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NEW YORK STATE TAXES and CREDITS

NEW YORK STATE TAXES and CREDITS. OBJECTIVES. BASICS REVIEW CREDITS WHAT ’ S NEW. NEW YORK STATE TRAINING. IT 201 INSTRUCTIONS PUB 80 – GENERAL INFORMATION PUB 36 - TAX INFORMATION FOR SENIORS. NYS Income tax. BASED CLOSELY ON FEDERAL RETURN.

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NEW YORK STATE TAXES and CREDITS

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  1. NEW YORK STATE TAXES and CREDITS NEW YORK STATE TAX-AIDE TRAINING - 2012

  2. OBJECTIVES • BASICS REVIEW • CREDITS • WHAT’S NEW NEW YORK STATE TAX-AIDE TRAINING - 2012

  3. NEW YORK STATE TRAINING IT 201 INSTRUCTIONS PUB 80 – GENERAL INFORMATION PUB 36 - TAX INFORMATION FOR SENIORS NEW YORK STATE TAX-AIDE TRAINING - 2012

  4. NYS Income tax • BASED CLOSELY ON FEDERAL RETURN. • PROVIDES ADDITIONS AND SUBTRACTIONS FOR DIFFERENCES IN INCOME AND ADJUSTMENTS. • NO PERSONAL EXEMPTIONS, ONLY DEPENDENTS. • MANY OBSCURE EXCEPTIONS AND CREDITS. NEW YORK STATE TAX-AIDE TRAINING - 2012

  5. NEW:2012 NY IT-201Pg 1 NEW: DEPENDENT INFORMATION NEW YORK STATE TAX-AIDE TRAINING - 2012

  6. NEW:2012 NY IT-201Pg 2 NEW: NO ITEMIZED DED. WKSHT NEW YORK STATE TAX-AIDE TRAINING - 2012

  7. NEW:2012 NY IT-201Pg 3 NEW YORK STATE TAX-AIDE TRAINING - 2012

  8. NEW:2012 NY IT-201Pg 4 NEW NEW YORK STATE TAX-AIDE TRAINING - 2012

  9. BASICS • WHO MUST FILE? • RESIDENTS WHO FILE FEDERAL RTN • RESIDENTS WITH $4000 INCOME • FEDERAL AGI = $4,000 OR MORE • DEPENDENTS WITH $3000 • NON-RESIDENTS WITH NYS INCOME • WHO SHOULD FILE? • TAXPAYER DUE CREDIT OR REFUND NEW YORK STATE TAX-AIDE TRAINING - 2012

  10. NEW YORK STATE INCOME TAX FEDERAL AGI + NYS ADDITIONS - NYS SUBTRACTIONS = NYS AGI NYS AGI – STD OR ITEMIZED DEDUCTION – EXEMPTIONS = TAXABLE INCOME NO PERSONAL EXEMPTIONS DEPENDENT EXEMPTIONS; $1,000/DEPENDENT SAME RULES AS FEDERAL NEW YORK STATE TAX-AIDE TRAINING - 2012

  11. NEW YORK ADD/SUBTRACT • ADDITIONS • 414H – RETIREMENT CONTRIBUTION • NOT TAXABLE ON FEDERAL • NOTELIGIBLE FOR RETIREMENT SAVINGS ON FEDERAL RETURN • TAXABLE ON STATE RETURN • IN TAXWISE, ENTER 414H IN BOX 14. NEW YORK STATE TAX-AIDE TRAINING - 2012

  12. NEW YORK ADD/SUBTRACT • ADDITIONS (cont) • MUNI BONDS FROM OUTSIDE NYS • SEE IT-201 INSTRUCTIONS FOR COMPLETE LIST OF NEW YORK ADDITIONS • NEW YORK CITY EMPLOYEES • Flexible Benefits Program • Established by NYC Public Employers: • Deduction shown on W-2, Box 14 as: 125IRC • Taxable by New York State • In Taxwise, enter IRC125 in Box 14, NEW YORK STATE TAX-AIDE TRAINING - 2012

