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

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Presentation on theme: "NEW YORK STATE TAX-AIDE TRAINING - 2012 NEW YORK STATE TAXES and CREDITS."— Presentation transcript:

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

2 NEW YORK STATE TAX-AIDE TRAINING OBJECTIVES BASICS REVIEW CREDITS WHATS NEW

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

4 NEW YORK STATE TAX-AIDE TRAINING 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.

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

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

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

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

9 NEW YORK STATE TAX-AIDE TRAINING 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

10 NEW YORK STATE TAX-AIDE TRAINING 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

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

12 NEW YORK STATE TAX-AIDE TRAINING 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,

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

14 NEW YORK STATE TAX-AIDE TRAINING 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

15 QUALIFIED PLAN EMPLOYERS 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

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

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. 1 st, HAVE NOT REACHED MANDATORY RETIREMENT AGE OF EMPLOYER IF MFS, MUST NOT HAVE LIVED TOGETHER THIS EXCLUSION BECOMES PART OF ANNUAL $20,000 EXCLUSION

18 NEW YORK STATE TAX-AIDE TRAINING 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

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

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

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

22 NEW YORK STATE TAX-AIDE TRAINING 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)

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

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

25 NEW YORK STATE TAX-AIDE TRAINING 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

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

27 NEW YORK STATE TAX-AIDE TRAINING 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

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

29 FORM IT-201, PG 1 County of Residence School District Name School District Code

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

31 NEW YORK STATE TAX-AIDE TRAINING 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

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

33 FORM IT NEW YORK STATE TAX-AIDE TRAINING REQUIRED ENTRY FOR MFS

34 NYS HOUSEHOLD CREDIT MARRIED 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

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

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

37 NEW YORK STATE TAX-AIDE TRAINING 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

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

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

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

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

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

43 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 THROUGH 16 33% OF FEDERAL CREDIT or $100/CHILD REFUNDABLE

44 NEW YORK STATE TAX-AIDE TRAINING 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

45 NEW YORK STATE TAX-AIDE TRAINING 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

46 NEW YORK STATE TAX-AIDE TRAINING NON-CUSTODIAL PARENT EIC IT-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

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

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

49 COLLEGE TUITION CREDIT FORM 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

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

51 AS ITEMIZED DEDUCTION IF ITEMIZED DEDUCTIONS ELECTED ON FEDERAL RETURN: MAY ITEMIZE DEDUCTION FOR TUITION ON NEW YORK STATE RETURN MAY CLAIM CREDIT CANNOT DO BOTH TUITION UP TO $10,000/STUDENT MAY BE DEDUCTED NEW YORK STATE TAX-AIDE TRAINING

52 STUDENT IDENTITIES IT-272 NEW YORK STATE TAX-AIDE TRAINING CARRIED FROM FORM 8863

53 NEW YORK STATE TAX-AIDE TRAINING IT-272, Pg. 2

54 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 STATE TAX-AIDE TRAINING

55 REAL PROPERTY TAX CREDIT PUB 22 REQUIREMENTS HOUSEHOLD INCOME NOT >$18,000 HOMEOWNERS – PAY PROPERTY TAXES VALUE OF HOME NOT > $85, RENTERS – RENT NOT > $450/MONTH MUST BE NYS RESIDENT FOR ENTIRE YR MUST OCCUPY SAME RESIDENCE FOR MINIMUM OF 6 MONTHS CANNOT BE CLAIMED AS A DEPENDENT NEW YORK STATE TAX-AIDE TRAINING

56 REAL PROPERTY TAX CREDIT AGE 65 OR OLDER: MAY BE ELIGIBLE FOR ENHANCED CREDIT HOMEOWNER: TAXPAYER OR SPOUSE MUST BE 65 RENTER: MEMBER OF HOUSEHOLD MUST BE 65 MUST HAVE LIVED IN RESIDENCE AT LEAST 6 MONTHS NEW YORK STATE TAX-AIDE TRAINING

