HI there-
I just filled out my Turbotax filings, and am owed Federal taxes, but owe $5k in State Income tax to NY.
A bit frazzled. I was unemployed in 2020 due to pandemic, and only started my new job in March 2021 and obviously my income shot up significantly from 2020. How might this be?
Thanks!
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New York State unemployment insurance benefits and any of the special unemployment compensation authorized under the Coronavirus Relief Act are considered taxable income.
If you didn't have any taxes withheld that might be the reason why you have a large tax bill.
NY Department of Taxation and Finance
review your state entries and return. it's easy to misplace a decimal point or digit.
So odd -- I did have them withheld...
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