Form IT-2104-SNY Certificate of Exemption from Withholding for START-UP NY Program Tax Year 2023-2025

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The document IT-2104-SNY outlines the Certificate of Exemption from Withholding for employees working in businesses approved under the START-UP NY program in tax-free areas of New York. It details eligibility criteria for employees to exclude wages from their New York adjusted gross income (NYAGI) and claim exemption from withholding on state and local income taxes. Key requirements include employment at an approved business, working exclusively in a tax-free area, being in a net new job, and working at least six months during the tax year. The document also provides instructions for both employees and employers regarding the filing process and compliance.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is it better to claim 0 or exempt?

Technically, there is nothing wrong with claiming zero (0) exemptions - when you file for taxes at the end of the year, the IRS will give back your overpayment as your refund. But you can put down one and still have enough withholding.

Is it-2104 exempt in NY?

If you have more than one employer, you may submit Form IT‑2104‑E to each employer to claim exemption from withholding, if: your total expected income will not incur a New York income tax liability for the year 2025, and you had no liability for 2024.

What is it-2104 sny exempt?

To make sure your employer withholds the proper amount of tax from the excess wages, complete Form IT-2104, Employees Withholding Allowance Certificate, and give it to your employer. To be eligible for exemption, you must: be employed by an approved business certified to participate.

Do you wish to claim exemption from withholding, yes or no?

You can claim exemption from withholding only if both the following situations apply: For the prior year, you had a right to a refund of all federal income tax withheld because you had no tax liability. For the current year, you expect a refund of all federal income tax withheld because you expect to have no liability.

What is the start up exemption in NY?

START-UP NY offers new and expanding businesses the opportunity to operate tax-free for 10 years on or near eligible university or college campuses in New York State. Partnering with these schools gives businesses direct access to advanced research laboratories, development resources and experts in key industries.

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How many allowances should I claim in 2104?

When you use the form IT-2104 Employees Withholding Allowance Certificate for your state and city taxes, you may claim as many allowances as are justified by your circumstances. However, if you claim more than 14 allowances, you must complete the Withholding Certificate Affirmation.

What is form it-2104 sny?

Overview. Form IT-2104 is completed by you, as an employee, and given to your employer to instruct them how much New York State (and New York City and Yonkers) tax to withhold from your pay and send to the New York State Tax Department on your behalf.

How to answer Are you exempt from withholding??

Just say no. Even if you end up being exempt because your pay over the year is low enough, it wont matter because your employer wont withhold any taxes either way.