Significant Tax Savings
NYS Tax Department and Office for the Aging highlight “subtractions” for senior citizens and retirees filing NYS income tax returns
NEW YORK – The New York State Department of Taxation and Finance today reminded seniors and retirees that certain “subtraction modifications” may reduce their New York State adjusted gross income, while tax credits they may qualify for decrease the tax due or increase their refund amount.
The modifications relate to certain income included in a taxpayer’s federal income tax return that may be subtracted when computing the New York adjusted gross income. The details are provided in the NYS Tax Department’s Publication 36, General Information for Senior Citizens and Retired Persons.
“We encourage all seniors to review this publication that’s available on our website along with other useful filing information, to help ensure that they don’t miss out on valuable deductions and credits,” said Acting Commissioner Nonie Manion.
Greg Olsen, Acting Director of the New York State Office for the Aging said, “Many older New Yorkers are on fixed incomes and it’s important that they’re aware of this publication, which can reduce their tax liability and help stretch their resources. We’re pleased to join the Tax Department in getting the word out about Publication 36.”
Examples of the subtraction modifications include: