new york state tax-aide training - 2012 new york state taxes and credits
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NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE TAXES and CREDITS
NEW YORK STATE TAX-AIDE TRAINING - 2012
OBJECTIVES
BASICS REVIEW
CREDITS
WHAT’S NEW
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE TRAINING
IT 201 INSTRUCTIONS
PUB 80 – GENERAL INFORMATION
PUB 36 - TAX INFORMATION FOR SENIORS
NEW YORK STATE TAX-AIDE TRAINING - 2012
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 STATETAX-AIDE TRAINING - 2012
NEW: 2012NY IT-201
Pg 1
NEW: DEPENDENT INFORMATION
NEW YORK STATETAX-AIDE TRAINING - 2012
NEW: 2012NY IT-201
Pg 2
NEW:NO ITEMIZED DED.
WKSHT
NEW YORK STATETAX-AIDE TRAINING - 2012
NEW: 2012NY IT-201
Pg 3
NEW YORK STATETAX-AIDE TRAINING - 2012
NEW: 2012NY IT-201
Pg 4
NEW
NEW YORK STATE TAX-AIDE TRAINING - 2012
BASICSWHO MUST FILE?
RESIDENTS WHO FILE FEDERAL RTNRESIDENTS WITH $4000 INCOME
FEDERAL AGI = $4,000 OR MORE
DEPENDENTS WITH $3000NON-RESIDENTS WITH NYS INCOME
WHO SHOULD FILE?TAXPAYER DUE CREDIT OR REFUND
NEW YORK STATE TAX-AIDE TRAINING - 2012
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/DEPENDENTSAME RULES AS FEDERAL
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK ADD/SUBTRACTADDITIONS
414H – RETIREMENT CONTRIBUTIONNOT TAXABLE ON FEDERAL
NOT ELIGIBLE FOR RETIREMENT SAVINGS ON FEDERAL RETURN
TAXABLE ON STATE RETURNIN TAXWISE, ENTER 414H IN BOX 14.
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK ADD/SUBTRACT ADDITIONS (cont)
MUNI BONDS FROM OUTSIDE NYSSEE IT-201 INSTRUCTIONS FOR COMPLETE LIST
OF NEW YORK ADDITIONS
NEW YORK CITY EMPLOYEESFlexible Benefits ProgramEstablished by NYC Public Employers:Deduction shown on W-2, Box 14 as: 125IRCTaxable by New York StateIn Taxwise, enter IRC125 in Box 14,
NEW YORK STATE TAX-AIDE TRAINING - 2012
ENTER IN box 14, TW as
414H 1000IRC125 200
414H 1000125IRC 200
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK ADD/SUBTRACT SUBTRACTIONS
EXEMPTIONSFEDERAL, NEW YORK STATE OR LOCAL GOVT PENSIONSSOCIAL SECURITY INCOME RAILROAD RETIREMENT INCOME
EXCLUSIONSALL OTHER QUALIFIED PLAN DISTRIBUTIONSUP TO $20,OOO/YR/TAXPAYERMUST BE AGE 59 ½ or OLDER
QUALIFIED PLAN
EMPLOYER’S PLAN FOR EXCLUSIVE BENEFIT OF EMPLOYEES OR BENEFICIARIESPENSIONEMPLOYEE ANNUITY401K, 403B, 457,IRAs
ELIGIBLE FOR $20,000 EXCLUSIONNEW YORK STATE TAX-AIDE
TRAINING - 2012
NON-QUALIFIED PLAN
NON-EMPLOYER PLAN PURCHASED ANNUITY IS MOST COMMONINCOME RECEIVED BY NONEMPLOYEE
SPOUSE AS QDRO.
