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Screen NYCr-2 - New York Tuition, Household, Mortgage and Farm Credits (1040)
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Overview
Use this screen to provide information necessary to complete Forms IT-201, IT-203, IT-217, and IT-272. If information transferred from UltraTax/1040 doesn't require additional data or coding, UltraTax/1040-NY shows it on the form only, not in the screen.
Tuition Information
Use the fields in this section to calculate Form IT-272 for residents, or to calculate the itemized deduction for tuition expense found on Form IT-201 for residents or Form IT-203-B for part-year and nonresidents. Resident taxpayers qualify to take the most advantageous tuition itemized deduction or refundable tuition credit. UltraTax CS is designed to optimize between the 2 calculations and use the option with the greatest tax benefit. Taxpayers who aren't full-year New York State residents may only itemize tuition expenses.
Eligible student information
Student information entered in the
Eligible student information
field in the federal Educate screen transfers to the statement window attached to this field.Form IT-272 is used for resident returns only.
- EIN of institution is required to be entered in theEligible student informationstatement window of the federal Educate screen.
- All information, including institution name, entered forEligible student informationtransfers to this statement window from the federal Educate screen. For expenses that don't qualify to be used for the credit / itemized deduction, enter the graduate selection in the federal Educate screen statement window or enter0in theForcecolumn of the statement window on this field.
- To view New York website information discussing tuition adjustment vs. credit versus itemized deduction, selectIndividual Taxpayer Answer Centeron thePractitionerspage at http://www.tax.ny.gov/tp/.
Deduction or credit (Force)
This field is for resident returns only. To override the optimized calculation, enter
1
to force UltraTax CS to use the tuition-itemized deduction or enter 2
to force a refundable tuition credit. Part-year and nonresidents qualify only for the itemized deduction.Dependent of another, but able to claim deduction or credit
Under certain circumstances a dependent of another may claim their own credit or deduction. The
Dependent of another but claiming education credit
field in the federal Educate screen must also be marked for Form IT-272 to calculate for a dependent of another.Household Credit
UltraTax CS uses the information in this section to complete portions of Forms IT-201 and IT-203.
Exemptions / Adjusted gross income from other spouse's return
Enter, from the other spouse's return, exemptions and adjusted gross income for taxpayers who are married but filing separate returns. If you have processed a joint New York return through the Filing Status Optimization utility, these fields are completed automatically. Exemptions may need to be adjusted as the federal optimized exemptions aren't available at the time of optimization for New York. Amounts for the other spouse's AGI may not reflect increased taxable Social Security, for example, or those amounts that may change or be disallowed for federal purposes due to the difference in filing status. If you make changes to the separate taxpayer and spouse returns after completing the Filing Status Optimization utility, you may need to adjust these amounts for changes made.
Special Additional Mortgage Tax Credit
Information entered in this section will be used to calculate Form IT-256, Claim for Special Additional Mortgage Recording Tax Credit. This form may be electronically filed.
Farmer's School Tax Credit or Recapture
UltraTax CS uses the information in this section to complete portions of Form IT-217 and the New York Farmer's School Tax Credit Worksheet.
Taxpayer, including spouse if joint, shared ownership in qualified property with another related person
Use this field to indicate that the taxpayer (and spouse, if a joint return) and 1 or more related persons were owners of the qualified property. A related person includes the spouse of the taxpayer (unless a joint return is filed) and any business (corporation, partnership, LLC, or estate / trust) of which the taxpayer owns more than 50%.
Filing Status Optimization: If UltraTax CS can make a reasonable determination as to which spouse the farming activity belongs, the Filing Status Optimization utility transfers the entries (except Partnership and S Corporation and the Trust and estate information entered in the respective statement windows, which aren't available to the spouse separate return if the activity belongs to the spouse) to that spouse's separate return. If UltraTax CS can't reasonably determine to whom the farming activity belongs, all entries transfer to the taxpayer separate return.
