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Screen NYCr - New York Child, Long Term Care, and Investment Credits (1040)
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Overview
Use this screen to prepare portions of Forms IT-209, IT-212, IT-213, IT-215, IT-216, IT-249, IT-500 and the New York Nonrefundable Credit Worksheet. If information transferred from UltraTax/1040 doesn't require additional data or coding, UltraTax/1040-NY displays it on the form only, not in the screen.
Nonrefundable Credit Limitations
Use this section to adjust the order of the application of nonrefundable credits. This information displays on the New York Nonrefundable Credit Worksheet, and prints on the various nonrefundable credit forms as well as Form IT-500.
Application order of nonrefundable credits
UltraTax CS lists the nonrefundable credits in the order they are being applied against New York State tax. The New York State household credit must always be 1st. That amount appears as calculated per the tables on Form IT-201 or Form IT-203. Other nonrefundable credits may be adjusted based on an order of nonrefundable credits with no carryover, with expiring or limited carryovers, and finally with unlimited carryovers. Review the New York Nonrefundable Credit Worksheet for limitation calculations.
Empire State, Family Tax Relief, and Child Care Credits
This section is used to transfer child care credit and qualifying dependent information from UltraTax/1040. The information is used to calculate Forms IT-213 and IT-216.
Return already filed
Enter
X
to indicate that the New York State return has previously been filed. The appropriate checkbox is marked on the form(s).Qualifying dependents for child tax credit
Dependent information entered in the federal 1040 screen transfers automatically into this field. Based on federal information entered, UltraTax CS determines whether a dependent also qualifies for the Empire State Child Credit calculated on Form IT-213. A dependent may be forced to qualify within the statement window provided, if necessary. If more than 6 dependents qualify, see Form IT-213-ATT for the 7th (or more) dependent information.
Qualifying dependents and nondependents
Dependent information entered in the federal 1040 screen and nondependent information entered in federal Screen Cr transfers automatically into this statement dialog. You can view the qualifying persons used on Form IT-216 in this statement dialog. If a qualifying nondependent person is also a New York exemption, enter state use code
1
in the statement dialog attached to the Qualifying person information for nondependents
field in the federal Cr screen. Date of birth is used to determine qualification for New York City child and dependent care credit. See the New York City Child Care Credit Worksheet for more information.Noncustodial Parent Earned Income Credits
Use this section to review information required by the State of New York to claim the New York State earned income credit, Form IT-215 or New York State noncustodial parent earned income credit, Form IT-209.
Qualifying children for Form IT-209
UltraTax CS transfers the name, Social Security number, relationship, and date of birth of children from the federal 1040 screen,
Dependents
statement window only when code 20
is entered in the St Use column. Other than basic verification for filing status, federal AGI limitation, taxpayer age (or spouse, if filing joint), investment income and the presence of federal Form 2555 or 2555-EZ, no verification is made when code 20
is used. Several Yes / No questions on Form IT-209 default to the qualifying choice once code 20
is entered for any child. Form IT-209 calculates when 1 or more children are designated as qualifying for Form IT-209 credit. If the taxpayer doesn't qualify to claim the noncustodial parent earned income credit, don't enter code 20
for any child. If Form IT-209 is calculating and the federal earned income credit isn't calculating, Form IT-209, Part 3 - Earned Income calculates with the equivalent federal amounts as if the taxpayer did qualify to claim the federal earned income credit; therefore, enter adjustments to earned income at the federal level as you would had the taxpayer qualified. See the federal Schedule EIC Worksheet 1, Worksheet 2 and Worksheet B. Form IT-209 calculates for full year residents only. If the noncustodial parent earned income credit is greater than the regular earned income credit calculated on Form IT-215 (when the taxpayer qualifies for both credits), Form IT-215 calculation is discontinued. New York permits the taxpayer to take the regular earned income credit or the noncustodial parent earned income credit, not both. If the taxpayer is also a resident (or a part-year resident) of New York City, the New York City portion of the regular earned income credit, normally calculated on Form IT-215, displays on Form IT-209, Page 4 if Form IT-215 calculation is discontinued.Earned income force fields
Use the force fields to allocate income types and adjustments when prior year earned income is used to calculate the credit, if necessary.
Considered unmarried for Form IT-209 purposes
For married filing separate returns, mark this field to answer
Yes
to IT-209 line 8, if qualifications are met.Elect to include nontaxable Medicaid waiver payments in earned income
Long Term Care Insurance Credit
Use this section to enter additional information required by the State of New York to claim the New York State Long Term Care Insurance Credit.
Qualified premiums paid (Force)
UltraTax CS automatically transfers the gross amount of long term care insurance premiums entered at the federal level. For part-year and nonresident returns, New York calculates the full credit on Form IT-249 and apportions the credit on Form IT-249, Page 2. To override the UltraTax/1040 transferred amount, enter the desired amount in this field.
Partnership, S corporation, estate and trust information
Enter required information in the statement windows attached to these fields to claim a Long Term Care Insurance Credit passed through a partnership, etc. to the taxpayer.
