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NY CREDITS PowerPoint Presentation

NY CREDITS

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NY CREDITS

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  1. NY CREDITS NYS PUB 99-IND INDIVIDUAL CREDIT INSTR

  2. DETAILED INFORMATION ON NY CREDITS • CREDIT INSTRUCTIONS • NY PUB 99-IND • 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

  3. CONDITIONS AND FORMS FOR CREDITS • IT-201 INSTRUCTIONS PAGE 6

  4. LINKING TO NONREFUNDABLE CREDITS

  5. LINK TO REFUNDABLE CREDITS

  6. ENTERING CREDITS ON IT-201 ATT • IT-201 INSTRUCTIONS PAGE 98

  7. IT-201 ATT IN TAXWISE F1

  8. HOUSEHOLD AND RESIDENT CREDITS • HOUSEHOLD CREDIT • AUTOMATIC IN TAXWISE • INCOME, STATUS, DEPENDENTS • NONREFUNDABLE • RESIDENT CREDIT 112R • INCOME TAX PAID TO ANOTHER STATE • NONREFUNDABLE • SEE SEPARATE RESIDENT CREDIT FILE

  9. EMPIRE STATE CHILD CREDITIT-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 • REFUNDABLE

  10. CHILD & DEPENDENT CARE CREDIT IT-216 • AUTOMATIC IN TAXWISE • 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

  11. EARNED INCOME CREDIT IT-215 • AUTOMATIC IN TAXWISE • MUST CLAIM FEDERAL EIC • NOT MARRIED FILING SEPARATE • RES AND PY RES • 30% OF FEDERAL CREDIT LESS • HOUSEHOLD CREDIT • ADDITIONAL CREDIT FOR NYC RESIDENTS • REFUNDABLE

  12. NON-CUSTODIAL PARENT EICIT-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

  13. LINK TO FROM IT-201 TO IT-209

  14. IT-209 REQUIRED INPUTS

  15. IT-209 CREDIT CALCULATION 1

  16. IT-209 CREDIT CALCULATION 2 • N • N

  17. NONREFUNDABLE CREDITS ON IT-201 ATT

  18. ENTERING CREDITS ON IT-201 ATT • IT 201 INSTRUCTIONS PAGE 98

  19. LONG TERM CARE INSURANCEIT-249 • QUALIFIED POLICY • MAX ALLOWED CAPPED BASED ON AGE • CARRYOVER • RES, NONRES, PY RES

  20. ENTER LONG TERM CARE INSURANCE ON SCHEDULE A

  21. LINK FROM IT-201 TO IT-201 ATT

  22. LINK FROM IT-201 ATT TO IT-249

  23. IT-249 PAGE 1 • ENTER PREMIUM VIA SCRATCH PAD

  24. IT-249 PAGE 2

  25. ENTER LONG TERM CARE CREDIT ON IT-201 ATT

  26. LONG TERM CARE INSURANCE CREDIT ON IT-201

  27. REFUNDABLECREDITS ON IT-201 ATT

  28. NURSING HOME ASSESSMENT CREDIT IT-258 • ENTIRE ASSESSMENT IS REFUNDABLE • AVAILABLE ONLY TO DIRECT PAYER • MUST BE STATED SEPARATELY

  29. LINK FROM IT-201 ATT TO IT-258

  30. COMPLETE NURSING HOME ASSESSMENT CREDIT IT-258

  31. NURSING HOME ASSESSMENT CREDIT ON IT-201 ATT

  32. NURSING HOME ASSESSMENT CREDIT ON IT-201 • LINE 71 MAY INCLUDE OTHER REFUNDABLE CREDITS

  33. VOLUNTEER FIREFIGHTER AND AMBULANCE WORKER CREDITIT-245 • FULL YEAR RESIDENT ONLY • FULL YEAR SERVICE • NO PROPERTY TAX EXEMPTION FOR SERVICE • TAXPAYER AND SPOUSE MAY BOTH QUALIFY

  34. LINK FROM IT-201 ATT TO IT-245

  35. VOLUNTEER FIREFIGHTER AND AMBULANCE WORKER CREDITIT-245

  36. CREDITON IT-201 ATT

  37. MORE NY CREDITS • SEE SEPARATE FILES FOR • COLLEGE TUITION CREDIT IT-272 • REAL PROPERTY TAX CREDIT IT-214 • RESIDENT CREDIT IT-112R

  38. CREDITS NOT AVAILABLE IN TAXWISE 2008 • CLEAN HEATING FUEL IT-241 • CONSERVATION EASEMENT IT-242 • DEFIBRILLATOR IT-250

  39. NY CREDITS QUESTIONS?