I am SO happy. For the past two months I’ve thought that I was going to owe about $2,500 in taxes to New York State and New York City this year. Today I realized I was wrong – I’d overlooked the boxes on the W-2 form that list the amount of taxes withheld by the city and the state. (Since I work in New Jersey but live in New York, I get W-2s for each state, but for some reason I’d looked only at the New Jersey W-2 and not at the New York W-2.)
So instead of owing the state and city about $2,500, I get a refund from them of about $114. Since I’d already mentally removed the $2,500 from my bank account, I feel like I’ve actually gotten a $2,400 $2,600 bonus.
Note to self: never overlook the “taxes withheld” box. Of course, it would be easier to realize this if the box actually said “taxes withheld” instead of just “taxes.” Leaving out past participles is NOT helpful.
It seems like it would feel like a $2,600 bonus.
Anyway, it beats the other way ’round. I’m always having to call people and tell them they’re going to owe money when they’re sure they should be getting a refund.
Hmm… you’re right. I was so exhilarated I forgot how to do math.
Im confused. I work in NJ and live in NY. I only get one W2. NY and NJ don’t have a compact.
Ooops. Hit “send” too soon. In any event…the part I am confused about…why does your employer give you 2 W-2s? Most NJ employers only withold taxes for NJ. Then you get the credit for taxes paid to NJ when you file NY. But typically NJ employers don’t withold NYC taxes.
I don’t know really. For some reason I can get NJ and NY taxes withheld at this job. Maybe because the company headquarters isn’t in NJ?
Unexpected solvency is a pretty great thing. I was planning on having to go another grand into debt this month, before Mr. CPA worked his magic.