Tuesday, December 18, 2012
WHAT'S NEW FOR NEW YORK STATE INCOME TAXES FOR 2012
The 2012 New York State income tax returns are now available online.
The first thing I noticed is that Page 1 of the IT-201 and IT-203 resident and non-resident income tax forms are expanded to include a detailed listing of dependents.
The forms are still 4 pages, and the space for the dependent listing section is made by eliminating the detail for itemized deductions previously on the bottom half of Page 2. The itemized deduction schedule has been moved to new Forms IT-201-D and IT-203-D.
Good news, at least for me. Forms IT-2, IT-1099-R, and IT-1099-UI have been eliminated! I no longer have to waste my time filling in these stupid forms. We now merely attach the state copy of the W-2 and appropriate 1099s with the filing of the return, like with the federal and other state filings, and like what used to be the case with NY state filings. Thank God for small favors.
Tax rates have been reduced for taxpayers with taxable incomes of over $40,000. and the tax computation worksheets for taxpayers with New York adjusted gross income of more than $100,000 are now based on filing status.
Taxpayers requesting direct deposit are asked some additional information about the bank account to which refunds are to be deposited, and taxpayers must now enter only whole dollar amounts on income tax forms (nothing major here – I have never used cents on tax returns, except for some dependent returns).
There are a couple of new tax credits for 2012, including a “Beer Production Credit”. Too bad there is not a “Beer Consumption Credit”.
The 2012 NJ returns are not yet available. I will let you know when they are.