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Screens

Screen NYCr-5 - New York Property Tax Credit (1040)

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Overview

Use this screen to complete Form IT-214. If information transferred from UltraTax CS/1040 doesn't require additional data or coding, UltraTax CS/1040-NY shows it on the form only, not in the screen.

IT-214 Real Property Tax Credit

UltraTax CS uses the information in this section to complete Form IT-214 eligibility information and the schedule of household members. Note that the taxpayer and spouse dates of birth (entered in the federal 1040 screen) are necessary for the calculation of Form IT-214. Fields in this screen are available to full year New York State residents only.
Resident lived at least six months in same residence
Enter
X
 to enable data entry in all other fields in this screen. Enter
X
 to mark a
Yes
 response to the
Did you occupy the same residence for at least six months
 question on Form IT-214. This field is required. UltraTax CS doesn't calculate the credit if this field is blank. Note that this field serves a dual purpose for Form IT-214. If you have entered
X
 in this field, the residence occupied is considered qualified, thus, Form IT-214, