new york state standard deduction 2022

Rev. Specifically, residents of New York City or Yonkers are subject to additional income taxes: New York City surcharge: A 4.25% (.0425) income tax is deducted from taxable wages Yonkers surcharge: People who work in Yonkers as well as Yonkers residents pay a tax of less than 1%, based on a number of factors (ll) For taxpayers with federal AGI that exceeds $150,000, the taxpayer will pay the greater of state income tax or 3 percent of federal AGI. The Federal Income Tax was established in 1913 with the ratification of the 16th Amendment. Free version available for simple returns only. For all taxpayers with AGI of $20,000 or less and claiming a dependent, the dependent exemption is $1,000. [5] Fann v. Arizona, 493 P.3d 246 (Ariz., 2021). [20] The top rate declined from 5 to 4.75 percent, making it the ninth-lowest top marginal rate among states that levy an individual income tax. In addition, households that receive SNAP and Social Security benefits will see a decrease in their SNAP benefits because of the significant cost of living increase to Social Security benefits that took effect on Jan. 1, 2023. Importantly, S.B. On July 8, 2021, Gov. Standard Deduction: Filer Allowance: $0.00: Dependents Allowance: Are Federal Taxes Deductible? The IRS released the standard deduction amounts for 2022. (Ark., 2021). Although using the standard deduction is easier than itemizing, if you have a mortgage or home equity loan its worth seeing if itemizing would save you money. Our partners compensate us. (Mont, 2021). Impressions from 2022; Challenges; Travel-Hacks; Media. These new rates become effective July 1, 2022. These changes were retroactive to January 1, 2021. DEPENDucator - Dependent On Your Tax Return? lD=bCE F?M1v7Z z 9 The Tax Foundation is the nations leading independent tax policy nonprofit. What is the new standard deduction for 2022? "Frequently Asked Questions," Download "State-by-State Fuel Taxes. The dependent personal exemption is structured as a tax credit and begins to phase out for taxpayers with income exceeding $200,000 (head of household) or $400,000 (married filing jointly). "Information for Retired Persons. Any taxable income exceeding that amount would have been taxed at a rate of 2.98 percent. Tax rates and thresholds are typically reviewed and published annually in the year proceeding the new tax year. Inflation-adjusted bracket widths for 2022 were not available as of publication, so table reflects 2021 inflation-adjusted bracket widths. q~O O>fz,a9=wWE5wF{Z|,btLCZN+;bUGR(zRW-I]uq5=&"c>['MQBMCKQ:At/l8o`oN|.|k\^/6]Db1JGw4,xb Oy]vk!SR} Harriman State Office Campus . How to Calculate 2022 New York State Income Tax by Using State Income Tax Table 1. Which States Are the Most Tax-Friendly for Retirees? Forty-three states levyindividual income taxes. The following are the tax numbers impacting most taxpayers which will be in effect beginning January 1, 2023. On July 1, 2021, Governor Mike DeWine (R) signed H.B. Compare your mortgage interest deduction amount to the standard deduction. No employer shall make any deduction from the wages of an employee, except deductions which: a) are made in accordance with the provisions of any law or any rule or regulation issued . [11] Under the new law, which is retroactive to January 1, 2022, the 5.5 percent bracket was eliminated, and the second-lowest rate was reduced from 3.1 percent to 3.0 percent. You were not required to file a federal return, but your recomputed federal AGI for 2021, plus any New York additions, was more than $4,000 ($3,100 if filing as Single and you can be claimed as a dependent on another person's federal . The announcement of new, inflation-adjusted standard deduction amounts and tax bracket cut-offs for tax year 2023 unveiled last week by the IRS was music to the ears of federal taxpayers desperate for good news on the personal finance front. What is the Oklahoma tax rate for 2022? Instruction how to only prepare a New York state return on eFile.com and then download, print sign and mail it in. She obtained her Ph.D. in accounting with a minor in finance from the University of Texas at Arlington. By louis grand dauphin cause of death. ?2DR 4:Y!jPE2$ek!eGNnBD&C"&&qb,QDbFDH&5%8O+( `RdRLR2( n%"$HClDP*"DDpeWXkhY6 It was nearly doubled for all classes of filers by the 2017Tax Cuts and Jobs Actas an incentive for taxpayers not to itemize deductions when filing their federal income taxes. Sess. (l) Exemption credits phase out for single taxpayers by $6 for each $2,500 of federal AGI above $212,288 and for MFJ filers by $12 for each $2,500 of federal AGI above $424,581. The IRS Announces New Tax Numbers for 2022. The owners of more valuable properties will pay more in taxes than the owner of less valuable properties. Income phaseouts have also been increased until 2025. The legislation also provides a personal income tax