems to have moved.
Thing to remember is federal government can print money all day long. Meanwhile states nearly all are required by their constitutions to have balanced budgets. Forgiving UI bennies where taxed leaves states with a hole that has to be patched.
When I took UE years ago I did not pay tax on it because I already paid tons of tax on my high paying job both before and after with the new one.
There is no reason to pay FEDERAL tax on UE in NYC because most times it's such a pittance you'll get it all back anyway if you're a low wage worker. And if you owe back tax on higher income it won't help you catch up anyway.
There's virtually no reason UE should be taxed at any level. It is unconscionable that you get taxed twice both when you pay in and when you get paid out.
When I took UE years ago I did not pay tax on it because I already paid tons of tax on my high paying job both before and after with the new one.
There is no reason to pay FEDERAL tax on UE in NYC because most times it's such a pittance you'll get it all back anyway if you're a low wage worker. And if you owe back tax on higher income it won't help you catch up anyway.
There's virtually no reason UE should be taxed at any level. It is unconscionable that you get taxed twice both when you pay in and when you get paid out.
All that being said consult a CPA.
However employees in New York Do not pay in to the unemployment fund from their checks ..that is only an employer expense.
No one has taxable money deducted from their check for going in to unemployment.
Maybe you are thinking of fica , but certainly not unemployment
NY makes things so complicated. The amount of questions they asked me I'm like are you f ing serious. I was shocked to owe taxes as I usually am always owed. I have a feeling NY will owe me but if this is a sign of what's to come, it makes me hesitant to do business here. I mean I didn't earn much last year, dont have any stocks no nothing and if NY makes even the simplest s_ complicated...
Question...so the stimulus we got last year...did we somehow get taxed for it afterwards but just did not see it? I didnt get UE and kinda still amazed I could owe money.
Turbo has released the updates to the tax software to update for the changes in the unemployment exemption and other care act provisions.
But be aware New York so far has not made the 10,200.00 in unemployment insurance not taxable .
So the software will change the federal but not the state ..law makers are still trying to push for making the first 10,200 in unemployment not taxable by our state but so far it is what it is .
Also New York has pushed the due date out to may 17 like the federal
Unemployment still subject to NY State (and NYC) taxes. It's only federal taxes get an unemployment benefits exemption for the first $10,200. I think I read somewhere that those who haven't filed yet and have this issue should hold off on filing.
I know someone who is a NYC resident and received NJ unemployment benefits who filed before the new stimulus bill was passed. The IRS took the tax money he was due at that time, hasn't yet refunded the taxes for the first $10,200, hasn't processed his tax return and he hasn't received the $1400 stimulus (which he is eligible according to the income levels in the latest stimulus bill) yet either.
NY makes things so complicated. The amount of questions they asked me I'm like are you f ing serious. I was shocked to owe taxes as I usually am always owed. I have a feeling NY will owe me but if this is a sign of what's to come, it makes me hesitant to do business here. I mean I didn't earn much last year, dont have any stocks no nothing and if NY makes even the simplest s_ complicated...
Question...so the stimulus we got last year...did we somehow get taxed for it afterwards but just did not see it? I didnt get UE and kinda still amazed I could owe money.
No the stimulus was not taxed
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