New York State Residents May Qualify for $1,400 Payments

STAR Program

Now is an excellent time to enroll in the Enhanced STAR or Basic STAR program for 2024. Notably, the income eligibility for these programs is expanding, which is welcome news for many homeowners.

Income Limits

The following are the new income restrictions for the Enhanced STAR program:

Year	Basic STAR	Enhanced STAR
2023	$778	$1,407

Homeowners that satisfy these conditions will get the STAR payment in the coming months, which is intended to offset school tax expenses. The New York State Department of Taxation updated 2024 STAR loan information on its website in mid-April of this year.

Make sure you are qualified.

Don’t miss out on this opportunity for financial relief! Make sure you are registered and be sure to check STAR check. If you have already registered your home, you will automatically receive the credit or cheque.

How to Sign Up

To receive the STAR check, you must first join in the program. You may quickly sign up online or over the phone. Completing this step assures that you receive your check.

Basic versus Enhanced STAR

Understanding the distinction between Basic STAR and Enhanced STAR is critical.

Become 65 or older by the end of 2024.
Live in and own your principal residence.

Enhanced STAR Criteria.

By December 31, 2024, you must be at least 65 years old. If the property is jointly owned, just one owner must meet the age requirement.

Income Limit

Your total income should be $93,200 or less. This income limit applies to all property owners, whether residents or nonresidents, as well as any spouse who resides on the property. For STAR purposes, income is defined as your federal adjusted gross income less the taxable amount of all IRA distributions.

Determining Income Eligibility

To see if you match the income requirements for the 2024 Enhanced STAR exemption, review your 2023 state or federal income tax return:

• Line 11 of the federal form 1040 shows your adjusted gross income; remove the taxable share of IRA withdrawals on line 4B.
  
• NY State Form IT-201: Please refer to your Resident Income Tax Return for a similar

calculation.

To meet these criteria, you can take advantage of the Enhanced STAR exemption, which can save you a significant amount of property taxes. For more information and additional standards, visit the official New York State website.

Monitor these changes, enroll in the STAR program, and expect some financial relief soon.