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NY-3 NY TRAINING-2009 1 NY PART YEAR RESIDENT REF: NY PUB 88 NY PUB 80 IT 203 INSTR.

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Presentation on theme: "NY-3 NY TRAINING-2009 1 NY PART YEAR RESIDENT REF: NY PUB 88 NY PUB 80 IT 203 INSTR."— Presentation transcript:

1 NY-3 NY TRAINING NY PART YEAR RESIDENT REF: NY PUB 88 NY PUB 80 IT 203 INSTR

2 NY-3 NY TRAINING NY PART YEAR RESIDENT RETURN  WHEN DOES IT OCCUR?  HOW DO WE HANDLE IT?  IT 203 AND NY PUB 88, IT 203 INSTR

3 NY-3 NY TRAINING IT 203 PAGE BY PAGE  PERSONAL INFORMATION  FEDERAL INCOME AND ADJUSTMENTS  NY ADDITIONS AND SUBTRACTIONS  DEDUCTION AND EXEMPTION(S)  TAX COMPUTATION  NONREFUNDABLE CREDITS  SALES TAX AND CONTRIBUTIONS  PAYMENTS AND REFUNDABLE CREDITS  TAX DUE/REFUND  ADDITIONAL INFORMATION

4 NY-3 NY TRAINING PART YEAR NY RESIDENT  COMPLETE FEDERAL RETURN  USE PY RES WKT TO ALLOCATE INCOME TO STATES BASED ON DATE OF RESIDENCE CHANGE  COMPLETE PART YEAR RETURNS FOR BOTH STATES

5 NY-3 NY TRAINING PART YEAR RESIDENT EXAMPLE  JOINT RETURN BOTH UNDER 65  MOVED NY TO VT 6/1/2008  NYS WAGES $11500  VT WAGES $16500  CAPITAL GAIN 9/30/2008 $5200  MONTHLY PRIVATE PENSION $6000  BANK INTEREST ($50/MO) $600  SOCIAL SECURITY $6000  FEDERAL AGI $42,800

6 NY-3 NY TRAINING IDENTIFY BOTH PY STATES ON MAIN INFORMATION SHEET

7 NY-3 NY TRAINING USE PART YEAR RESIDENT WKT

8 NY-3 NY TRAINING PY RES WKT-INITIAL

9 NY-3 NY TRAINING PY RES WKT BEFORE CAPITAL GAIN ALLOCATION  MOVED NY TO VT 6/1/2008  CAPITAL GAIN 9/30/2008 $5200  NY NY VT VT FED FED  ENTER 5200 IN VT COLUMN

10 NY-3 NY TRAINING PY RES WKT AFTER CAPITAL GAIN ALLOCATION  MOVED NY TO VT 6/1/2008  CAPITAL GAIN 9/30/2008 $5200  NY NY VT VT FED FED

11 NY-3 NY TRAINING PY RES WKT BEFORE PENSION ALLOCATION  NY NY VT VT FED FED  $6000x7/12=$3500  ENTER 3500 IN VT COLUMN

12 NY-3 NY TRAINING PY RES WKT AFTER PENSION ALLOCATION  NY NY VT VT FED FED  ALLOCATE INTEREST AND SOCIAL SECURITY THE SAME WAY

13 NY-3 NY TRAINING PY RES WKT ALLOCATION COMPLETED NY VT FED

14 NY-3 NY TRAINING VERIFY PY RES WORKSHEET

15 NY-3 NY TRAINING NY IT 203 INCOME

16 NY-3 NY TRAINING IT 203 SUBTRACTIONS

17 NY-3 NY TRAINING IT 203 PENSION SUBTRACTION  FED NY

18 NY-3 NY TRAINING IT 203 NEW YORK AGI  FED NY

19 NY-3 NY TRAINING IT 203 NY TAXABLE INCOME

20 NY-3 NY TRAINING IT 203 ALLOCATION OF NY TAX

21 NY-3 NY TRAINING IT 203 SALES TAX AND CONTRIBUTIONS

22 NY-3 NY TRAINING IT 203 PAYMENTS & REFUNDABLE CREDITS

23 NY-3 NY TRAINING IT 203 TAX DUE/REFUND

24 NY-3 NY TRAINING IT 203 PY RESIDENT INFORMATION

25 NY-3 NY TRAINING IT 203 PAYMENT/REFUND INFORMATION

26 NY-3 NY TRAINING ANSWER RESIDENCE QUESTIONS P 1 IT 203

27 NY-3 NY TRAINING EFILE AUTHORIZATION TR-579 EFILE SIGNATURE AUTHORIZATION

28 NY-3 NY TRAINING FACTORS TO BE AWARE OF ON PART YEAR RETURNS

29 NY-3 NY TRAINING CREDITS NOT AVAILABLE TO PART YEAR RESIDENTS  COLLEGE TUITION CREDIT  EMPIRE STATE CHILD CREDIT  NONCUSTODIAL PARENT EITC  REAL PROPERTY TAX CREDIT  VOLUNTEER FIREFIGHTER CREDIT REF: NY PUB 99-IND

30 NY-3 NY TRAINING SOME CREDITS AVAILABLE TO PART YEAR RESIDENTS  CHILD AND DEPENDENT CARE: IT-216  EARNED INCOME: IT-215  LONG TERM CARE INSURANCE IT-249  HOUSEHOLD (AUTOMATIC)  NURSING HOME ASSESSMENT: IT-258  RESIDENT TAX: IT-112R  Only while NY Resident REF: NY PUB 99-IND

31 NY-3 NY TRAINING INTEREST AND DIVIDEND ADJUSTMENT  USE “STATE ADJUST” COLUMNS ON TAXWISE INTEREST AND DIVIDEND STATEMENTS ONLY FOR FULL YEAR RESIDENT RETURNS  FOR PART YEAR AND NONRESIDENT RETURNS, MANUALLY ENTER THE CORRECT AMOUNT OF INTEREST AND DIVIDENDS DIRECTLY ON THE STATE FORMS

32 NY-3 NY TRAINING MUNI AND US GOVT INTEREST  3 MO NY RESIDENT, 9 MO NON NY RESIDENT  TAXWISE INTEREST STATEMENT

33 NY-3 NY TRAINING $600 US GOVT INTEREST SUBTRACTION  3 MO NY RES, 9 MO VT RES  SCRATCH PAD FROM IT 203 LINE 27 FED COLUMN  ENTER $150 IN NY COLUMN  FED NY

34 NY-3 NY TRAINING $1200 NON NY MUNI ADDITION  NON NY BOND,$100/MO INTEREST  3 MO NY RES, 9 MO VT RES FED NY

35 NY-3 NY TRAINING PART YEAR NY RESIDENT  COMPLETE FEDERAL RETURN  USE PY RES WKT TO ALLOCATE INCOME TO STATES BASED ON DATE OF RESIDENCE CHANGE  COMPLETE PART YEAR RETURNS FOR BOTH STATES

36 NY-3 NY TRAINING PART YEAR NY RESIDENT QUESTIONS?


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