See Recordkeeping for individuals to learn what counts as proof. Income tax credits can increase your refund or reduce the taxes you owe, but you should only claim credits you can prove you’re eligible for. Only claim credits you can provide documentation for (if asked) Use the IRS’ interactive tool Whom may I claim as a dependent? to help you determine whether you can claim a dependent on your income tax return. If you’re claiming a dependent, review the eligibility requirements If you can’t file on time, see Apply for an extension (on or before the filing deadline). The penalties are much higher for late filing than late payment. To avoid penalties and interest, file on time-even if you can't pay in full. See Taxpayer Assistance Program (TAP) for more information. We can help you electronically prepare and file your federal and state income tax returns. See if you qualify for free tax assistanceĭepending on your income, you may qualify for free online tax assistance from the department. If you do not qualify to use one of the Free File software providers, you still have choices that may work for you! See Other e-file options to learn more. See Free File your income tax return for the most up-to-date information. Select your softwareĭepending on your income and other criteria, you may be eligible to use Free File software to electronically prepare and file your federal and state returns in 2024. Additionally, most New Yorkers who electronically file their returns can receive their refunds up to two weeks sooner than paper filers. Free File – Choosing the Right Software ProductĮlectronically filed returns are more accurate than paper-filed returns.Free File – What You Need to Get Started.Not sure where to begin? Take a look at our videos, which explain: Access Free File tax preparation software or the same free tax software we use at our Tax Assistance Program (TAP) sites. Sign up for a free 7-day trial today.Need to file an income tax return? Use your computer, tablet, or mobile device to prepare and electronically file whenever and wherever you want. Get all the latest tax, accounting, audit, and corporate finance news with Checkpoint Edge. In addition, the instructions advise taxpayers to be aware that the IRS expects to make filing an amended Form 940 available as part of the Modernized e-File sometime in 2024. Virgin Islands, have the option to file a new Spanish version of Form 940 for tax year 2023. The 2023 Form 940 instructions also explain that all employers, including those in Puerto Rico and the U.S. Employers subject to the FUTA credit reduction must pay these additional taxes with the filing of their Form 940. The instructions for Schedule A (Form 940) confirm the DOL’s announcement that employers in both states will be subject to a 0.6% credit reduction and employers in the Virgin Islands will be subject to a 3.9% credit reduction.įorm 940 and Schedule A (Form 940) are due by Janufor tax year 2023. Virgin Islands are FUTA credit reduction states. The instructions also advise employers in these states to use Schedule A (Form 940) to determine the credit reduction.įor tax year 2023, California, New York, and the U.S. The tax year 2023 Form 940 instructions explain that the U.S Department of Labor (DOL) determines these FUTA credit reduction states and makes an announcement shortly after the November 10 deadline to repay the outstanding loans. As a result, employers in a credit reduction state pay more in FUTA taxes (see Payroll Guide ♤075). The credit is reduced by 0.3% each year thereafter until the advance is made whole. However, the FUTA credit may be reduced when a state needs to take a federal unemployment loan and is unable to repay it within two years. The tax rate is 6.0%, however, most employers benefit from a 5.4% FUTA tax credit, resulting in a 0.6% net FUTA rate. Employers are generally liable for this tax if wages of $1,500 or more were paid to employees in any calendar quarter during 20 or one or more employees were employed for at least some part of a day in any 20 or more different weeks in 2022 or 2023 (see Payroll Guide ♤070).įUTA applies to the first $7,000 paid to each employee during a calendar year after subtracting any payments exempt from the tax. The IRS issued the annual Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, its instructions, and Schedule A (Form 940), Multi-State Employer and Credit Reduction Information, which confirms the FUTA credit reduction states for tax year 2023.įorm 940 is used to report an employer’s annual Federal Unemployment Tax Act (FUTA) tax.
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