New York mailed out advance payment of the Property Tax Freeze,
Property Tax Relief and STAR Credits to qualified taxpayers. The
Property Tax Freeze Credit amount was based on the amount of increase in
local property taxes on primary residence.
In TurboTax & within State return, in the first box, if you got a check related to the property tax freeze or property tax relief credits. (Do not include any Star Credit received here)
In the second box, if you got a check related to Star credit
Please see this NYS link for information:
https://www.tax.ny.gov/pit/property/property-credits-combined.htm
You
do not need to do anything on your 2016 federal and New York State
income tax returns, unless you meet one of the following conditions.
-
You are a Yonkers resident
Be
sure to answer Yes to the question "Did you receive a property tax
freeze or property tax relief credit?" and enter the total amount
received in the space provided..
This will reduce your Yonkers tax due appropriately.
-
You itemize your deductions
If
you received any of the above credits in calendar year 2016, reduce
your deduction for real estate taxes paid by the amount of all of the
credits.
If you receive a property tax credit in 2017, keep the check stub with your 2017 tax records.
