New York State Tax Deductions - 2012, 2013
2013 New York Income Tax Deductions
New York income tax deductions are above-the-line expenses that can be deducted from your gross income before you calculate your taxable income.
By carefully choosing your deductions in order to minimize your taxable income, you can ensure that you get the largest possible refund when you file your New York and Federal income taxes.
New York supports many of the same deductions as the IRS does for your federal income tax return. You may be able to reuse many of your Federal income tax deductions, including any itemized deductions from your Federal 1040 Schedule A.
New York may have different rules or cut-offs for certain deductions, so you should still double check to ensure that your deductions are permitted under New York tax law.
For more information about the New York income tax, see the main New York income tax page.
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$7,500.00 |
$15,000.00 |
New York Standard Deduction-
The New York standard deduction is $7,500.00 for individuals and $15,000.00 for married couples filing jointly. The standard deduction may be chosen instead of filing an itemized deduction on your New York tax return.
You should only file an itemized deduction you have enough qualified expenses to receive a larger income tax deduction.
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New York Personal Exemption-
New York has no personal exemption. The Federal Income Tax, however, does allow a personal exemption to be deducted from your gross income if you are resposnible for supporting yourself financially.
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$1,000.00 |
New York Dependent Deduction-
New York has a dependent exemption of $1,000.00. You may claim one dependent examption for each of the children, relatives, or others who live with and are supported by you as described § 152 of the IRC (Internal Revenue Code). Children claimed as dependants must be age 18 or younger, or a student age 23 or younger § 152(c)(3).
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New York Itemized Deductions-
New York supports most of the IRS-approved itemized deductions you can claim on your Federal income tax, but with some New York-specific limitations. Before you attempt to claim any itemized deductions you must verify that it is allowed on your New York tax return, even if you were able to claim it on your Federal return.
A variety of expenses can be itemized as deductions on your New York tax return. Here's a list of some of the most popular itemized deductions.
- IRA Contribution Deduction - You can deduct a limited contribution to your qualifying Individual Retirement Account every year. The deduction limits for 2012 are $5,000 per year for individuals under 50, and $6,000 per year for individuals 50 or over.
- Business Deductions - Qualifying business expenses, business losses, and losses due to theft or depreciation may be itemized and deducted.
- Medical Deductions - You can deduct up to 7.5% of your out-of-pocket medical and dental expenses. Self employed individuals may also deduct premiums for qualifying health insurance plans.
- Property Tax Deduction - Many states allow you to deduct any property tax paid to a county or municipality from your gross income.
- Self-Employment Deductions - If you pay both the employee and the employer's half of the payroll tax, you may deduct the employer's half from your gross income. This deduction generally applies to individuals who are self-employed or small business owners.
- Education and Tuition Deduction - If you paid tuition to an accredited college or university, you can deduct some or all of the tuition and fees you paid. You cannot deduct housing, food, or other secondary expenses, but you may deduct interest accrued on student loans.
- Charitable Donations - Donations to qualifying charities or nonprofit organizations are 100% tax deductible, up to 50% of your gross income.
- Mortgage Interest Deduction - If you have a mortgage on a first or second home, you may deduct mortgage interest paid as defined in 26 U.S.C. § 163(h).
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Visit the New York income tax page for details on New York's income tax. If you would like to learn about the income tax in other states, visit our listing of income taxes by state.
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References
- Before information on the 2013 New York income tax deductions are released, provisional 2013 deduction information is based on New York's 2012 tax deduction policy.
- The 2013 New York standard deductions, personal exemptions, and dependent deduction amounts are sourced from the New York Department of Taxation and Finance.
- Information on New York's itemized deduction policy is updated from the New York Department of Taxation and Finance and the Internal Revenue Service.
