IT 201 NEW YORK STATE RESIDENT RETURN

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NY-3 NY TRAINING-2009 1 IT 201 NEW YORK STATE RESIDENT RETURN REFS NYS PUB 80 NYS PUB 99-IND IT-201 INSTR

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IT 201 NEW YORK STATE RESIDENT RETURN. REFS NYS PUB 80 NYS PUB 99-IND IT-201 INSTR. YOU MUST FILE A NY RETURN IF. YOU FILE A FEDERAL RETURN OR FEDERAL AGI+NY ADDITIONS IS AT LEAST $4,000 ($3,000 IF DEPENDENT) OR YOU WANT TO CLAIM A REFUND OR YOU WANT TO CLAIM A CREDIT. - PowerPoint PPT Presentation

Transcript of IT 201 NEW YORK STATE RESIDENT RETURN

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NY-3 NY TRAINING-2009 1

IT 201 NEW YORK STATE RESIDENT RETURN

REFSNYS PUB 80NYS PUB 99-IND IT-201 INSTR

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YOU MUST FILE A NY RETURN IF

YOU FILE A FEDERAL RETURN OR

FEDERAL AGI+NY ADDITIONS IS AT LEAST $4,000 ($3,000 IF DEPENDENT) OR

YOU WANT TO CLAIM A REFUND OR

YOU WANT TO CLAIM A CREDIT

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NY IT-201Pg 1

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NY IT-201Pg 2

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NY IT-201Pg 3

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NY IT-201Pg 4

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IT 201 PAGE BY PAGE

PAGE 1 PERSONAL INFORMATION FEDERAL AGI

PAGE 2 NY ADDITIONS NY SUBTRACTIONS DEDUCTION AND EXEMPTIONS

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IT 201 PAGE BY PAGE

PAGE 3 TAX CALCULATION NONREFUNDABLE CREDITS SALES TAX & CONTRIBUTIONS

PAGE 4 REFUNDABLE CREDITS TAX DUE/REFUND

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RESIDENT RETURN EXAMPLE

JOINT RETURN, DEPENDENT AGE 9 FEDERALLY TAXABLE WAGES $12,000 414(h) CONTRIBUTION $1,000 BANK INTEREST $1000 US GOV. BOND INTEREST $500 FIDELITY MUNI INTEREST $5,000 FEDERAL PENSION $15,000 PRIVATE PENSION $7,000 FEDERAL AGI $35,500

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IT 201 SCHOOL AND COUNTY ENTRIES

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SCHOOL DISTRICT NAMES AND CODES

F1 KEY IN ANY OF THE 3 BOXES EXPAND NEW YORK CODES (+) SELECT COUNTY AND SCHOOL DISTRICT CODES

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NY-3 NY TRAINING - 2009 12

IT 201 NYC RESIDENCY ENTRIES

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IT 201 INCOME

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NY AGI

NY AGI=FEDERAL AGI +NY ADDITIONS -NY SUBTRACTIONS

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NY ADDITIONS

NON NY MUNI INTEREST

PUBLIC EMPLOYEE 414H CONTBUTIONS

NONQUALIFIED NY 529 COLLEGE SAVINGS DISTRIBUTIONS

NYC FLEXIBLE BENEFITS PROGRAM IRC 125

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MUNI FUND 1099-INT

FIDELITY MUNI FUND 82 DEVONSHIRE STREET BOSTON MA 02109

5000.00

JOHN SMITH

200 MAIN STREET

ALBANY NY 12206

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TAXWISE INTEREST STATEMENT

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IT 201ADDITIONSNON-NY MUNI

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414H ON W-2

STATE OF NEW YORK 100 STATE STREET ALBANY NY 12206

414H 1000

JOHN SMITH 200 MAIN STREET ALBANY NY 12206

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ENTERING 414H ON W2 IN TAXWISE

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IT 201 ADDITIONS 414(h)

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NYC IRC 125 BENEFITS

NEW YORK CITY EMPLOYEES FLEXIBLE PROGRAM

BOX 14 OF PAPER W-2 REPORTS AMOUNT OF IRC 125 BENEFITS

ENTER IRC125S AND AMOUNT IN BOX 14 OF W-2

TAXWISE ENTERS AMOUNT ON LINE 23 OF IT201 WITH CODE A-3

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NY SUBTRACTIONS

TAXABLE STATE INCOME TAX REFUNDS PUBLIC PENSION EXEMPTION TAXABLE SOCIAL SECURITY US GOVERNMENT BOND INTEREST PRIVATE PENSION EXCLUSION 529 PLAN CONTRIBUTIONS

