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Category: New York
31 Articles
Orange arrow New York Real property tax credit

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  IT-214 (2020) What is the real property tax credit?The real property tax credit may be available to New York State residents who have household gross income of $18,000 or less, and pay either real property taxes or rent for their residences. If all members of your household are under age 65, the c...
Posted in: States, New York

Orange arrow How do I amend my New York state tax return?

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  Purpose of Form IT-201-XIf after filing your New York State income tax return you realize you have made an error or if the Internal Revenue Service (IRS) makes changes to your federal return, you must file an amended New York State return to correct the error or report the changes. Use Form IT-201...
Posted in: States, New York

Orange arrow Credit for City of New York Unincorporated Business Tax

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  Form IT-219 For tax years beginning on or after January 1, 1997, a New York City resident individual, estate or trust, or a New York City part-year resident individual or trust may be eligible for a credit on their personal income tax return for New York City unincorporated business tax (UBT) impo...
Posted in: States, New York

Orange arrow New York Resident Credit

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  If you were a full-year or part-year resident of New York State, or a New York State resident estate or trust, or a part-year resident trust, and you had income sourced to and taxed by another state, a local government within another state, or the District of Columbia, you may claim a credit agains...
Posted in: States, New York

Orange arrow New York Contributions

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  Your contribution(s) will reduce your refund or increase your tax payment. You cannot change the amount(s) you give after you file your return. Return a Gift to Wildlife Your contribution will benefit New York’s fish, wildlife, and marine resources, and you can receive a free issue of Conse...
Posted in: States, New York

Orange arrow New York Additions

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  New York additions – Interest income on state and local bonds and obligations Do you have interest income from state and local bonds and obligations from states other than New York State or its local governments? If No, go to line 21. If Yes, enter any such interest income that you received...
Posted in: States, New York

Orange arrow New York Modifications

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  New York Modifications to Income (Additions and Subtractions) https://www.tax.ny.gov/pdf/current_forms/it/it225i.pdf Complete Form IT-225 and submit it with your return to report any New York additions and subtractions that do not have their own line on your return....
Posted in: States, New York

Orange arrow New York Pension and Annuity Income (Exclusion)

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  Did you enter an amount on line 9 or 10 that was not from a NYS or local government pension plan or federal government pension plan? If No, go to line 30. If Yes, and you were 59½ before January 1, 2021, enter the qualifying pension and annuity income included in your 2021 recomputed feder...
Posted in: States, New York

Orange arrow New York College Choice Tuition Savings Deduction

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  New York’s 529 college savings program deduction/earnings distributions Account owner During 2021, did you, as an account owner, make contributions to or a withdrawal from one or more tuition savings accounts established under New York’s 529 college savings program? If No, go to...
Posted in: States, New York

Orange arrow New York College Tuition Credit

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  What is the college tuition credit or itemized deduction? The college tuition credit is a tax credit allowed for the qualified college tuition expenses paid for an eligible student. The credit is available to full-year New York State residents only. If the credit exceeds your tax for the tax year,...
Posted in: States, New York

Orange arrow Itemizing Deductions

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  New York itemized deduction Beginning with tax year 2018, the Tax Law allows you to itemize your deductions for New York State income tax purposes whether or not you itemized your deductions on your federal income tax return (federal Schedule A, Itemized Deductions). For more information, see ou...
Posted in: States, New York

Orange arrow New York Itemized Deductions IT 196

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  New York itemized deduction Beginning with tax year 2018, the Tax Law allows you to itemize your deductions for New York State income tax purposes whether or not you itemized your deductions on your federal income tax return (federal Schedule A, Itemized Deductions). For more information, see our...
Posted in: States, New York

Orange arrow New York Underpayment of Estimated Tax by Individuals and Fiduciaries

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  Who must pay the underpayment penalty You may be charged a penalty if you did not pay enough estimated tax by any of the due dates or if you did not have enough New York State, New York City, or Yonkers income tax withheld. This is true even if you are due a refund when you file your tax return. ...
Posted in: States, New York

Orange arrow New York Tax on Lump-Sum Distributions

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  If you were a New York State resident or part-year resident individual, resident estate, or resident or part-year resident trust and you used federal Form 4972, Tax on Lump-Sum Distributions, to compute your federal tax on lump-sum distributions, you must use New York State Form IT-230 to compute y...
Posted in: States, New York

Orange arrow New York Claim for Long-Term Care Insurance Credit

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  Taxpayers who pay premiums for qualified long-term care insurance may claim a credit against their personal income tax. The credit is equal to 20% of the premiums paid during the tax year for the purchase of or for continuing coverage under a qualifying long-term care insurance policy. A qualifyin...
Posted in: States, New York


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