FINALLY!

  

The 2021 New York State income tax returns, forms, schedules, and instructions are finally available to download online on the website of the New York Department of Taxation and Finance.  Click here.

A brief review of the 2021 IT-201(resident) and IT-203 (non-resident and part-year resident) returns indicates they are exactly the same as the 2020 forms – no changes to the descriptions and line numbers on either form.

The instruction booklet for both forms do not have a page to identify “What’s New” for 2021 returns as they usually did in the past – but a NY state tax update I “attended” in January (part of an online webinar) discussed the following changes of note –

* New York now has a PTET (Pass Through Entity Tax), which is the Empire State’s version of NJ’s BAIT tax scam, to assist NY taxpayers in evading federal income tax.

* New York continues to decouple from federal tax law changes.  It currently does not follow the temporary or permanent federal changes to the Earned Income Tax Credit (EITC).

* There is a new NY Real Property Relief Credit of between $250 and $350 that is calculated on NY Form IT-229.  The NY itemized deduction for property tax paid that is claimed on IT-196 is reduced by the amount of the credit claimed on IT-229.

And while we are on the subject of state taxes, the Pennsylvania 2021 state income tax returns, forms, schedules, and instructions are also now available online.  Nothing of any consequence new for PA state returns either.  Click here.

TTFN