  13. ENTER IN box 14, TW as 414H 1000 IRC125 200 414H 1000 125IRC 200 NEW YORK STATE TAX-AIDE TRAINING - 2012

  14. NEW YORK ADD/SUBTRACT • SUBTRACTIONS • EXEMPTIONS • FEDERAL, NEW YORK STATE OR LOCAL GOVT PENSIONS • SOCIAL SECURITY INCOME • RAILROAD RETIREMENT INCOME • EXCLUSIONS • ALL OTHER QUALIFIED PLAN DISTRIBUTIONS • UP TO $20,OOO/YR/TAXPAYER • MUST BE AGE 59 ½ or OLDER NEW YORK STATE TAX-AIDE TRAINING - 2012

  15. QUALIFIED PLAN • EMPLOYER’S PLAN FOR EXCLUSIVE BENEFIT OF EMPLOYEES OR BENEFICIARIES • PENSION • EMPLOYEE ANNUITY • 401K, 403B, 457, • IRAs • ELIGIBLE FOR $20,000 EXCLUSION NEW YORK STATE TAX-AIDE TRAINING - 2012

  16. NON-QUALIFIED PLAN • NON-EMPLOYER PLAN • PURCHASED ANNUITY IS MOST COMMON • INCOME RECEIVED BY NONEMPLOYEE SPOUSE AS QDRO. • NOT ELIGIBLE FOR $20,000 EXCLUSION NEW YORK STATE TAX-AIDE TRAINING - 2012

  17. NEW YORK ADD/SUBTRACT • SUBTRACTIONS (cont) • DISABILITY INCOME EXCLUSION (S-4) • EXCLUDE DISABILITY PAY UP TO $5200 • UNDER 65 YEARS OF AGE • RETIRED ON DISABILITY • TOTALLY & PERMANENTLY DISABLED • AS OF JAN. 1st , HAVE NOT REACHED MANDATORY RETIREMENT AGE OF EMPLOYER • IF MFS, MUST NOT HAVE LIVED TOGETHER • THIS EXCLUSION BECOMES PART OF ANNUAL $20,000 EXCLUSION NEW YORK STATE TAX-AIDE TRAINING - 2012

  18. NEW YORK ADD/SUBTRACT • SUBTRACTIONS (cont) • 529 PLAN CONTRIBUTIONS • MUST BE OWNER • MUST BE NEW YORK STATE PLAN • INTEREST INCOME ON US GOVT BONDS • SEE IT-201 INSTRUCTIONS FOR COMPLETE LIST OF NEW YORK SUBTRACTIONS NEW YORK STATE TAX-AIDE TRAINING - 2012

  19. PENSION INCOME EXCLUSION IN TAXWISE 1099R SCREEN • Check Box 1 For Private Pension NEW YORK STATE TAX-AIDE TRAINING - 2012

  20. PENSION INCOME EXEMPTION IN TAXWISE 1099R SCREEN • Check Box 2 For Public Pension NEW YORK STATE TAX-AIDE TRAINING - 2012

  21. RR PENSION INCOME EXEMPTION INTAXWISE 1099R screen 4012, Pg 2-17 • Check Box 4 For RR Retirement NEW YORK STATE TAX-AIDE TRAINING - 2012

  22. BUILD AMERICA BONDS • AUTHORIZED BY FEDERAL GOVT • ISSUED BY STATE AND LOCAL GOVT • TAXABLE ON FEDERAL RETURN • NYS TAX EXEMPT IF ISSUED IN NEW YORK STATE (S-19) NEW YORK STATE TAX-AIDE TRAINING - 2012

  23. FORM IT 201-2 ENTER CODE – SEE IT 201 INSTRUCTIONS NEW YORK STATE TAX-AIDE TRAINING - 2012

  24. ENTER CODE – SEE IT 201 INSTRUCTIONS NEW YORK STATE TAX-AIDE TRAINING - 2012

  25. NYS STANDARD DEDUCTIONS SINGLE (Dependent) SINGLE MARRIED – JOINT MARRIED – SEPARATE HEAD HOUSEHOLD QUALIFYING WIDOW(ER) $3,000 $7,500 $15,000 $7,500 $10,500 $15,000 NEW YORK STATE TAX-AIDE TRAINING - 2012