57 REAL PROPERTY TAX CREDIT HOUSEHOLD INCOME INCLUDES FOR EACH MEMBER OF HOUSEHOLD: FEDERAL AGI NYS ADDITIONS SUPPORT MONEY SSI INCOME TAX EXEMPT INTEREST WORKERS COMPENSATION SEE PUB 22 FOR MORE DETAILS NEW YORK STATE TAX-AIDE TRAINING

58 NURSING HOME ASSESSMENT CREDIT ASSESSMENT IMPOSED ON HEALTH CARE FACILITY DO NOT CLAIM EXPENSES FOR CARE MUST BE SEPARATELY STATED CREDIT EQUALS ASSESSMENT AMOUNT – UP TO 6% CODE 258 ON IT-201-ATT

59 NEW YORK STATE TAX-AIDE TRAINING LONG TERM CARE INSURANCE IT-249 QUALIFIED POLICY CREDIT EQUALS 20% PREMIUM PAID PREMIUM MUST BE ENTERED ON FEDERAL SCHED A DETAIL SHEET CARRYOVER IF NECESSARY RESIDENT, NON-RESIDENT, PY RESIDENT

60 LONG TERM CARE – SCHED A NEW YORK STATE TAX-AIDE TRAINING

61 NEW YORK IT-249 NEW YORK STATE TAX-AIDE TRAINING C/O FROM SCHED A

62 NEW YORK IT-249 NEW YORK STATE TAX-AIDE TRAINING C/O TO NEXT YEAR

63 NEW YORK STATE TAX-AIDE TRAINING FULL YEAR RESIDENT ONLY FULL YEAR SERVICE NO PROPERTY TAX EXEMPTION FOR SERVICE MUST HAVE NAME, LOCATION OF FIRE DEPT. TAXPAYER AND SPOUSE MAY EACH QUALIFY CREDIT = $200/PERSON VOLUNTEER FIREFIGHTER/ AMBULANCE WORKER CREDIT IT-245

64 NEW YORK FORM IT-245 NEW YORK STATE TAX-AIDE TRAINING ANSWER QUESTIONS, PART 2 COMPLETE PART 3

65 NEW YORK STATE TAX-AIDE TRAINING TAXWISE IT-201-ATT SCREEN SELECT FORM; TW INSERTS CODE

66 CLOSE NYS RETURN REFUND DUE DIRECT DEPOSIT DEBIT CARD CHECK BALANCE DUE CHECK CREDIT CARD ELECTRONIC WITHDRAWAL NEW YORK STATE TAX-AIDE TRAINING

67 FORM TR 579 CLIENT SIGNATURE NEW YORK STATE TAX-AIDE TRAINING

68 FORM TR 579 CLIENT SIGNATURE NEW YORK STATE TAX-AIDE TRAINING CLIENT SIGNATURE

69 FORM TR 579 CLIENT SIGNATURE NEW YORK STATE TAX-AIDE TRAINING DO NOT SIGN THIS FORM

70 NEW YORK STATE TAX-AIDE TRAINING NYS PAPER RETURNS MAY HAVE TO MAIL IN NYS RETURNS AMENDED RETURN DISABILITY EXCLUSION CLAIM MAILING ADDRESSES ARE CHANGED SEE NYS INSTRUCTIONS

71 NYS POWER OF ATTORNEY (POA) NEW PROCEDURE FOR E-FILE RETURNS HAVE POA REPRESENTATIVE SIGN TR-579 ATTACH SIGNED TR-579 AND POA TO CLIENT COPY OF RETURN PROVIDE 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

72 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

73 IT-272 IT-209 IT-245 IT-214 IT-258 IT-249 IT-112R IT-201, LN 59 UPDATE

74 NEW YORK STATE TAX-AIDE TRAINING EXEMPTION EXCLUSION

75 NEW YORK STATE TAX-AIDE TRAINING NEW YORK STATE TAXES QUESTIONS???


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