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LOCAL BANK 1099-INT

LOCAL BANK 25 CHURCH STREET ALBANY NY 12206

JOHN SMITH

200 MAIN ST

ALBANY NY 12206

1000.00

500.00

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TAXWISE INTEREST STATEMENT

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IT 201 SUBTRACTIONS US GOVT BOND INTEREST

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PUBLIC PENSION 1099R IN TAXWISE

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IT 201 SUBTRACTIONS US GOVT PENSION

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PRIVATE PENSION 1099RIN TAXWISE

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IT 201 SUBTRACTIONS PRIVATE PENSION

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IT 201NY AGI

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NY TAXABLE INCOME

NY TAXABLE INCOME= NY AGI -DEDUCTION -DEPENDENT EXEMPTIONS

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NY STANDARD DEDUCTIONS SINGLE (Dependent) $3000 SINGLE $7500

MARRIED – JOINT $15,000 MARRIED – SEPARATE $7500

HEAD OF HOUSEHOLD $10,500

QUALIFYING WIDOW(ER) $15,000

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ITEMIZED OR STD?

FEDERAL STATE

STD STD

ITEMIZED LARGER

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IT 201DEDUCTION AND EXEMPTION(S)

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NEW YORK STATE CREDITS

NONREFUNDABLE CREDITS

REFUNDABLE CREDITS

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IT 201 TAX AND NONREFUNDABLE CREDITS

AUTOMATIC

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HOUSEHOLD AND RESIDENT CREDITS

HOUSEHOLD CREDIT AUTOMATIC IN TAXWISE INCOME, STATUS, DEPENDENTS NON REFUNDABLE

RESIDENT CREDIT 112R INCOME TAX PAID TO ANOTHER STATE NONREFUNDABLE SEE SEPARATE FILE

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IT 201 SALES TAX AND CONTRIBUTIONS

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IT 201 REFUNDABLE CREDITS

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EMPIRE STATE CHILD CREDIT IT 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 TO 16 33% OF FEDERAL CREDIT

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CHILD & DEPENDENT CARE CREDIT IT-216

AUTOMATIC IN TAXWISE FEDERAL CHILD AND DEP. CARE RES, PY RES, NONRES FEDERAL RULES: USUALLY ELIMINATE

MARRIED FILING SEPARATE A PERCENTAGE OF FEDERAL CREDIT REFUNDABLE TO FULL AND PY RESIDENTS NONREFUNDABLE TO NONRESIDENTS ADDITIONAL CREDIT FOR NYC RESIDENTS

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EARNED INCOME CREDIT IT-215

AUTOMATIC IN TAXWISE MUST CLAIM FEDERAL EIC NOT MARRIED FILING SEPARATE RES AND PY RES ONLY 30% OF FEDERAL CREDIT LESS HOUSEHOLD CREDIT ADDITIONAL CREDIT FOR NYC RESIDENTS

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NON-CUSTODIAL PARENT EIC IT-209

SEE NY CREDITS FILE 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

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IT 201 PAYMENTS AND REFUNDABLE CREDITS

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TAX DUE/REFUND

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PAYMENT/DEPOSIT INFORMATION

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EFILE AUTHORIZATION

TR-579 EFILE SIGNATURE AUTHORIZATION

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CREDITS IN INDIVIDUAL FILES

RESIDENT CREDIT IT 112R

REAL PROPERTY TAX CREDIT IT 214

COLLEGE TUITION CREDIT IT 272

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CREDITS IN NY CREDITS FILE

VOLUNTEER FIREFIGHTER & AMBULANCE WORKER CREDIT IT 245

LONG TERM CARE INSURANCE CREDIT IT 249

NURSING HOME ASSESSMENT CREDIT IT 258

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CREDITS NOT AVAILABLE IN TAXWISE 2008

CLEAN HEATING FUEL IT 241

CONSERVATION EASEMENT IT 242

DEFIBRILLATOR IT 250

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IT 201 NEW YORK STATE RESIDENT RETURN

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