The Federal income tax also has a standard deduction, personal exemptions, and dependant deductions, though they are different amounts than New York's and may have different rules. Likewise, you can take an additional dependent exemption for each qualifying dependent (like a child or family member), who you financially support. The Personal Exemption, which is not supported by the New York income tax, is an additional deduction you can take if you (and not someone else) are primarily responsible for your own living expenses. The standard deduction, which New York has, is a deduction that is available by default to all taxpayers who do not instead choose to file an itemized deduction.Įssentially, it translates to $8,000.00 per year of tax-free income for single New York taxpayers, and $16,050.00 for those filing jointly. The current values of these deductions for tax year 2020 are as follows: The three most common deductions encountered by taxpayers are the New York Standard Deduction, the New York Personal Exemption, and the New York Dependent Deduction.

In addition to marginal tax brackets, one of the major features of the New York income tax is deductions. Remember that New York may have very different deduction laws from the Federal Income Tax, so you may have to write a whole new list of deductions for your New York income tax return. Qualifying deductions might include an itemized deduction, the New York standard deduction, exemptions for dependants, business expenses, etc. When calculating your New York income tax, keep in mind that the New York state income tax brackets are only applied to your adjusted gross income (AGI) after you have made any qualifying deductions. Keep in mind that this estimator assumes all income is from wages, assumes the standard deduction, and does not account for tax credits.įor a more detailed estimate that takes these factors into account, click 'View Detailed Estimate' (this will will redirect to an external website). You can use the income tax estimator to the left to calculate your approximate New York and Federal income tax based on the most recent tax brackets.

2020 tax brackets