What Is A POS System & Choosing The Best For Your Business.Research Credit Card Processing Reviews.Any amounts paid on behalf of New York State residents for pass-through entity taxes that are substantially similar to New York State’s pass-through entity tax on income not sourced to the other state under the laws of New York State.ĭo not enter any amount(s) required to be added back under modifications A-219 or A-220.Any amounts paid on behalf of New York State nonresidents for pass-through entity taxes that are substantially similar to New York State’s pass-through entity tax, and.Any amounts paid on behalf of partners, members, or shareholders to states that are not substantially similar to New York State’s pass-through entity tax,.Any estimated payments made for PTET for the tax year that exceed the actual PTET liability for the tax year,.
#2021 tax changes pro#
S corporation shareholders and partners in partnerships: You must add back your pro rata or distributive share of the following taxes reported to you by the S corporation or partnership: S corporation shareholders: If you are a shareholder of a federal S corporation for which a New York S election was in effect and that corporation deducted taxes imposed by Article 9-A (general business corporation franchise tax) of the New York State Tax Law, or state or local taxes of this or another state, political subdivision of this or another state, or the District of Columbia, then enter your pro rata share of those taxes. On page 6, 1st column, under New York State addition A-201, replace the paragraph titled " S corporation shareholders:" with the following instructions: You will need this information in addition to the information reported on Form IT-204-IP to compute the amount of taxes to be added back on Form IT-225, New York State Modifications, including, if applicable, any addback required for the pass-through entity tax (PTET) paid to other states that was used to claim a resident tax credit. If your partnership paid income taxes to other states, it must provide you with a statement itemizing the taxes paid to each state. On page 1, 2nd column, add the following above line 20 instructions: This statement must itemize the amounts paid to each state. Note: The partnership must provide to each partner a statement indicating the partner's distributive share of income taxes paid to other states. On page 12, 1st column, under General information, add the following between the existing Note: and Farm donations to food pantries credit: On page 1, the third bullet under Qualifying real property taxes (QRPT) should read (updated text in bold): On page 6, in the Subtraction adjustments chart, adjustment number S-005, Modifications of limitations on business interest, should have an X placed in the IT-205 column. On page 1, line 29 should read (updated text in bold): On page 1, the first bullet under the Line 1 instructions should read (updated text in bold): individuals 65 and over or under age 25 without a qualifying child.On page 3, the first bullet under the Line 33 instructions should read (updated text in bold): On page 4, Estimated personal income tax worksheet, line 4 should read as follows: IT-229-I (Additional correction to the March 8, 2022, version).
Form IT-229 and Form IT-229-I were updated on March 8, 2022, to include prior corrections, and additional instruction and clarification regarding real property eligibility and the definition of Qualified Real Property Taxes (QRPT) paid.If a form is not listed, there have been no changes affecting that form. Select a tax form from the following list to identify the changes affecting that form. If you have already filed such form, and one of the following updates affects a calculation previously reported, you must file an amended form reflecting such update. If any of the following updates impact a tax form for which you are responsible for filing, and you have not yet filed such form, you must incorporate these updates when filing such form. The following changes were not reflected on the forms for 2021 when they went to print.