New York - What Unemployment Benefits Taxable?
JohnC
Earlier in the year my understanding was that New York, unlike the federal
government, was not going to allow the first $2,400 of unemployment
benefits to be tax free and was going to tax me on the entire amount of
the unemployment benefits I received.
(that makes so much sense... give it to me with one hand and take it away
with the other!)
Anyway... now that I have seen the form and instructions for the 2009 New
York income taxes, it appears that NY *WILL* exempt the first $2,400 of
unemployment benefits from taxes just like the federal income taxes did
for 2009.
I see no place on the tax form to add the $2,400 back in for New York
taxes and no mention of it in the list of potential additions. So I
assume they are allowing it.
So, what I am trying to figure out is: Am I happy or not?!
Is this right, or did NY make some kind of mistake on their forms and
forget to put that on there?
Sure looks good!
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bh2os
> I'm happily surprised. �At least I think I am!
>
> Earlier in the year my understanding was that New York, unlike the federal
> government, was not going to allow the first $2,400 of unemployment
> benefits to be tax free and was going to tax me on the entire amount of
> the unemployment benefits I received.
>
> (that makes so much sense... give it to me with one hand and take it away
> with the other!)
>
> Anyway... now that I have seen the form and instructions for the 2009 New
> York income taxes, it appears that NY *WILL* exempt the first $2,400 of
> unemployment benefits from taxes just like the federal income taxes did
> for 2009.
>
> I see no place on the tax form to add the $2,400 back in for New York
> taxes and no mention of it in the list of potential additions. �So I
> assume they are allowing it.
>
> So, what I am trying to figure out is: �Am I happy or not?!
>
> Is this right, or did NY make some kind of mistake on their forms and
> forget to put that on there?
>
> Sure looks good!
>
> -------------------------------------
>
> ##-----------------------------------------------##
> Tax and Accounting Software Forums
> Web and RSS access to your favorite newsgroup -
> misc.taxes.moderated - 24630 messages and counting!
When taxable income is carried over from Fed Forms, the $2400 will
already be in the figure. NO need to do anything more.