credit for New York resident homeowners with incomes of up to $250,000 and whose total property tax exceeds a fixed percentage of their income. New York Income Tax Calculator 2021 If you make $70,000 a year living in the region of New York, USA, you will be taxed $12,312. Standard deductions range from $3,100 to $16,050 in 2021, the tax year for which you'll file in 2022. [21] One of the approved provisions in the budget was a reduction of the second-highest individual income tax rate from 6.27 to 5.3 percent, retroactive to January 1, 2021. (h) Rates apply to individuals earning more than $84,500. Yes - Only if you took the itemized deduction on the federal. In other states, the top rate kicks in at a much higher level of marginal income. JD Supra. However, enough signatures were gathered via petition that voters will now be asked to approve or reject the flat tax via ballot measure (Proposition 307) in the November 2022 election. . As a 501(c)(3) nonprofit, we depend on the generosity of individuals like you. 2022 New York itemized deductions Note: The information in the links below should be used in addition to the 2022 Form IT-196, New York Resident, Nonresident, and Part-Year Resident Itemized Deductions, and its instructions. [21] A.B. Online Assist add-on gets you on-demand tax help. Our partners cannot pay us to guarantee favorable reviews of their products or services. The IRS announced the new tax brackets and standard deduction amounts for the 2022 tax year a few weeks ago, and here are the new rates: Individuals and married couples filing separately are allowed to deduct $12,950. We also provide State Tax Tables for each US State with supporting tax calculators and finance calculators tailored for each state. Under H.B. For taxpayers with more than $100,000 in AGI, the dependent exemption is $300 per dependent. (i) Standard deduction or personal exemption is structured as a tax credit. hko6 Virginia Itemized Deductions An individual income tax (or personal income tax) is levied on the wages, salaries, investments, or other forms of income an individual or household earns. TurboTax Live packages offer review with a tax expert. Sess. The law was passed as a SALT deduction cap workaround.[7]. N9fu=W!0& (v) Additionally, Hawaii allows any taxpayer, other than a corporation, acting as a business entity in more than one state and required by law to file a return, to report and pay a tax of 0.5 percent of its annual gross sales (1) where the taxpayers only activities in Hawaii consist of sales, (2) when the taxpayer does not own or rent real estate or tangible personal property, and (3) when the taxpayers annual gross sales in or into Hawaii do not exceed $100,000. (Idaho, 2022). 46 0 obj <> endobj She is a member of the American Accounting Association and New York State Society of Certified Public Accountants. See our picks for the year's best tax software. New York income tax return information and other related features (e.g. 593, 2021 Gen. All financial products, shopping products and services are presented without warranty. Oklahoma implemented numerous changes to the individual income tax in 2022 including an across-the-board rate reduction of 0.25 percent. 105, 2021 Gen. Qualified homeowners will be able to claim this new property tax relief credit for taxable years 2021, 2022 and 2023. What is the extra deduction for over 65? (ff) Montana filers standard deduction is 20 percent of AGI. These rates are the result of legislation passed and sent to the governor in April 2021. ~LgN/a0!pH~`20qfRD) =%"& JFMZLB#x!(,CP2EwT(4F {2,x:"FebU,Jqh .K1%~GoE2J,Jb2qcAr`mqL;/EH6yt1$F/UNL eIE MkCYMYrzz4.{Q3>]]? [3] S.B. For taxable years beginning after nineteen hundred ninety-six, the New York standard deduction of a resident individual who is not married nor the head of a household nor a surviving spouse nor an individual who is claimed as a dependent by another New York state taxpayer shall be seven thousand five . When evaluating offers, please review the financial institutions Terms and Conditions. ", New York State Department of Taxation and Finance. (aa) Maines personal exemption begins to phase out for taxpayers with income exceeding $279,500 (single filers) or $335,400 (MFJ) (2021 inflation adjustments). [19] Paul Williams, Ohio Enacts Budget With $1.6B Tax Cuts, Teleworker Refunds, Law360, July 1, 2021,https://www.law360.com/tax-authority/articles/1399539/ohio-enacts-budget-with-1-6b-tax-cuts-teleworker-refunds-. