Blog

Common Tax Forms for New Yorkers

The New York tax system is truly one of the more complicated tax regimes in the country. With all of its various city and county level taxes, taxes are quite literally everywhere.  There’s transfer taxes, income taxes, sin taxes, and general sales taxes.  There are countless other taxes which New York residents have to be aware of. The concept of being “taxed to death” may be an exaggeration in any context.  Nonetheless, few places come closer to translating this concept into reality than New York State.  California may be a close second, but that’s a topic for another post. The goal of this article is to discuss some of the more common tax forms used in New York State.

Common Tax Forms

Given all of these various taxes, it’s no surprise that New Yorkers also grapple with many tax forms.  They correspond to  the several taxes. As is common throughout Nation, these forms frequently change names to reflect tax and legal updates. In this post, we identify and discuss a few of the more common tax forms New Yorkers face. This is not a complete list by any means.  As such a list would be beyond the scope of just one post, we’ll focus on some common forms.

Form IT-201―Resident Income Tax Return

Not surprisingly, the New York State resident income tax return is the first on our list. Individual filers face a state income tax due date which mirrors the federal income tax return due date.  For calendar year 2017 returns, the due date was April 18, 2018. Along with Form IT-201, residents will find a variety of other forms which may apply depending on their situation. If residents visit the page provided by the Department of Taxation and Finance, they will find all of the accompanying documents.  Examples include attachments for itemized deductions, tax credits, refunds and so forth.

Related to Form IT-201 is Form IT-203.  It’s the form for nonresidents and part-time residents liable for New York State income tax. The Department of Taxation and Finance has also provided a page which includes all of its relevant attachments and accompanying documents.

Form IT-201-X―Amended Personal Income Tax Return

This is the most logical state tax form to discuss next: the form for amended personal income tax returns. If a resident needs to correct an error or omission on their New York State income tax return, or if he or she needs to notify New York State about a change made by the IRS on his or her federal return, then that resident will have to file an amended return. The Department of Taxation and Finance provides full instructions for filling out and completing the amended return.

Form IT-204―Partnership Return

There is no requirement that Partnerships pay personal income tax to the State of New York.  Nonetheless every partnership which meets certain criteria must file a partnership return with the state. If a partnership has at least one partner that’s a full resident of New York, then the partnership must file Form IT-204. That partner can be any entity, including a corporation, individual, trust, etc.  Or, if the partnership has any income, gain, loss or deduction from the State of New York, it must file with the State.

Form IT-205―Fiduciary Income Tax Return

Fiduciaries – that is, the person entrusted with the responsibility of managing an estate or trust entity – must file fiduciary income tax returns with the State of New York in certain cases. The instructions for form IT-205 describe the conditions under which filing such a return is required. The instructions also discuss the conditions under which it will be necessary for a fiduciary of a nonresident (or part-time resident) to file an income tax return with the state.

Form MTA-305―Metropolitan Commuter Transportation Mobility Tax

In the past, we discuss the MCTMT (aka, the MTA tax) in a lengthy post. As we note in that article, the MTA tax is a supplemental tax on business income which is owed by employers who operate within a certain geographic area of New York. If an employer owes MTA tax, then they will need to file a specific form – form MTA-305. Employers have to file their MTA taxes on a quarterly basis, and if they incur MTA tax throughout the year, they will have four deadlines to grapple with.

Common Tax Forms Assistance

As mentioned at the outset, these are just a few of the more common tax forms for New Yorkers.   If you comb through the Department of Taxation and Finance’s website, though, you’ll see literally dozens and dozens of additional forms.  Our system of taxation here in New York State is undoubtedly complicated.  That’s one of the main reasons why you should contact the Manhattan tax attorneys at Mackay, Caswell & Callahan, P.C. Here at MCC, we exert the mental muscle to help you in a professional manner. If you have a tax problem and need assistance, please reach out.  A top New York tax attorney will be there to help.

Image credit: Lindsey Chase