  26. BASICS • NYC & YONKERS TAXES & CREDITS • SALES TAX – LINE 59 • REQUIRED ENTRY: CANNOT LEAVE BLANK • PAYMENTS AND REFUNDABLE CREDITS • REFUND or BALANCE DUE NEW YORK STATE TAX-AIDE TRAINING - 2012

  27. TAXWISE FOR NEW YORK • DEFAULT TO NY ON MAIN INFO WORKSHEET • DATA WILL CARRY FROM FEDERAL TO NEW YORK • SOME ADDITIONAL DATA REQUIRED • COUNTY & SCHOOL DISTRICT • QUESTIONS RELATED TO NYC OR YONKERS RESIDENCY NEW YORK STATE TAX-AIDE TRAINING - 2012

  28. TW MAIN INFO WORKSHEET NEW YORK STATE TAX-AIDE TRAINING - 2012

  29. FORM IT-201, PG 1 School District Code • County of Residence School District Name NEW YORK STATE TAX-AIDE TRAINING - 2012

  30. FORM IT-201, PG 1 Residency or Presence of Living Quarters in NYC NEW YORK STATE TAX-AIDE TRAINING - 2012

  31. CREDITS • EITC – EARNED INCOME TAX CREDIT • 30% OF FEDERAL EITC LESS HOUSEHOLD CREDIT • HOUSEHOLD CREDIT • LOW INCOME BENEFIT • BASED ON FED AGI, FILING STATUS, NUMBER OF DEPENDENTS • AUTOMATIC IN TAXWISE NEW YORK STATE TAX-AIDE TRAINING - 2012

  32. NYS HOUSEHOLD CREDITMARRIED FILING SEPARATE • REQUIRED INFORMATION (IT-201 -3) • SPOUSE AGI AND EXEMPTIONS • REQUIRED TO CALCULATE HH CREDIT • COMBINED FEDERAL AGI OVER $32000? • NO CREDIT NEW YORK STATE TAX-AIDE TRAINING - 2012

  33. FORM IT-201-3 REQUIRED ENTRY FOR MFS NEW YORK STATE TAX-AIDE TRAINING - 2012

  34. NYS HOUSEHOLD CREDITMARRIED FILING SEPARATE • SPOUSE INCOME UNKNOWN? • LEAVE ENTRY BLANK • NEW YORK STATE WILL MATCH RETURNS. • DISALLOW IF JOINT AGI OVER $32,000 • ONLY ONE SPOUSE FILES, CREDIT ALLOWED BASED ON CRITERIA NEW YORK STATE TAX-AIDE TRAINING - 2012

  35. DETAILED INFORMATION ON NY CREDITS • CREDIT INSTRUCTIONS • IT-201 INSTR. • REFUNDABLE/NONREFUNDABLE • FORM NUMBER • LINE NUMBER ON IT-201 ATT • CODE FOR IT-201 ATT • TAXWISE HELP F1 FROM 201 OR 201 ATT NEW YORK STATE TAX-AIDE TRAINING - 2012

  36. CONDITIONS AND FORMS FOR CREDITS • IT-201 INSTRUCTIONS PAGE 6 REFUNDABLE NEW YORK STATE TAX-AIDE TRAINING - 2012

  37. RESIDENT TAX CREDIT • RESIDENT CREDIT FORM IT-112R • AVOID DOUBLE TAXATION • NONREFUNDABLE • INCOME TAX PAID TO ANOTHER STATE (NON-RESIDENT) • CREDIT ALLOWED TO RESIDENT STATE • ALSO TO RESIDENT PORTION OF PY RESIDENT RETURN NEW YORK STATE TAX-AIDE TRAINING - 2012

  38. RESIDENT TAX CREDIT • COMPLETE RES/NR WORKSHEET IN TAXWISE • COMPLETE RETURN FOR NR STATE • DETERMINE TOTAL TAX LIABILITY FOR NON-RESIDENT STATE • DETERMINE REFUND/BAL DUE • RETURN TO NEW YORK RETURN • COMPLETE FORM IT-112R NEW YORK STATE TAX-AIDE TRAINING - 2012

  39. RES/NR WKT NEW YORK STATE TAX-AIDE TRAINING - 2012

  40. CT STATE RETURN TOTAL TAX = $175 REFUND=$125 NEW YORK STATE TAX-AIDE TRAINING - 2012

  41. IT-112R, PG 1 MUST COMPLETE COLUMN B NEW YORK STATE TAX-AIDE TRAINING - 2012

  42. IT-112R, PG 2 NEW YORK STATE TAX-AIDE TRAINING - 2012

  43. EMPIRE STATE CHILD CREDITIT-213 • AUTOMATIC IN TAXWISE • FULL YEAR RESIDENT ONLY • FEDERAL CHILD TAX CREDIT OR ADDITIONAL CHILD TAX CREDIT OR INCOME BELOW FEDERAL CAP • CHILD AGE 4 THROUGH 16 • 33% OF FEDERAL CREDIT or $100/CHILD • REFUNDABLE NEW YORK STATE TAX-AIDE TRAINING - 2012

  44. CHILD & DEPENDENT CARE CREDIT IT-216 • AUTOMATIC IN TAXWISE • RES, PY RESIDENT, NON-RESIDENT • REFUNDABLE TO FULL AND PY RESIDENTS • NONREFUNDABLE TO NONRESIDENTS • 20% - 110% OF FEDERAL CREDIT • ADDITIONAL CREDIT FOR NYC RESIDENTS NEW YORK STATE TAX-AIDE TRAINING - 2012

  45. EARNED INCOME TAX CREDIT IT-215 • AUTOMATIC IN TAXWISE • MUST CLAIM FEDERAL EIC • RESIDENT AND PY RESIDENT • 30% OF FEDERAL CREDIT LESS HOUSEHOLD CREDIT • ADDITIONAL CREDIT FOR NYC RESIDENTS • REFUNDABLE NEW YORK STATE TAX-AIDE TRAINING - 2012

  46. NON-CUSTODIAL PARENT EICIT-209 • NOT MARRIED FILING SEPARATE • CHILD DID NOT RESIDE WITH TAXPAYER • FULL YEAR RESIDENT ONLY • AGE 18 OR OLDER • CHILD UNDER 18 • MUST PAY CHILD SUPPORT • COURT ORDER AND COLLECTION UNIT • ADDITIONAL CREDIT FOR NYC RESIDENTS • REFUNDABLE NEW YORK STATE TAX-AIDE TRAINING - 2012

  47. NY FORM IT-209 NEW YORK STATE TAX-AIDE TRAINING - 2012

  48. NY FORM IT-209 NEW YORK STATE TAX-AIDE TRAINING - 2012

  49. COLLEGE TUITION CREDITFORM IT-272 CREDIT OR ITEMIZED DEDUCTION TAXPAYER MUST BE FULL YEAR RESIDENT TO QUALIFY TAXPAYER IS NOT A DEPENDENT REFUNDABLE CREDIT NEW YORK STATE TAX-AIDE TRAINING - 2012

  50. COLLEGE TUITION CREDIT UNDERGRADUATE ONLY: DEGREE OR FULL-TIME NOT NECESSARY STUDENT MUST BE TAXPAYER, SPOUSE, OR DEPENDENT CLAIM UP TO $10,000/STUDENT NO INCOME LIMITS FOR TUITION UP TO $200, CREDIT = TUITION. FOR TUITION $200 – $5,000, CREDIT IS $200. TUITION $5,001 - $10,000, CREDIT =4% OF TUITION NEW YORK STATE TAX-AIDE TRAINING - 2012

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