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Skipped Showers, Paper Plates: An Arizona Suburb's Water Is Cut Off. Because many states use the federal tax code as the starting point for their own standard deduction and personal exemption calculations, some states that previously coupled to these provisions in the federal tax code have updated their conformity statutes in recent years to either adopt federal changes, retain their previous deduction and exemption amounts, or retain their own separate system but increase the state-provided deduction or exemption amounts. [20] H.B. It increases to $92,000 for 2022. Or, when done editing or signing, create a free DocuClix account - click the green Sign Up button - and store your PDF files securely. ", New York Department of Taxation and Finance. Sess. This page contains references to specific New York tax tables, allowances and thresholds with links to supporting New York tax calculators and New York Salary calculator tools. The minimum and maximum standard deduction amounts are adjusted annually for inflation. 4.1 - New York Standard Deduction Unlike many other states, New York has no standard deduction. The standard deduction reduces the amount of income you have to pay taxes on. [1] U.S. Census Bureau, 2020 State Government Tax Tables, Fiscal Year 2020, https://www.census.gov/data/tables/2020/econ/stc/2020-annual.html. These taxes are paid to local governments such as counties, cities, and school districts. (oo) Taxpayers with net income greater than or equal to $84,501 but not greater than $90,600 shall reduce the amount of tax due by deducting a bracket adjustment amount. We believe everyone should be able to make financial decisions with confidence. Payroll taxes aresocial insurance taxes that comprise 24.8percent of combined federal, state, and local government revenue, the second largest source of that combined tax revenue. The Magnolia State now effectively exempts the first $5,000 of taxable income while assessing a 4 percent tax on the next $5,000 and a 5 percent tax on all taxable income above $5,000. States With the Highest Estate and Inheritance Taxes, Claiming the State and Local Income Tax Deduction on Federal Taxes. 159, enacted on May 6, 2021, Montanas top marginal individual income tax rate was reduced from 6.9 to 6.75 percent on January 1, 2022. The New York Head of Household filing status tax brackets are shown in the table below. The tax rate then increases incrementally based on income. ", New York State Department of Taxation and Finance. Finally, under provisions of H.B. "2021 Standard Deductions. Therefore, policymakers enacted S.B. Or, click the blue Download/Share button to either download or share the PDF via DocuX. Any such amount of Connecticut taxable income to which, as provided in the preceding sentence, the 3 percent tax rate does not apply shall be an amount to which the 5 percent tax rate shall apply. In addition, the standard deduction will rise to $13,850 for single filers for the 2023 tax year, from $12,950 the previous year. Many or all of the products featured here are from our partners who compensate us. State law allows localities to grant property tax exemptions to senior citizens, veterans, or people with documented disabilities. Single (and can be claimed as a dependent on another taxpayer's federal return) $3,100. The IRS standard deduction for 2018 is $24,000 for married couples and $12,000 for singles or married couples filing separately. Excise taxesare commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and typically make up a relatively small and volatile portion of state and local and, to a lesser extent, federal tax collections. 0 New York state income tax brackets and income tax rates depend on taxable income and filing. (qq) Taxpayers also receive an additional deduction of $1,050 for each standard deduction box checked on federal Form 1040. However, implementation of that law has been suspended pending the outcome of Prop. MORE: Ready to file? For example, the top rate kicks in at $1 million or more in California (when the millionaires tax surcharge is included), as well as in New Jersey, New York, and the District of Columbia. However, under the TCJA, taxpayers can deduct a maximum of $10,000 from the total of their state and local income taxes and their property taxes. Building 12, Albany, NY 12240. A marriage penalty is when a households overall tax bill increases due to a couple marrying and filing taxes jointly. October 25, 2022. Filing Status and Tax Bracket Calculation Overview. The 5.97 percent marginal rate on income between $21,400 and $80,650 was eliminated. Here is a list of our partners and here's how we make money. , the IRS lets you take the standard deduction on a no-questions-asked basis. Discover the 10 tax breaks that you have been missing out on as a New York City homeowner. [11] H.B. (ii) The personal exemption credit is not allowed if federal AGI exceeds $100,000 for single filers or $200,000 for MFJ. If you would like additional elements added to our tools, please contact us. Katherine Loughead is a Senior Policy Analyst with the Center for State Tax Policy at the Tax Foundation. Registered eFiler: Sign in, AskIT [4] Howard Fischer, Court Rules Prop 208 Surcharge Can Stay For Now, Arizona Capitol Times, Aug. 19, 