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Quick Tax question...
Drez
Registered User regular
Registered User regular
Hey all...I doubt anyone can help, but I figure it's worth a shot.
I have to file state tax returns in both New York and New Jersey this year. I'm a New York resident but worked about 3-4 months in New Jersey. And lo! His taxes were complicated.
Anyway, taxes were automatically taken out in both states.
Now, I know there's some kind of credit system in place to make sure double taxation doesn't occur. I received a letter from New Jersey a couple of months ago and apparently lost it. I tried calling the New Jersey department of taxation but they don't have a record of this letter. I spoke to someone in payroll at my employment agency about 10 minutes ago but I am not convinced they will be able to help me.
Does anyone know if this letter might have had a figure I need to complete my taxes?
Longshot to ask here, but I thought I might try.
===
Also, and I don't intend on doing this, but I've always been curious: What exactly happens if you don't file your return by April 15th? Like what if you file on April 16th, without filing for an "extension"? I've always been curious. As far as I can tell, April 15th is your due date for "payments" but not necessarily filing? Like if you end up owing the government, that money is due on April 15th, right? What about my situation where the government owes me a refund? (I already calculated it, they do.) Anyway, just wanted to know.
I have to file state tax returns in both New York and New Jersey this year. I'm a New York resident but worked about 3-4 months in New Jersey. And lo! His taxes were complicated.
Anyway, taxes were automatically taken out in both states.
Now, I know there's some kind of credit system in place to make sure double taxation doesn't occur. I received a letter from New Jersey a couple of months ago and apparently lost it. I tried calling the New Jersey department of taxation but they don't have a record of this letter. I spoke to someone in payroll at my employment agency about 10 minutes ago but I am not convinced they will be able to help me.
Does anyone know if this letter might have had a figure I need to complete my taxes?
Longshot to ask here, but I thought I might try.
===
Also, and I don't intend on doing this, but I've always been curious: What exactly happens if you don't file your return by April 15th? Like what if you file on April 16th, without filing for an "extension"? I've always been curious. As far as I can tell, April 15th is your due date for "payments" but not necessarily filing? Like if you end up owing the government, that money is due on April 15th, right? What about my situation where the government owes me a refund? (I already calculated it, they do.) Anyway, just wanted to know.
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Not filing on time can result in fees that will increase your tax burden or lower your refund, and if you wait too long you can pursued by the IRS. I believe they actually file a return on your behalf, but they will most likely not get you the kind of deductions you would get filling it out yourself (and you are still required to complete one anyway).
The short answer is, if you don't file timely, the government can penalize you for being late, which will include a fine, depending on how late you do finally file. In addition, if you owe money, there would be interest tacked on to what you already have to pay. If you are owed money, your refund will be delayed. By far, the worst thing you can do is just simply not file prior to 04/15.
Well the only thing this NJ State letter would have is information that would be a credit to me (as far as I know) - so if I cannot find the letter, and it did have some information about a credit I should apply, I would be overpaying by a bit.
I actually do need two other forms: 1098-E (student loan interest paid) and 1099G (unemployment benefits). I'm basically just trying to confirm if anyone else was in a similar situation and received a letter from NJ State (or NY State, if you're a NJ resident working in NY) and if it had a credit on it.
I thought I remember it working this way in 2007 (my situation was similar) but I have a pretty high fever and it might be the pink elephants talking and not actually memory.
The way it works is that taxes are withheld for both states. You used to be able to not have anything withheld in NJ, but they changed that. It's worth bumping up your exemptions on your W4, though.
Come tax time, you file both state returns. In NY, you file for a tax credit for all the money you paid in taxes to NJ. So if you paid $X to NJ, you get a credit of $X in NY. In effect, you're only paying state taxes once on the money made in NJ because it's credited back to you in NY.
Tax programs like Tax Cut or Turbo Tax will handle this easily for you.
Awesomt, thank you, you are exactly who I needed.
I'm actually going to use Turbo Tax. So that will be handled automatically? I can tell this mystery letter to gofuk and just use my W2s/1098E/1099G to do my taxeroonies and it should be fully accurate?
Yep it should work as long as your W2s show the taxes taken out.
Yep. It's a bit annoying in that you need to do your NJ return, then do your NY return, and sometimes go back to your NJ return - each year I have to do a few passes through everything to make sure all the numbers are right. Also, you need to be careful with how you report state wages since if you report state wages for both states, TT (or Tax Cut) adds them and then the NJ return thinks you've made twice as much and everything's out of whack.
The point is that it *should* work as I've described above, and you may need to do some jerry rigging in the software so it's all clean.
Yeah I'm currently confused about this. I was using TurboTax, but they want to charge me $110 bucks to file all three forms so I switched to TaxACT.
TaxACT is showing my "NJ Wages" as my NY Wages + the NJ Wages on my box 16. I should adjust that for just the NJ Wages, right?
Like right now my "New Jersey Adjusted Gross Income" is quite a bit higher than what I actually made.
Okay, so I'm making up some fake numbers here to illustrate my problem and confusion:
Let's say my total WAGES, TIPS, and OTHER COMPENSATION on this W2 is $50,000.00.
Let's say my STATE WAGES, TIPS, ETC. from Box16 FOR NY on this W2 is $50,000.00.
Let's say my STATE WAGES, TIPS, ETC. from Box16 for NJ on this W2 is $12,500.00.
Now when I get to this particular screen in TaxACT, it says:
This is befuddling me.
Yes, it seems "doubled up," since it's adding both values in my Box16 - NY STATE WAGES, TIPS, ETC. and NJ STATE WAGES, TIPS, ETC.
So my logical conclusion is to put -$50,000 in, to adjust the amount down to $12,500.
Is this correct? Or should the amount be $50,000, so I should negate $12,500 instead?
The thing is - if I negate to get it down to $12,500, AND I claim the "New York Out of State credit" thingie, it looks like I'm computed to get a full refund of the taxes I paid in New Jersey PLUS the credit. So it looks like I'm getting twice back what I paid in New Jersey.
TurboTax didn't even seem to get this right. And when all is said and done, the totals I'm getting in TaxACT are different from what I got in TurboTax.
Any help is appreciated!
You'll then get a credit in NY on the taxes that were paid to NJ as part of the 12,500 made in NJ.
Also, I'm not a tax professional - but this is my understanding of how it works and is how I've done my taxes for the last few years. It's a little easier for me as almost 100% of my income comes from NJ.
For better or worse I submitted them. If it's right, great! If not, well whatever.
I think NY and NJ are both three years. I've had to file amended returns for both NY and NJ in the past (including already having to amend my NJ return this year, whcih I originally filed in February).