What is usually the main reason why would now ow NY State over 6,500.00, when for over 30 years, we've always received a refund. Is it because of an increase in salary by my spouse (about 7,000 more than last year) ? Or taking over 20,000 from my pension plan (IRA rollover) to for my dog, who last year had a huge amount of medical problems? When taking money from our IRA, taxes are taken out with each disbursement. Nothing else has changed from the previous years. In fact, about 20 years ago, we redid our kitchen and the amount taken from our IRA was greater than last year's, and we still received a state refund. Thanks - I know the question sounds a bit air-headed, but we're shaken up by this.
Hi - I'm not from NY, but there are a couple of reasons fro an increased tax:
- Your federal withholding was reduced (unless you changed it with your employer) because Federal taxes are lower. Your NY withholding might have been reduced, as well, therefore your normal income (+7000) might have put you into a higher tax bracket
- Investments have done well the past couple of years. If you sold anything that made money (stock, real estate, valuables, etc.) you may have some capital gains tax that you might not normally have.
- Also, check the standard deduction -- maybe you'll do better than itemizing (I did, and I always itemize)
- Lastly, it is possible that NY increased taxes again, starting with the city, county, or state???
I hope this helps, at least a little. Good Luck!!
Thank you so much for taking the time to reply. I found the problem, and I don't understand how it possibly occurred. Under New York Subtractions, "Pensions of New York State and Local/Federal Government" was blank, which it should have had my pension amount. I did a side by side of 2018 and found the difference. Something in Federal must have done this, somehow. The difference went from over 6,000 owed to just 600.00 and change owed. So glad I went over the form view with a fine tooth comb.