Discussion:NY/NYC Forms IT201 & NYC202 Realty Check
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Discussion Forum Index --> Tax Questions --> NY/NYC Forms IT201 & NYC202 Realty Check
| 7 April 2007 | |
| This return is giving me a headache. At the last minute, a client asked me to prepare his son's tax return.
The son lived in Brooklyn for the entire year working as a freelance artist working out of his tiny apt. If I have this right: 1. He files a Form IT201 - receives a NYC tax credit (Section 2) for part of the NYC tax. 2. He files NYC -202 as he is filing a fed Sch C. All income was earned in NYC - gross income was < than $75,000 but profit was more than $35000. 3. Each form is filed separetly 4. Also, ProSeries keeps stating that I cannot E-file the IT201 because of NYC conditions. I don't know if I am missing something - i have filled in all sch. | |
| 7 April 2007 | |
| Try checking your tax information worksheets. The part where they ask you about Yonker/or NYC resident might be a problem. | |
Death&Taxes (talk|edits) said: | 7 April 2007 |
| No, he cannot efile the NYC202. You are misreading it. 202 is filed on paper. The 202 only applies if income is about about 55K or so. If he does not have a liability on the 202 you can opt out of filing on the information screen for New York....but you must make sure you mark that he is a full year NYC resident on the same screen. Software does not know that. You are correct that if you pay the 202, there is a credit against NYS, but unless he is a big success, few artists pay the 202.
The 202 also allows you to allocate for sales outside of NY if he has made enough to pay. | |
