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On August 25, 2017 the New York State Department of Taxation and Finance (DFS) released highly anticipated guidance regarding taxation of PFL benefits and premium in Notice N-17-12. Here are the key points:

  • Benefits:
    • Benefits paid to employees will be taxable non-wage income that must be included in federal gross income
    • Taxes will not automatically be withheld from benefits
    • Employees can request voluntary tax withholding
    • Benefits should be reported by the State Insurance Fund on Form 1099-G and by all other payers on Form 1099-MISC
       
  • Premiums:
    • The premiums will be post-tax, i.e., deducted from an employee’s after-tax wages
    • Employers should report employee contributions on Form W-2 (Box 14: State disability insurance taxes withheld)

 

Posted 5:01 PM

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