Summary
New Yorkers who received inflation refund checks last fall need to be aware of changes when filing their 2025 taxes. The state of New York issued these checks as part of a program to help residents handle rising costs. Taxpayers must check if they need to include these refunds in their federal tax returns.
Key Facts
- New Yorkers received inflation refund checks between $150 and $400 last fall.
- The checks were part of a $2.2 billion initiative in New York's 2026 budget to help with rising costs.
- Over 8.2 million checks were mailed out to residents based on their 2023 state tax returns.
- New York does not tax these payments, but the IRS has not clarified if they are taxable federally.
- Taxpayers can access digital Form 1099-G for the payments online for their taxes.
- Updated tax requirements include changes to child tax credits and other credits for 2025 tax filings.
- Governor Kathy Hochul mentioned the program as part of efforts to provide financial relief to New Yorkers.
