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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
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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
NY-3 NY TRAINING - 2009 2
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
NY IT-201Pg 1
NY IT-201Pg 2
NY IT-201Pg 3
NY IT-201Pg 4
NY-3 NY TRAINING - 2009 7
IT 201 PAGE BY PAGE
PAGE 1 PERSONAL INFORMATION FEDERAL AGI
PAGE 2 NY ADDITIONS NY SUBTRACTIONS DEDUCTION AND EXEMPTIONS
NY-3 NY TRAINING - 2009 8
IT 201 PAGE BY PAGE
PAGE 3 TAX CALCULATION NONREFUNDABLE CREDITS SALES TAX & CONTRIBUTIONS
PAGE 4 REFUNDABLE CREDITS TAX DUE/REFUND
NY-3 NY TRAINING - 2009 9
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
NY-3 NY TRAINING - 2009 10
IT 201 SCHOOL AND COUNTY ENTRIES
NY-3 NY TRAINING - 2009 11
SCHOOL DISTRICT NAMES AND CODES
F1 KEY IN ANY OF THE 3 BOXES EXPAND NEW YORK CODES (+) SELECT COUNTY AND SCHOOL DISTRICT CODES
NY-3 NY TRAINING - 2009 12
IT 201 NYC RESIDENCY ENTRIES
NY-3 NY TRAINING - 2009 13
IT 201 INCOME
NY-3 NY TRAINING - 2009 14
NY AGI
NY AGI=FEDERAL AGI +NY ADDITIONS -NY SUBTRACTIONS
NY-3 NY TRAINING - 2009 15
NY ADDITIONS
NON NY MUNI INTEREST
PUBLIC EMPLOYEE 414H CONTBUTIONS
NONQUALIFIED NY 529 COLLEGE SAVINGS DISTRIBUTIONS
NYC FLEXIBLE BENEFITS PROGRAM IRC 125
NY-3 NY TRAINING - 2009 16
MUNI FUND 1099-INT
FIDELITY MUNI FUND 82 DEVONSHIRE STREET BOSTON MA 02109
5000.00
JOHN SMITH
200 MAIN STREET
ALBANY NY 12206
NY-3 NY TRAINING - 2009 17
TAXWISE INTEREST STATEMENT
NY-3 NY TRAINING - 2009 18
IT 201ADDITIONSNON-NY MUNI
NY-3 NY TRAINING - 2009 19
414H ON W-2
STATE OF NEW YORK 100 STATE STREET ALBANY NY 12206
414H 1000
JOHN SMITH 200 MAIN STREET ALBANY NY 12206
NY-3 NY TRAINING - 2009 20
ENTERING 414H ON W2 IN TAXWISE
NY-3 NY TRAINING - 2009 21
IT 201 ADDITIONS 414(h)
NY-3 NY TRAINING - 2009 22
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
NY-3 NY TRAINING - 2009 23
NY SUBTRACTIONS
TAXABLE STATE INCOME TAX REFUNDS PUBLIC PENSION EXEMPTION TAXABLE SOCIAL SECURITY US GOVERNMENT BOND INTEREST PRIVATE PENSION EXCLUSION 529 PLAN CONTRIBUTIONS
NY-3 NY TRAINING - 2009 24
LOCAL BANK 1099-INT
LOCAL BANK 25 CHURCH STREET ALBANY NY 12206
JOHN SMITH
200 MAIN ST
ALBANY NY 12206
1000.00
500.00
NY-3 NY TRAINING - 2009 25
TAXWISE INTEREST STATEMENT
NY-3 NY TRAINING - 2009 26
IT 201 SUBTRACTIONS US GOVT BOND INTEREST
NY-3 NY TRAINING - 2009 27
PUBLIC PENSION 1099R IN TAXWISE
NY-3 NY TRAINING - 2009 28
IT 201 SUBTRACTIONS US GOVT PENSION
NY-3 NY TRAINING - 2009 29
PRIVATE PENSION 1099RIN TAXWISE
NY-3 NY TRAINING - 2009 30
IT 201 SUBTRACTIONS PRIVATE PENSION
NY-3 NY TRAINING - 2009 31
IT 201NY AGI
NY-3 NY TRAINING - 2009 32
NY TAXABLE INCOME
NY TAXABLE INCOME= NY AGI -DEDUCTION -DEPENDENT EXEMPTIONS
NY-3 NY TRAINING - 2009 33
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
NY-3 NY TRAINING - 2009 34
ITEMIZED OR STD?
FEDERAL STATE
STD STD
ITEMIZED LARGER
NY-3 NY TRAINING - 2009 35
IT 201DEDUCTION AND EXEMPTION(S)
NY-3 NY TRAINING - 2009 36
NEW YORK STATE CREDITS
NONREFUNDABLE CREDITS
REFUNDABLE CREDITS
NY-3 NY TRAINING - 2009 37
IT 201 TAX AND NONREFUNDABLE CREDITS
AUTOMATIC
NY-3 NY TRAINING - 2009 38
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
NY-3 NY TRAINING - 2009 39
IT 201 SALES TAX AND CONTRIBUTIONS
NY-3 NY TRAINING - 2009 40
IT 201 REFUNDABLE CREDITS
NY-3 NY TRAINING - 2009 41
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
NY-3 NY TRAINING - 2009 42
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
NY-3 NY TRAINING - 2009 43
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
NY-3 NY TRAINING - 2009 44
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
NY-3 NY TRAINING - 2009 45
IT 201 PAYMENTS AND REFUNDABLE CREDITS
NY-3 NY TRAINING - 2009 46
TAX DUE/REFUND
NY-3 NY TRAINING - 2009 47
PAYMENT/DEPOSIT INFORMATION
NY-3 NY TRAINING - 2009 48
EFILE AUTHORIZATION
TR-579 EFILE SIGNATURE AUTHORIZATION
NY-3 NY TRAINING - 2009 49
CREDITS IN INDIVIDUAL FILES
RESIDENT CREDIT IT 112R
REAL PROPERTY TAX CREDIT IT 214
COLLEGE TUITION CREDIT IT 272
NY-3 NY TRAINING - 2009 50
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
NY-3 NY TRAINING - 2009 51
CREDITS NOT AVAILABLE IN TAXWISE 2008
CLEAN HEATING FUEL IT 241
CONSERVATION EASEMENT IT 242
DEFIBRILLATOR IT 250
NY-3 NY TRAINING - 2009 52
IT 201 NEW YORK STATE RESIDENT RETURN
QUESTIONS?
REFSNYS PUB 80NYS PUB 99-IND IT-201 INSTR