2021, https://www.azcapitoltimes.com/news/2021/08/1t9/court-rules-prop-208-surcharge-can-stay-for-now/. (p) Colorado, North Dakota, and South Carolina include the federal standard deduction in their income starting point. Yes, I'd Like To Start Free The standard deduction amount for 2022 for an individual who may be claimed as a dependent (including "kiddies") by another taxpayer cannot exceed the greater of $1,150 or the sum of $400 and. There are also reductions if your AGI is over $100,000. Deductions from wages. . The federal Tax Cuts and Jobs Act of 2017 (TCJA) increased the standard deduction (set at $12,950 for single filers and $25,900 for joint filers in 2022) while suspending the personal exemption by reducing it to $0 through 2025. Sess. As part of the FY 2022 Enacted Budget Bill, New Yorks top marginal rate for individual income taxation increased from 8.2 percent to 10.9 percent. Lei Han, Ph.D., is an associate professor of accounting at Niagara University in Western New York and a New York state-licensed CPA. Standard Deduction. The standard deduction is a specific dollar amount that reduces your taxable income. The $300 deduction individuals could take ($600 for married couples), wasn't available for tax year 2022 and could result in a small increase in tax bills. Additionally, each single taxpayer whose Connecticut AGI exceeds $200,000 shall pay an amount equal to $90 for each $5,000, or fraction thereof, by which the taxpayers Connecticut AGI exceeds $200,000 but is less than $500,000, and by an additional $50 for each $5,000, or fraction thereof, by which the taxpayers AGI exceeds $500,000, up to a maximum payment of $3,150. Government pensions and pensions from certain government authorities, including Social Security, are exempt from income tax in New York. For Federal or IRS back taxes access the tax forms here. Line 2 - To determine your standard deduction, use the table below: If you itemize your deductions, see the instructions for Form IT-196, New York Resident, Nonresident, and PartYear Resident Itemized Deductions. CAREucator - Child, Dependent Care Credit. New York State Department of Taxation and Finance. Detailed Information about New York state income tax brackets and rates, standard deduction information, and tax forms by tax year etc. [12] See Louisiana Secretary of State, Statement of Proposed Constitutional Amendments October 9, 2021, https://www.sos.la.gov/ElectionsAndVoting/PublishedDocuments/ProposedConstitutionalAmendments2021Summaries.pdf. The 10.90% rate is an increase from 8.82%. Brackets are adjusted annually for inflation, but 2022 inflation adjustments were not available as of publication. For the 2022 tax year, the standard deduction amounts are as follows: If you're at least 65 years old or blind, you can claim an additional standard deduction of $1,400 in 2022 ($1,750 if. While the change is retroactive to January 1, 2021, New Yorks individual income tax increase is notable as one of only two individual income tax rate increases implemented in the last year. You can complete and sign the forms here on eFile.com before you mail them to the NY Tax Agency. If you moved before the tax changes went into effect in 2018, your moving expenses may still be tax deductible if you meet the distance and time requirements. Prepare and e-File your 2022 New York State Income Taxes here on eFile.com together with your Federal Income Tax Return. Standard deduction amount. by Peter Warren. Page 1. (mm) The standard deduction begins to phase out at $16,989 in income for single filers and $24,519 in income for joint filers. "Property Tax Exemptions. [2] See Jared Walczak, Inflation Adjusting State Tax Codes: A Primer, Tax Foundation, Oct. 29, 2019,https://www.taxfoundation.org/inflation-adjusting-state-tax-codes/. below. In some states, a large number of brackets are clustered within a narrow income band. Stat. Deductions from Wages . (bb) The standard deduction is 15 percent of income with a minimum of $1,550 and a cap of $2,350 for single filers and married filing separately filers. 98 0 obj <>stream Your average tax rate is 11.98% and your marginal tax rate. The New York State Tax Tables for 2021 displayed on this page are provided in support of the 2021 US Tax Calculator and the dedicated 2021 New York State Tax Calculator. PENALTYucator - Late Filing, Payment Penalties? In New York, an additional top rate for income exceeding $25 million was enacted during the 2021 legislative session. (q) Connecticut has a complex set of phaseout provisions. The standard deduction is a specific dollar amount that reduces your taxable income. Which States Tax Social Security Benefits? At 6.27 percent, Wisconsins penultimate individual income tax rate was higher than thetopmarginal rates in 23 states that levy an individual income tax. The New York State Tax Tables for 2022 displayed on this page are provided in support