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Returning Member
posted Apr 11, 2025 10:06:18 AM

New York City MCTMT Factored in on "Local Taxes"?

Hi All,

For those that are self employed and must pay estimated taxes & MCTMT how do you handle the below sections?

 

Estimates:

Local estimated taxes for 2024: Do we exclude MCTMT payments here and only input New York City payments?

 

 

 

 

 

 

 

How much of your 2023 estimated local taxes did you pay in 2024?:

Do we exclude MCTMT estimated payments here as well and only include NYC estimated payments?

 

 

 

Other Income Taxes:

For those with a balance due on your 2023 state taxes paid in 2024:

  1. For "state taxes" do we input the full amount that was owed since it does not separate NYS and NYC?
  2. Also, then what is listed for the "local taxes" then since the NYC is already combined in with the state? Would we put MCTMT balance due here or leave it at zero?

 

 

 

 

 

 

Thanks everyone!

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1 Replies
Expert Alumni
Apr 16, 2025 11:35:22 AM

Did you make estimated payments for local NYC tax that included MCTMT payments, or are they paid separately?  If paid separately, don't include them.  If paid together, it depends.

 

Do you want the deduction on Schedule A, or as an expense your Schedule C?  Both ways are acceptable; you could test which is better for your overall situation.

 

Here's more detailed discussion on MCTMT Taxes.

 

@estey511