Carryover from prior year(s)
The calculated carryover proformas from the prior year and displays in this field. Enter or change the proforma'd amount in this field, if necessary. When calculated, UltraTax CS assumes that the Long Term Care Insurance Credit is applied to New York State tax last. Long Term Care Insurance Credit isn't applied to tax on lump-sum distributions or New York State minimum income tax. See Form IT-201 or IT-203 for more detail.
Amount of unused credit that expires in
2025
See the New York Nonrefundable Credit Worksheet to view the calculated carryover. If you're applying the credit in a different order, adjust the order in the statement window field in the 1st section of this screen. Enter the amount of unused credit that expires in
2025
to adjust the carryover to next year. Long Term Care Insurance Credit isn't applied to tax on lump-sum distributions or New York State minimum income tax. See Form IT-201 or Form IT-203 for more detail.Investment Credit
UltraTax CS uses the information in this section to complete Form IT-212. Pro rata share information of an investment credit for a partner or shareholder should be entered in the NYK1 screen.
Type of business / Date started business in New York
The information entered in these fields is used to complete general information required on Form IT-212, Page 1.
Location of qualified property
Enter the location of the investment credit qualified property in the statement window attached to this field. If only 1 line of text is entered in the statement window, the text prints on the form. If more than 1 line of text is entered in the statement window, UltraTax CS prints
See Statement
on the form and prints the contents of this statement in an attachment to the return.Previously deferred addback, double the standard interest rate
Enter
1
in this field if the taxpayer had previously deferred an addback as a direct result of the terrorist attacks and is required to recapture investment tax credit for the qualifying property. Enter 2
or leave this field blank to indicate a No
response. If Yes
, Form IT-212, Page 2, Part 4, Interest rate displays a rate equal to 2 times the underpayment interest rate in effect on the last day of the tax year in which the recapture occurs.Share of fiduciary's manufacturing credit / ... / Beneficiary's tax on early disposition
Share of fiduciary's manufacturing credit is used to complete line 3. Share of fiduciary's R & D credit is used to complete line 4 and Beneficiary's tax on early disposition is used to complete Form IT-212, Page 1, line 17.
Credit available for carryover from
2024
Form IT-212The calculated carryover amount, from
2024
Form IT-212, Page 2, is proforma'd to this field. If the return isn't proforma'd or a different carryover amount is needed, enter the amount in this field.Amount of credit to be refunded
If the business qualifies and elects to have a portion or all of the credit refunded, enter the amount in this field.
Amount of unused credit carryover that expires in
2025
: Earliest year of unused credit carryoverAmount of credit not being used in the current year that has expired and not be available for carryover to next year. This amount is used to calculate the amount of credit available for carryover on Form IT-212, Part 6.
Total carryover including expired credits
Enter the amount of investment credit to carryover to next year. The amount entered in this field is used to complete the bottom of Form IT-212, Page 2. This amount will proforma to next year's
Credit available for carryover from
field. If this field is blank, UltraTax CS assumes that the entire credit was applied to this year's tax.2024
Form IT-212Investments in qualified property
UltraTax CS transfers information for qualified assets to this statement window. Access the Credit Information window on the
Other
tab for each asset in the asset module to specify that an asset qualifies for IT-212 Investment Credit. If you didn't enter asset data in the asset module, use the statement window attached to this field to enter information required for Form IT-212.R&D=X; Mfg=default column: If the property is used for manufacturing and production, leave this column blank; the credit calculates automatically. If the property is used in research and development, enter
X
. UltraTax CS calculates the credit by multiplying the Investment Base column by the appropriate rates and enters that amount in the appropriate credit column in the statement window.Early dispositions of qualified property
UltraTax CS transfers information for qualified assets that are disposed to this statement window. Access the Credit Information window on the
Other
tab for each asset in the asset module to specify that an asset is subject to IT-212 Investment Credit recapture. If you didn't enter asset data in the asset module, use this statement window to enter the early dispositions of qualified property. UltraTax CS automatically calculates the Pct E/D and the Tax-Early Disp columns.Form IT-212-ATT, line 11
Use this field to enter the line 11 amount (investments in qualified rehabilitation expenditures) from Form IT-212-ATT, Claim for Historic Barn Rehabilitation Credit and Employment Incentive Credit. The amount entered in this field is used to complete Form IT-212, Part 3.
Form IT-212-ATT, line 12
Use this field to enter the line 12 amount (early dispositions of qualified property) from Form IT-212-ATT, Claim for Historic Barn Rehabilitation Credit and Employment Incentive Credit. The amount entered in this field is used to complete Form IT-212, Part 4.
Form IT-212-ATT, line 19, column C
Use this field to enter the line 19 amount (employment incentive credit) from Form IT-212-ATT, Claim for Historic Barn Rehabilitation Credit and Employment Incentive Credit. The amount entered in this field is used to complete Form IT-212, Part 3.