of the 2022 US Tax Calculator and the dedicated 2022 New York State Tax Calculator. (j) Connecticut and New York have tax benefit recapture, by which many high-income taxpayers pay their top tax rate on all income, not just on amounts above the benefit threshold. Individual income taxes are a major source of state government revenue, accounting for 36 percent of state tax collections. Taking the standard deduction means you can't deduct home mortgage interest or take, medical expenses or charitable donations, for example. Those with taxable income over $500,000 but not over $1 million will pay $42,775 plus 9.75 percent of the excess over $500,000. Map: How High are Individual Income Tax Rates in Your State? In California, Colorado, Kansas, New Jersey, Oregon, and West Virginia, some jurisdictions have payroll taxes, flat-rate wage taxes, or interest and dividend income taxes. Listen to article. 235-51 (2015). ", New York State Department of Taxation and Finance. prepare and amend a New York Income Tax Return. After the tables, we document notable individual income tax changes implemented in 2022. Enacted via the Fiscal Year 2022 Budget Support Act of 2021, the District increased the number of tax brackets from six to seven and altered many of the thresholds. So how do we make money? KS DOR Individual Instructions. These rates became effective in 2021. New York is continuing to phase in a reduction to its fifth and sixth marginal individual income tax rates. [10] The standard deduction for joint filers increased from $6,000 to $7,100. (e) Standard deduction and/or personal exemption is adjusted annually for inflation. ", New York State Department of Taxation and Finance. . If you took the standard deduction on the federal, you MUST take the standard deduction in your state return. For your 2021 taxes, which you'll file in 2022, you can only itemize when your individual deductions are worth more than the 2021 standard deduction of $12,550 for single filers, $25,100 for joint filers, and $18,800 for heads of household. (But if you itemize, you should hang onto records supporting your deductions in case the IRS decides to audit you.). New York's sales tax is 4%, plus up to 8.8% that can be added by municipalities. A marriage penaltytypically occurs when two individuals with similar incomes marry; this is true for both high- and low-income couples. Itemized deductions are basically expenses allowed by the IRS that can decrease your taxable income. Property taxes, state income taxes or sales taxes, and charitable donations can be deductible, too, if you itemize. The highest rate of 10.90% is applicable to incomes exceeding$25 million for taxpayers who file as single, head of household, or married filing jointly. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. A few states with income tax allow deductions for moving expenses, including New York and California. Some states double their single filer bracket widths for married filers to avoid imposing a marriage penalty. Some states index tax brackets, exemptions, and deductions for inflation, while many others do not. endstream endobj 47 0 obj <>>> endobj 48 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 49 0 obj <>stream The state has its own version of the earned income credit. W-4 Adjust - Create A W-4 Tax Return based, 2022 New York State Income Taxes here on eFile.com, New York Tax Deadlines, Extension, Penalties, New York Tax Returns or how to prepare an Extension and/or previous Year Tax Returns, how to only Prepare and Download - not eFile - State Returns. Why? Comparing Recent Changes to the Standard Deduction Assy., Second Spec. Properties of equal value in the same community should pay the same amount in property taxes without accounting for exemptions. Kansas, for example, is one of several states imposing a three-bracket income tax system. They'll remain in place through tax year 2027. Prior to 2018, standard deductions ranged from $6,500 for single filers to $13,000 for married joint filers. Pre-qualified offers are not binding. As with federal income taxes, New York State residents may take a standard deduction for themselves, as well as for a spouse if filing taxes jointly. Section 193 of the New York State Labor Law 193. Income tax rates range from 4% to 10.90% as of 2022, increasing with the more you earn. Sess. States approaches to income taxes vary in other details as well. Itemized deductions are basically expenses allowed by the IRS that can decrease your taxable income. hb```ejB cc`a8+nx8O)w6nTCBS[\'^b|UU8Dri;(578e*,(290I AWJD:::U:@! Certain itemized deductions (including property tax, qualified charitable contributions, etc) may be allowed depending on the income level and filing type of the taxpayer. The remaining rates were each reduced by 0.125 percentage points, except for the second-lowest rate, which was reduced by 0.025 percentage points. 