NOT ELIGIBLE FOR $20,000 EXCLUSION
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE TAX-AIDE TRAINING - 2012
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
NEW YORK ADD/SUBTRACTSUBTRACTIONS (cont)
529 PLAN CONTRIBUTIONSMUST BE OWNERMUST 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
PENSION INCOME EXCLUSION IN TAXWISE 1099R SCREEN
Check Box 1 For Private Pension
NEW YORK STATE TAX-AIDE TRAINING - 2012
PENSION INCOME EXEMPTION IN TAXWISE 1099R SCREEN
Check Box 2 For Public Pension
NEW YORK STATE TAX-AIDE TRAINING - 2012
RR PENSION INCOME EXEMPTION IN TAXWISE 1099R screen 4012, Pg 2-17
Check Box 4 For RR Retirement
NEW YORK STATE TAX-AIDE TRAINING - 2012
BUILD AMERICA BONDS
AUTHORIZED BY FEDERAL GOVTISSUED BY STATE AND LOCAL GOVT
TAXABLE ON FEDERAL RETURNNYS TAX EXEMPT IF ISSUED IN NEW
YORK STATE (S-19)
FORM IT 201-2
NEW YORK STATE TAX-AIDE TRAINING - 2012
ENTER CODE – SEE IT 201 INSTRUCTIONS
NEW YORK STATE TAX-AIDE TRAINING - 2012
ENTER CODE – SEE IT 201 INSTRUCTIONS
NEW YORK STATE TAX-AIDE TRAINING - 2012
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
BASICS
NYC & YONKERS TAXES & CREDITS
SALES TAX – LINE 59REQUIRED ENTRY: CANNOT LEAVE
BLANK
PAYMENTS AND REFUNDABLE CREDITS
REFUND or BALANCE DUE
NEW YORK STATE TAX-AIDE TRAINING - 2012
TAXWISE FOR NEW YORKDEFAULT TO NY ON MAIN INFO
WORKSHEETDATA WILL CARRY FROM FEDERAL TO
NEW YORKSOME ADDITIONAL DATA REQUIREDCOUNTY & SCHOOL DISTRICTQUESTIONS RELATED TO NYC OR
YONKERS RESIDENCY
TW MAIN INFO WORKSHEET
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE TAX-AIDE TRAINING - 2012
FORM IT-201, PG 1
County of Residence
School District Name
School District Code
NEW YORK STATE TAX-AIDE TRAINING - 2012
Residency or Presence of Living Quarters in NYC
FORM IT-201, PG 1
NEW YORK STATE TAX-AIDE TRAINING - 2012
CREDITS
EITC – EARNED INCOME TAX CREDIT30% OF FEDERAL EITC LESS
HOUSEHOLD CREDIT
HOUSEHOLD CREDIT LOW INCOME BENEFIT BASED ON FED AGI, FILING STATUS,
NUMBER OF DEPENDENTSAUTOMATIC IN TAXWISE
NYS HOUSEHOLD CREDITMARRIED FILING SEPARATE
REQUIRED INFORMATION (IT-201 -3)
SPOUSE AGI AND EXEMPTIONSREQUIRED TO CALCULATE HH CREDIT
COMBINED FEDERAL AGI OVER $32000? NO CREDIT
NEW YORK STATE TAX-AIDE TRAINING - 2012
FORM IT-201-3
NEW YORK STATE TAX-AIDE TRAINING - 2012
REQUIRED ENTRY FOR MFS
NYS HOUSEHOLD CREDITMARRIED FILING SEPARATE
SPOUSE INCOME UNKNOWN?
LEAVE ENTRY BLANKNEW YORK STATE WILL MATCH
RETURNS.
DISALLOW IF JOINT AGI OVER $32,000ONLY ONE SPOUSE FILES, CREDIT
ALLOWED BASED ON CRITERIA
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE TAX-AIDE TRAINING - 2012
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
CONDITIONS AND FORMS FOR CREDITS
IT-201 INSTRUCTIONS PAGE 6
REFUNDABLE
NEW YORK STATE TAX-AIDE TRAINING - 2012
RESIDENT TAX CREDIT
RESIDENT CREDIT FORM IT-112RAVOID DOUBLE TAXATIONNONREFUNDABLEINCOME TAX PAID TO ANOTHER STATE (NON-
RESIDENT)
