Credits vs. Taxes: The Constitutional Effects on the Health Care Debate
NEW YORK STATE TAXES and CREDITS
description
Transcript of NEW YORK STATE TAXES and CREDITS
![Page 1: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/1.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE TAXES and CREDITS
![Page 2: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/2.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
OBJECTIVES
BASICS REVIEW
CREDITS
WHAT’S NEW
![Page 3: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/3.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE TRAINING
IT 201 INSTRUCTIONS
PUB 80 – GENERAL INFORMATION
PUB 36 - TAX INFORMATION FOR SENIORS
![Page 4: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/4.jpg)
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.
![Page 5: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/5.jpg)
NEW YORK STATETAX-AIDE TRAINING - 2012
NEW: 2012NY IT-201
Pg 1
NEW: DEPENDENT INFORMATION
![Page 6: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/6.jpg)
NEW YORK STATETAX-AIDE TRAINING - 2012
NEW: 2012NY IT-201
Pg 2
NEW:NO ITEMIZED DED.
WKSHT
![Page 7: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/7.jpg)
NEW YORK STATETAX-AIDE TRAINING - 2012
NEW: 2012NY IT-201
Pg 3
![Page 8: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/8.jpg)
NEW YORK STATETAX-AIDE TRAINING - 2012
NEW: 2012NY IT-201
Pg 4
NEW
![Page 9: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/9.jpg)
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
![Page 10: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/10.jpg)
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
![Page 11: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/11.jpg)
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.
![Page 12: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/12.jpg)
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,
![Page 13: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/13.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
ENTER IN box 14, TW as
414H 1000IRC125 200
414H 1000125IRC 200
![Page 14: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/14.jpg)
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
![Page 15: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/15.jpg)
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
![Page 16: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/16.jpg)
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
![Page 17: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/17.jpg)
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
![Page 18: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/18.jpg)
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
![Page 19: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/19.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
PENSION INCOME EXCLUSION IN TAXWISE 1099R SCREEN
Check Box 1 For Private Pension
![Page 20: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/20.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
PENSION INCOME EXEMPTION IN TAXWISE 1099R SCREEN
Check Box 2 For Public Pension
![Page 21: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/21.jpg)
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
![Page 22: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/22.jpg)
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)
![Page 23: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/23.jpg)
FORM IT 201-2
NEW YORK STATE TAX-AIDE TRAINING - 2012
ENTER CODE – SEE IT 201 INSTRUCTIONS
![Page 24: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/24.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
ENTER CODE – SEE IT 201 INSTRUCTIONS
![Page 25: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/25.jpg)
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
![Page 26: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/26.jpg)
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
![Page 27: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/27.jpg)
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
![Page 28: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/28.jpg)
TW MAIN INFO WORKSHEET
NEW YORK STATE TAX-AIDE TRAINING - 2012
![Page 29: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/29.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
FORM IT-201, PG 1
County of Residence
School District Name
School District Code
![Page 30: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/30.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
Residency or Presence of Living Quarters in NYC
FORM IT-201, PG 1
![Page 31: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/31.jpg)
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
![Page 32: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/32.jpg)
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
![Page 33: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/33.jpg)
FORM IT-201-3
NEW YORK STATE TAX-AIDE TRAINING - 2012
REQUIRED ENTRY FOR MFS
![Page 34: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/34.jpg)
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
![Page 35: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/35.jpg)
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
![Page 36: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/36.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
CONDITIONS AND FORMS FOR CREDITS
IT-201 INSTRUCTIONS PAGE 6
REFUNDABLE
![Page 37: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/37.jpg)
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
![Page 38: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/38.jpg)
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
![Page 39: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/39.jpg)
RES/NR WKT
NEW YORK STATE TAX-AIDE TRAINING - 2012
![Page 40: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/40.jpg)
CT STATE RETURN
NEW YORK STATE TAX-AIDE TRAINING - 2012
TOTAL TAX = $175
REFUND=$125
![Page 41: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/41.jpg)
IT-112R, PG 1
NEW YORK STATE TAX-AIDE TRAINING - 2012
MUST COMPLETE COLUMN B
![Page 42: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/42.jpg)
IT-112R, PG 2
NEW YORK STATE TAX-AIDE TRAINING - 2012
![Page 43: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/43.jpg)
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
![Page 44: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/44.jpg)
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
![Page 45: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/45.jpg)
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
![Page 46: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/46.jpg)
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
![Page 47: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/47.jpg)
NY FORM IT-209
NEW YORK STATE TAX-AIDE TRAINING - 2012
![Page 48: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/48.jpg)
NY FORM IT-209
NEW YORK STATE TAX-AIDE TRAINING - 2012
![Page 49: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/49.jpg)
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
![Page 50: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/50.jpg)
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
![Page 51: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/51.jpg)
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
![Page 52: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/52.jpg)
STUDENT IDENTITIES IT-272
NEW YORK STATETAX-AIDE TRAINING - 2012
CARRIED FROM FORM 8863
![Page 53: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/53.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
IT-272, Pg. 2
![Page 54: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/54.jpg)
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
![Page 55: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/55.jpg)
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
![Page 56: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/56.jpg)
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
![Page 57: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/57.jpg)
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
![Page 58: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/58.jpg)
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
![Page 59: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/59.jpg)
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
![Page 60: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/60.jpg)
LONG TERM CARE – SCHED A
NEW YORK STATE TAX-AIDE TRAINING - 2012
![Page 61: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/61.jpg)
NEW YORK IT-249
NEW YORK STATE TAX-AIDE TRAINING - 2012
C/O FROM SCHED A
![Page 62: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/62.jpg)
NEW YORK IT-249
NEW YORK STATE TAX-AIDE TRAINING - 2012
C/O TO NEXT YEAR
![Page 63: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/63.jpg)
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
![Page 64: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/64.jpg)
NEW YORK FORM IT-245
NEW YORK STATE TAX-AIDE TRAINING - 2012
ANSWER QUESTIONS, PART 2
COMPLETE PART 3
![Page 65: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/65.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
TAXWISE IT-201-ATT SCREEN
SELECT FORM; TW INSERTS CODE
![Page 66: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/66.jpg)
CLOSE NYS RETURN
REFUND DUEDIRECT DEPOSITDEBIT CARDCHECK
BALANCE DUECHECKCREDIT CARDELECTRONIC WITHDRAWAL
NEW YORK STATE TAX-AIDE TRAINING - 2012
![Page 67: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/67.jpg)
FORM TR 579CLIENT SIGNATURE
NEW YORK STATE TAX-AIDE TRAINING - 2012
![Page 68: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/68.jpg)
FORM TR 579CLIENT SIGNATURE
NEW YORK STATE TAX-AIDE TRAINING - 2012
CLIENT SIGNATURE
![Page 69: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/69.jpg)
FORM TR 579CLIENT SIGNATURE
NEW YORK STATE TAX-AIDE TRAINING - 2012
DO NOT SIGN THIS FORM
![Page 70: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/70.jpg)
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
![Page 71: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/71.jpg)
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
![Page 72: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/72.jpg)
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
![Page 73: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/73.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
IT-272
IT-209
IT-245IT-214
IT-258
IT-249IT-112R
IT-201, LN 59
UPDATE
![Page 74: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/74.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
EXEMPTION
EXCLUSION
![Page 75: NEW YORK STATE TAXES and CREDITS](https://reader030.fdocuments.net/reader030/viewer/2022020801/56814351550346895dafcc4c/html5/thumbnails/75.jpg)
NEW YORK STATE TAX-AIDE TRAINING - 2012
NEW YORK STATE TAXES
QUESTIONS???