2022 Standard Deduction Amounts For 2022 federal income tax returns, which will be due April 18, 2023, the standard deduction amounts are as follows: If you're at least 65 years old or. g@1 h RR "n IgbE/X2 3f6``y3 The law consolidated the states previous five individual income tax brackets into four and reduced each of the rates retroactive to January 1, 2021. "STAR Eligibility. property tax exemptions to senior citizens, Taxes Are Going Up: Highlights From the NYS 2021-2022 Budget, College Tuition Credit or Itemized Deduction, Instructions for Form ET-706 New York State Estate Tax Return, Quick Reference Guide for Taxable and Exempt Property and Services, Single and you're someone else's dependent on a federal return: $3,100. The Inflation Tax Paid by New York State Filers. Prepare previous year New York state tax returns. This tax provision was renewed in 2019. Check the 2022 New York state tax rate and the rules to calculate state income tax 5. The maximum is the same for both single taxpayers and those married filing jointly. Federal omnibus deal has big implications for New York Medicaid . Timothy Vermeer, Katherine Loughead. If your standard deduction is more than your itemized deductions, it might be worth it to take the standard and save some time. The state's sales tax has been set at 4% since June 1, 2005, but local municipalities can add up to 8.88%. As of this writing, no such resolution has been adopted, so the top marginal individual income tax rate remains at 5.75 percent. 3 Note Note: *Applies to interest and dividends income only. 3. Under provisions of North Carolinas biennial budget bill signed by Governor Roy Cooper (D) on November 18, 2021, the states flat income tax rate was reduced to 4.99 percent on January 1, 2022. Use the numbers you find on IRS Form 1098, the Mortgage Interest Statement (you typically get this from your mortgage company at the end of the year). The state's standard deductions are less than those at the federal level. This calculation is done on New York Form IT-196. Even if you have no other qualifying deductions or tax credits, the IRS lets you take the standard deduction on a no-questions-asked basis. Louisianas individual income tax looks significantly different than it did in 2021. Top marginal rates range from North Dakotas 2.9 percent to Californias 13.3 percent. For the 2022 tax year, the standard deduction is $25,900 for joint filers, $19,400 for heads of household, and . tax extension, amendment, etc.) (m) Rates include the additional mental health services tax at the rate of 1 percent on taxable income in excess of $1 million. You must include the value of certain gifts made during your lifetime in the value of your estate, but there are exceptions for gifts made prior to April 1, 2014, or between January 1 and January 15, 2019, or when the giver was a nonresident. 436, 66th Leg., Second Reg. The standard deduction is a minimum of $3,100 and capped at $4,700 for MFJ filers, head of household filers, and qualifying widows/ widowers. The IRS also announced that the standard deduction for 2022 was increased to the following: Married couples filing jointly: $25,900 Single taxpayers and married individuals filing separately:. The income level at which the first tax rate kicks in is also increased from $22,150 to $25,000, providing targeted tax relief at the lower end of the income spectrum.[19]. Our opinions are our own. Your selected PDF file will load into the DocuClix PDF-Editor. Information Medical and dental expenses Taxes you paid Interest you paid Gifts to charity Casualty and theft losses (La, 2021). Of those states taxing wages, nine have single-rate tax structures, with one rate applying to alltaxable income. We also provide State Tax Tables for each US State with supporting tax calculators and finance calculators tailored for each state. ", New York State Department of Taxation and Finance. Even if you end up taking the standard deduction, at least youll know youre coming out ahead. When evaluating offers, please review the financial institutions Terms and Conditions. If someone can claim you as a dependent, you get a smaller standard deduction. Promotion: NerdWallet users can save up to $15 on TurboTax. Inflation-adjusted amounts for tax year 2022 are shown. IT is Income Taxes. As of the 2021 tax year (the return you'll file in 2022) they were: Most federal itemized deductions are allowed on New York returns. Press; Contact. Standard Deduction 2020. New York state income tax rate table for the 2020 - 2021 filing season has eight income tax brackets with NY tax rates of 4%, 4.5%, 5.25%, 5.9%, 6.09%, 6.41%, 6.85% and 8.82% for Single, Married Filing Jointly, Married Filing Separately, and Head of Household statuses. Beginning with your 2022 income taxes (returns due in 2023), the standard deduction will increase to: This increase depends on Virginia hitting certain revenue targets.