BigLaw Tax Returns

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BigLaw Tax Returns

Postby Anonymous User » Sun Feb 26, 2017 1:01 am

How much are you getting back this year? NYC second-year (renter) expecting 4k back (federal and state). Does that sound right to yall? Federal was itemized and state used the standard deduction. Thanks.

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sublime

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Re: BigLaw Tax Returns

Postby sublime » Sun Feb 26, 2017 1:07 am

What did you itemize?

moreheesh

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Re: BigLaw Tax Returns

Postby moreheesh » Sun Feb 26, 2017 1:40 am

state/local taxes - didnt mean to post anon at first

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Re: BigLaw Tax Returns

Postby Anonymous User » Sun Feb 26, 2017 1:57 am

I'm surprised you get a refund back. I always have to pay at the end of the year!

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elendinel

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Re: BigLaw Tax Returns

Postby elendinel » Sun Feb 26, 2017 2:35 am

That seems like a lot to me, but I don't know your finances.

Is it because of the rent credit for NYC?

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Re: BigLaw Tax Returns

Postby Anonymous User » Sun Feb 26, 2017 3:27 am

You run AMT calculation? You can get slammed by this when in high tax state/city (ie NYC). I ended up owing $10k additional.

What's "NYC rent credit" mentioned?

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Re: BigLaw Tax Returns

Postby Anonymous User » Sun Feb 26, 2017 11:17 am

I'm not sure if anybody else has this issue, but I'm a first year and I received a bar review bonus. I believe that because I wasn't a resident of any state that our offices are located last year, I didn't pay state taxes on the bonus. But on my w2, the bonus is included in my NY state taxable income for the year. So now I owe NY taxes on that amount. Has anybody else had this issue? Should I contact HR to see if they should redo my w2?

dixiecupdrinking

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Re: BigLaw Tax Returns

Postby dixiecupdrinking » Sun Feb 26, 2017 11:41 am

Anonymous User wrote:I'm not sure if anybody else has this issue, but I'm a first year and I received a bar review bonus. I believe that because I wasn't a resident of any state that our offices are located last year, I didn't pay state taxes on the bonus. But on my w2, the bonus is included in my NY state taxable income for the year. So now I owe NY taxes on that amount. Has anybody else had this issue? Should I contact HR to see if they should redo my w2?

Pretty sure you owe state taxes on it regardless of where you lived.

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elendinel

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Re: BigLaw Tax Returns

Postby elendinel » Sun Feb 26, 2017 12:54 pm

dixiecupdrinking wrote:
Anonymous User wrote:I'm not sure if anybody else has this issue, but I'm a first year and I received a bar review bonus. I believe that because I wasn't a resident of any state that our offices are located last year, I didn't pay state taxes on the bonus. But on my w2, the bonus is included in my NY state taxable income for the year. So now I owe NY taxes on that amount. Has anybody else had this issue? Should I contact HR to see if they should redo my w2?

Pretty sure you owe state taxes on it regardless of where you lived.


I'm also pretty sure this is true.

You should also be filling out tax forms for the state where you did reside. E.g., if you lived in CT and commuted to your NYC office, you need to fill out federal, NY, and CT tax forms. This applies even if you only lived in another state for half a year or so, and then moved to NY (e.g., you went to school in Yale and then moved over to NYC after the bar). You'll just have to specify that you spent half the year in NY and half in CT, so that you don't get penalized double for the times where you did not live in one of the two states.



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