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New York Tax Forms

New York Tax Forms

Individual Income Tax Forms

Form IT-201 Resident Income Tax Return

Form IT-203 Nonresident and Part-Year Resident Income Tax Return 

Corporate Income Tax Forms

Form CT-3 General Business Corporation Franchise Tax Return 

Form CT-3 Short Form

Form CT-3-S New York S Corporation Franchise Tax Return

Sales Tax Forms

Exemption Form

Form St- 100 Quarterly Sales and Use Tax Return

Form ST-101 Local Annual Sales and Use Tax Return

Property Tax Forms

Form RP-485A Application for Real Property Tax Exemption ( Residential – Commercial )

Form RP-485B Application for Real Property Tax Exemption


New York Tax Forms: A Comprehensive Guide to Filing Your State Taxes

Filing taxes is considered one of the most important annual tasks for millions of people across the United States. The process can be daunting, but with careful planning and preparation, it can be relatively easy. To make sure you stay on track, the State of New York has several tax forms available. In this comprehensive guide, we will take a closer look at the various forms available and break down the process of filing your New York taxes.

Introduction to the New York Tax System

Before we dive into specific tax forms, let’s take a quick look at the tax system in New York. The state has a progressive income tax system, which means the tax rate increases as your income increases. The tax rate ranges from 4% to 8.82% as of 2021. In addition to income taxes, there are also local taxes imposed by different counties and cities. For example, New York City has its own local tax rate in addition to the state tax rate.

To determine your total tax liability, you will need to calculate your taxable income, which is your total income minus any deductions or exemptions. The deductions available in New York include standard deductions or itemized deductions, such as deductions for mortgage interest, charitable contributions, and state and local taxes.

New York tax forms are available online, and the state offers free e-filing services. If you prefer to file a paper return, the forms are also available for download on the New York State Department of Taxation and Finance website.

New York State Resident Tax Forms

If you are considered a New York resident for tax purposes, you will need to file a resident tax return. As a resident, you are subject to New York State income taxes on all income earned regardless of where it was earned. The following are the major New York State tax forms you’ll need to know:

1. Form IT-201: Resident Income Tax Return

Form IT-201 is the basic New York State tax form for residents. You’ll use this form to report your income, deductions, and credits to determine your tax liability. If you have a spouse and are filing jointly, you must include both your incomes on one IT-201 form. If you have dependents, you’ll need to include their Social Security numbers.

New York State also allows taxpayers to deduct certain expenses, such as alimony payments and student loan interest, from their taxable income. To claim these deductions, you’ll need to provide details of the expenses on the IT-201 form.

You must file Form IT-201 by May 17, 2021, which is the extended deadline for the 2020 tax year. Keep in mind that if you owe taxes, you must pay them by the original deadline, which was April 15, 2021.

2. Form IT-1099-R: Statement of Retirement Benefits

If you received retirement benefits during the tax year, you may receive Form IT-1099-R from your retirement plan administrator. This form provides details of the distribution you received, as well as any taxes withheld. You will need to enter this information on your IT-201 form.

3. Form IT-203: Nonresident and Part-Year Resident Income Tax Return

If you lived in New York State for only part of the year, you may be considered a part-year resident. If you lived in another state during the rest of the year, you may be considered a nonresident. In that case, you will need to file Form IT-203, which is specifically designed for nonresident and part-year resident taxpayers. You must file this form if you meet the following criteria:

– You lived in New York State for at least one day and were a nonresident for the remainder of the year.
– You lived in New York State for more than 183 days and were a part-year resident.

4. Form IT-2105: Estimated Income Tax Payment Voucher for Individuals

If you expect to owe taxes, you may be required to make estimated tax payments throughout the year. You can use Form IT-2105 to make those payments. Be sure to read the instructions for the Form IT-2105 carefully, as there are several factors to take into account when calculating your estimated tax payments, including your income, deductions, and credits.

New York Business Tax Forms

If you are a business owner or self-employed, you’ll need to file separate forms to report your income and pay taxes. The following are the major business tax forms you should know:

1. Form IT-204: Partnership Return

If you own a partnership, you will need to file Form IT-204. This form is used to report the partnership’s income, deductions, and credits. You also need to provide information about each partner’s share of the income and any distribution they received.

2. Form CT-3: General Business Corporation Franchise Tax Return

If you own a corporation, you will need to file Form CT-3. This is the New York State corporate income tax return. You’ll need to provide details of the corporation’s income, deductions, and credits, including any changes to prior years’ returns.

3. Form IT-370: Application for Automatic Extension of Time to File

If you need more time to file your New York State tax return, you can request an automatic extension using Form IT-370. This will give you an additional six months to file your return, but you must still pay any taxes you owe by the original deadline.

4. Form ST-100: New York State and Local Sales and Use Tax Return

If you own a business that sells goods or services in New York State, you’ll need to collect sales tax from your customers and remit it to the state. You’ll need to file Form ST-100 to report and pay your sales and use tax liability.

Conclusion

Filing taxes can be a daunting task, but it’s necessary to stay compliant with the law. The State of New York has several tax forms available, depending on your residency status and business type. Be sure to read the instructions carefully and provide all the necessary information to make sure your taxes are filed accurately and on time. If you have any questions or need assistance, visit the New York State Department of Taxation and Finance website for more information.