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Get your taxes done using TurboTax
New York State has decided to decouple from the Federal Tax Cuts and Jobs Act (TCJA) and stay with the rules that existed prior to the 2018 tax year. Here is a link with more discussion on the differences in NY and Federal tax changes.
"You will be allowed to itemize your deductions for New York State income tax purposes even if you choose not to itemize on your federal income tax return. Therefore, you can still deduct, as itemized deductions, the following items which are either limited or not deductible for federal tax purposes:
- Total of your state and local real estate taxes paid that exceed the $10,000 federal limit.
- Casualty and theft losses are only deductible if they occur in a federally declared disaster area. New York State will allow them regardless of where they occur.
- Miscellaneous deductions that are no longer allowed for federal purposes remain deductible by New York State. They are limited to two percent of your federal adjusted gross income consisting of un-reimbursed employee business expenses, job related education expenses, tax preparation fees, investment expenses, and union dues."
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‎February 11, 2020
5:27 AM
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