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Screen NYMTAGen - New York MTA General Information (1040)

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Use this screen to complete general information for MCTMT.
UltraTax CS automatically brings over taxpayer and spouse information from federal Schedules C, F, and partnership K1s if the state use code
17
 is entered in the federal C, F, and K1 screens, or if code
23
 or
24
 is entered in the federal Income screen or 1099M screen. You may also include clergy income subject to self-employment tax by using the federal W2 screen, box 14, code 35.
Federal-to-state input screen and asset module data transfer
If information is transferred from federal input screens or from the asset module to a state input screen, the application displays the transferred data in blue.
If necessary, you can overrule the transferred amount by entering the appropriate amount in the field. The application then displays the new amount in black.
note
  • When you overrule a transferred amount, the application doesn't overwrite that amount with subsequent federal-to-state or asset module data transfers.
  • To delete the overruled amount and restore the original transferred amount, right-click the field and select
    Delete overrule
     or enter the original amount in the field.
  • To confirm the accuracy of the overruled amount, right-click the field and select
    Acknowledge overruled data
    . The application then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you'll need to enter it manually.
  • You can set a user preference to mark fields for which you overruled the transferred amounts and to list all overruled amounts in the Diagnostics window.
Statements
Many data entry fields provide predefined statements in which you can enter additional information. For additional information, see Statements overview.
Accessing frequently asked questions
To view answers to common questions about calculations and data entry issues, select
Help
,
Additional Resources
, then
Frequently Asked Questions
. For details, see Accessing frequently asked questions (FAQs).

Self-employment Income

UltraTax CS calculates self-employment income based on federal data entry in the federal C, F, partnership K1s, Income W2, or 1099M screens. It also picks up income coded properly in the federal SDE screen in the
1099B
 statement window. Partnership additional adjustments to self-employment income such as section 179 are included in the partners statement window. If any New York data differs from the shared data, delete the data or enter the state data in the appropriate column. The new data displays in black and subsequent federal to state transfers don't overwrite this data. For more information, see Statements overview. Additional income or adjustments may also be entered in this section.
Taxable amounts from K1s and adjustments to self-employment income reflect the reduction to 92.35 percent of self-employment income per line 6 of the federal Schedule SE. Financial information entered here is used to calculate the New York Metropolitan Commuter Tax Worksheet 1 for Taxable Income. MCTMT is imposed if your net earnings from self-employment allocated to the MCTD exceed $50,000 for the year.
T, S
If information in this screen is used to complete the taxpayer's return, this field is
T
 or blank. If information in this screen is used to complete the spouse's return,
S
 appears.

Business Allocations

Use this section to complete Form IT-203-A.
Addresses for business carried on both in and out of the MCTD
List the locations and descriptions of businesses conducted at locations both in and out of the state or city. Enter a city code of
YON
 if the location of the business is in Yonkers. Entries in this statement window are reported on the Yonkers Business Allocation Worksheet or on Forms IT-203-A and/or Y-203.
Business real property owned / ... / Gross income
If business is conducted both inside and outside the MCTD, enter the applicable information in the fields provided.

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