CREDIT ALLOWED TO RESIDENT STATEALSO TO RESIDENT PORTION OF PY RESIDENT RETURN
RESIDENT TAX CREDIT
COMPLETE RES/NR WORKSHEET IN TAXWISE
COMPLETE RETURN FOR NR STATEDETERMINE TOTAL TAX LIABILITY
FOR NON-RESIDENT STATEDETERMINE REFUND/BAL DUERETURN TO NEW YORK RETURNCOMPLETE FORM IT-112R
NEW YORK STATE TAX-AIDE TRAINING - 2012
RES/NR WKT
NEW YORK STATE TAX-AIDE TRAINING - 2012
CT STATE RETURN
NEW YORK STATE TAX-AIDE TRAINING - 2012
TOTAL TAX = $175
REFUND=$125
IT-112R, PG 1
NEW YORK STATE TAX-AIDE TRAINING - 2012
MUST COMPLETE COLUMN B
IT-112R, PG 2
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE TAX-AIDE TRAINING - 2012
EMPIRE STATE CHILD CREDITIT-213
AUTOMATIC IN TAXWISEFULL YEAR RESIDENT ONLYFEDERAL CHILD TAX CREDIT OR
ADDITIONAL CHILD TAX CREDIT OR INCOME BELOW FEDERAL CAP
CHILD AGE 4 THROUGH 1633% OF FEDERAL CREDIT or $100/CHILDREFUNDABLE
NEW YORK STATE TAX-AIDE TRAINING - 2012
CHILD & DEPENDENT CARE CREDIT IT-216
AUTOMATIC IN TAXWISERES, PY RESIDENT, NON-RESIDENT
REFUNDABLE TO FULL AND PY RESIDENTSNONREFUNDABLE TO NONRESIDENTS
20% - 110% OF FEDERAL CREDIT
ADDITIONAL CREDIT FOR NYC RESIDENTS
NEW YORK STATE TAX-AIDE TRAINING - 2012
EARNED INCOME TAX CREDIT IT-215
AUTOMATIC IN TAXWISEMUST CLAIM FEDERAL EICRESIDENT AND PY RESIDENT30% OF FEDERAL CREDIT LESS
HOUSEHOLD CREDITADDITIONAL CREDIT FOR NYC
RESIDENTSREFUNDABLE
NEW YORK STATE TAX-AIDE TRAINING - 2012
NON-CUSTODIAL PARENT EICIT-209
NOT MARRIED FILING SEPARATECHILD DID NOT RESIDE WITH TAXPAYERFULL YEAR RESIDENT ONLYAGE 18 OR OLDERCHILD UNDER 18MUST PAY CHILD SUPPORTCOURT ORDER AND COLLECTION UNITADDITIONAL CREDIT FOR NYC RESIDENTSREFUNDABLE
NY FORM IT-209
NEW YORK STATE TAX-AIDE TRAINING - 2012
NY FORM IT-209
NEW YORK STATE TAX-AIDE TRAINING - 2012
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 STATETAX-AIDE TRAINING - 2012
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 STATETAX-AIDE TRAINING - 2012
AS ITEMIZED DEDUCTION IF ITEMIZED DEDUCTIONS ELECTED ON
FEDERAL RETURN:MAY ITEMIZE DEDUCTION FOR TUITION
ON NEW YORK STATE RETURNMAY CLAIM CREDITCANNOT DO BOTH
TUITION UP TO $10,000/STUDENT MAY BE DEDUCTED
NEW YORK STATETAX-AIDE TRAINING - 2012
STUDENT IDENTITIES IT-272
NEW YORK STATETAX-AIDE TRAINING - 2012
CARRIED FROM FORM 8863
NEW YORK STATE TAX-AIDE TRAINING - 2012
IT-272, Pg. 2
REAL PROPERTY TAX CREDIT
CREDIT FOR LOW INCOME HOMEOWNERS and RENTERS
REFUNDABLE
CLAIM CAN BE FILED WITHOUT TAX RETURN
NYS FORM IT-214
NEW YORK STATETAX-AIDE TRAINING - 2012
REAL PROPERTY TAX CREDIT PUB 22
REQUIREMENTSHOUSEHOLD INCOME NOT >$18,000HOMEOWNERS – PAY PROPERTY TAXES
VALUE OF HOME NOT > $85,000.00
RENTERS – RENT NOT > $450/MONTHMUST BE NYS RESIDENT FOR ENTIRE YRMUST OCCUPY SAME RESIDENCE FOR
MINIMUM OF 6 MONTHS CANNOT BE CLAIMED AS A DEPENDENT
NEW YORK STATE TAX-AIDE TRAINING - 2012
REAL PROPERTY TAX CREDIT
AGE 65 OR OLDER:MAY BE ELIGIBLE FOR ENHANCED
CREDITHOMEOWNER: TAXPAYER OR SPOUSE MUST
