Personal income tax up-to-date information for 2016 (Articles 22 and 30)
The following changes were not reflected on the forms for 2016 when they went to print.
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.
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.
Select a tax form from the following list to identify the changes affecting that form. If a form is not listed, there have been no changes affecting that form.
IT-204-I
IT-204.1
IT-204-CP
IT-204-CP-I
IT-601
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Note: When amended Forms IT-204-CP are filed due to any one of the following updates, then you must provide to all corporate partners any such amended Forms IT-204-CP; you must also complete and provide corrected Forms IT-204-CP to all partners that are partnerships or LLCs.
1. On pages 17-18, the line 19 instructions should be replaced with the paragraph below:
"Enter the income and net gain/(loss) from a debt obligation or other security that cannot be taxed by New York State as a result of the U.S. Constitutional principles found in decisions of the U.S. Supreme Court. If the result of summing the applicable amounts is a net loss, enter the negative amount using a minus (-) sign. Amounts entered on this line should relate to assets listed in Part 1. This line applies only if the partnership is domiciled outside of New York State."
2. On page 18, the Lines 20 through 22 instructions, the third sentence should be replaced with the following:
"Enter on line 21 net capital gains/(losses) from investments reported in Part 2. If the result of summing the applicable amounts is a net loss, enter the negative amount using a minus (-) sign."
3. On page 24, the lines 16 through 22 instructions at the top of the first column, the first two sentences should be replaced with the following:
"For lines 16 through 22, enter the partner’s distributive share of the amounts from the corresponding lines of Form IT-204.1. If the amount reported on the corresponding line of Form IT-204.1 is a negative amount, report the partner’s share of such negative amount using a minus (-) sign. You must also provide to your partner a statement listing, for each of these lines, the amounts by asset/investment. On such statement, for line 19 amounts, you must list income amounts separately from net gain/(loss) amounts. Note: For line 19 amounts, when netting at the corporate partner or combined group level on Form CT-3.1, losses can only be netted against gains; losses cannot be netted against any other income amounts, such as interest income."
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1) On page 4, line 21, the line description should be changed to read:
"Net capital gains/(losses) from investment capital from stocks actually held more than one year"
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1) On page 5, line 21, the line description should be changed to read:
"Net capital gains/(losses) from investment capital from stocks actually held more than one year"
- 1) On page 3, the Lines 16 through 22 instructions, add the following after the first sentence: “Note: For line 19 amounts reported to you, when netting at the corporate partner or, for corporate partners included in a combined report, the combined group level, on Form CT-3.1, losses can only be netted against gains; losses cannot be netted against any other income amounts, such as interest income.”
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Line 3 should read as follows:
3 Fifty percent limitation (multiply line 2 by 50% (.5); see instructions if claiming a credit carryforward from more than one entity)
On the back add instructions for Line 3 as follows:
Line 3 - For taxpayers who are claiming a wage tax credit carryforward from more than one entity on a return, the aggregate amount of all the wage tax credits used in the current year cannot exceed 50% of the current year’s tax. Multiply line 2 by 50% (.5). From this result, subtract any wage tax credits claimed for this year that you wish to apply prior to the credit claimed on this form and enter that result on line 3.