If so, enter initial base acres to use on this return
If the
Taxpayer, including spouse if joint, shared ownership in qualified property with another related person
field is marked, indicate in this field the base acreage to use on this return. Enter an amount less than 350 acres.Acres of qualified conservation property to add to initial base acreage
Enter the number of acres of qualified conservation property. This entry is used in the calculation of base acreage. Also include the taxpayer's share of qualified conservation property from a pass-through entity.
Qualified agricultural property was converted to nonqualified use this year
Enter
X
to answer Yes to item F on Form IT-217, Part 1.Individual - total qualified acres
Use this field to indicate the total acres of qualified property for the calculation of the credit. Don't use this field if the taxpayer is entitled to claim the credit as a pass-through from a partnership, S Corporation, or estate / trust; instead, use the statement windows attached to the
Partnership and S corporation information
and Trust and estate information
fields.Individual - eligible school taxes
Use this field to indicate the eligible school taxes paid on the qualified property. Don't use this field if the taxpayer is entitled to claim the credit as a pass-through from a partnership, S Corporation, or estate / trust; instead, use the statement windows attached to the
Partnership and S corporation information
and Trust and estate information
fields.Partnership and S corporation information / Trust and estate information
Enter detail in the appropriate statement windows attached to these fields if the taxpayer is entitled to claim the credit as a pass-through from a partnership, S Corporation, or estate / trust. If you're processing a joint return through the Filing Status Optimization utility, and the farming activity belongs to the spouse, you must manually enter information in these statement windows in the spouse's separate return and reduce or remove them from the taxpayer's separate return.
Share of New York C corporation entire net income
If the New York C Corporation has made a special federal gross income from farming election, enter the pro rata share belonging to the taxpayer in this field. The amount entered in this field is used to complete Worksheet A on the New York Farmer's School Tax Credit Worksheet.
Share of New York S corporation's share of New York C corporation entire net income
If a New York C Corporation has made a special federal gross income from farming election, enter the taxpayer's pro rata share of the S Corporation's pro rata share of the C Corporation's income in this field. The amount entered in this field is used to complete Worksheet A on the New York Farmer's School Tax Credit Worksheet.
Principal paid on farm indebtedness
The amount entered in this field is used to complete Worksheet A on the New York Farmer's School Tax Credit Worksheet.
Share of S corporation gross income
Enter the share of S Corporation gross income for Worksheet C on the New York Farmer's School Tax Credit Worksheet.
Share of C corporation gross income
Enter the share of C Corporation gross income for Worksheet C on the New York Farmer's School Tax Credit Worksheet.
Federal Form 4797 gains from draft, breeding, sport or dairy livestock
Of the gains reported on federal Form 4797, enter the portion that represents the sale of livestock used for draft, breeding, sport, or dairy purposes. Don't include any other gains reported on federal Form 4797 (including gains from the sale of farm machinery). The amount entered in this field is used to complete Worksheet C on the New York Farmer's School Tax Credit Worksheet.
Individual / Others - syrup, cider, wine, horse boarding or training, and Christmas tree income
Enter the applicable income in this field. The amount entered in this field is used to complete Worksheet C on the New York Farmer's School Tax Credit Worksheet.
Share of C corporation income from farming
Enter the taxpayer's pro rata share of the C Corporation's gross income from farming in this field. The amount entered in this field is used to complete Worksheet C on the New York Farmer's School Tax Credit Worksheet.
Income Averaging
If the taxpayer doesn't qualify for Form IT-217 credit based on current year income, income averaging may qualify the taxpayer for the credit. Use these fields to enter the prior years' amounts from Worksheet C on the New York Farmer's School Tax Credit Worksheet.
Total acres converted
Enter the number of acres that no longer qualify for the farmer's school tax credit but qualified and were used to claim a prior year credit.
Total acres of qualified property
Enter the total number of acres that qualified and were used to claim a prior year credit.
Total credit claimed in prior years
Enter the total credit claimed in prior years. This amount proformas from the prior year return and may be changed, if necessary.
Historic Homeownership Rehabilitation Credit
Information entered in this section will be used to calculate Form IT-237, Claim for Historic Homeownership Rehabilitation Credit. This form may be electronically filed.