BE 65RENTER: MEMBER OF HOUSEHOLD MUST BE
65 MUST HAVE LIVED IN RESIDENCE AT LEAST 6
MONTHS
NEW YORK STATE TAX-AIDE TRAINING - 2012
REAL PROPERTY TAX CREDITHOUSEHOLD INCOME INCLUDES FOR
EACH MEMBER OF HOUSEHOLD:FEDERAL AGINYS ADDITIONSSUPPORT MONEYSSI INCOMETAX EXEMPT INTERESTWORKERS COMPENSATIONSEE PUB 22 FOR MORE DETAILS
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE TAX-AIDE TRAINING - 2012
NURSING HOME ASSESSMENT CREDIT
ASSESSMENT IMPOSED ON HEALTH CARE FACILITYDO NOT CLAIM EXPENSES FOR CARE
MUST BE SEPARATELY STATEDCREDIT EQUALS ASSESSMENT
AMOUNT – UP TO 6%CODE 258 ON IT-201-ATT
NEW YORK STATE TAX-AIDE TRAINING - 2012
LONG TERM CARE INSURANCEIT-249
QUALIFIED POLICY
CREDIT EQUALS 20% PREMIUM PAIDPREMIUM MUST BE ENTERED ON
FEDERAL SCHED A “DETAIL SHEET”
CARRYOVER IF NECESSARY
RESIDENT, NON-RESIDENT, PY RESIDENT
LONG TERM CARE – SCHED A
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK IT-249
NEW YORK STATE TAX-AIDE TRAINING - 2012
C/O FROM SCHED A
NEW YORK IT-249
NEW YORK STATE TAX-AIDE TRAINING - 2012
C/O TO NEXT YEAR
NEW YORK STATE TAX-AIDE TRAINING - 2012
FULL YEAR RESIDENT ONLYFULL YEAR SERVICE
NO PROPERTY TAX EXEMPTION FOR SERVICE
MUST HAVE NAME, LOCATION OF FIRE DEPT.
TAXPAYER AND SPOUSE MAY EACH QUALIFYCREDIT = $200/PERSON
VOLUNTEER FIREFIGHTER/ AMBULANCE WORKER CREDIT IT-245
NEW YORK FORM IT-245
NEW YORK STATE TAX-AIDE TRAINING - 2012
ANSWER QUESTIONS, PART 2
COMPLETE PART 3
NEW YORK STATE TAX-AIDE TRAINING - 2012
TAXWISE IT-201-ATT SCREEN
SELECT FORM; TW INSERTS CODE
CLOSE NYS RETURN
REFUND DUEDIRECT DEPOSITDEBIT CARDCHECK
BALANCE DUECHECKCREDIT CARDELECTRONIC WITHDRAWAL
NEW YORK STATE TAX-AIDE TRAINING - 2012
FORM TR 579CLIENT SIGNATURE
NEW YORK STATE TAX-AIDE TRAINING - 2012
FORM TR 579CLIENT SIGNATURE
NEW YORK STATE TAX-AIDE TRAINING - 2012
CLIENT SIGNATURE
FORM TR 579CLIENT SIGNATURE
NEW YORK STATE TAX-AIDE TRAINING - 2012
DO NOT SIGN THIS FORM
NEW YORK STATE TAX-AIDE TRAINING - 2012
NYS PAPER RETURNS
MAY HAVE TO MAIL IN NYS RETURNSAMENDED RETURNDISABILITY EXCLUSION CLAIM
MAILING ADDRESSES ARE CHANGEDSEE NYS INSTRUCTIONS
NYS POWER OF ATTORNEY(POA)
NEW PROCEDURE FOR E-FILE RETURNS
HAVE POA REPRESENTATIVE SIGN TR-579ATTACH SIGNED TR-579 AND POA TO CLIENT
COPY OF RETURNPROVIDE THIS COPY TO POA REP.
NO LONGER NECESSARY TO COMPLETE NY POA FORM AND MAIL TO TAX DEPT MAY REQUIRE POA-1FROM REPRESENTATIVE
FOR ADDITIONAL INFORMATION
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE INTERVIEW FORM
QUESTIONS RELATED TO ITEMS UNIQUE TO NEW YORK
EACH CLIENT SHOULD COMPLETE
INCORPORATE INTO INTERVIEW
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE TAX-AIDE TRAINING - 2012
IT-272
IT-209
IT-245IT-214
IT-258
IT-249IT-112R
IT-201, LN 59
UPDATE
NEW YORK STATE TAX-AIDE TRAINING - 2012
EXEMPTION
EXCLUSION
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE TAXES
QUESTIONS???
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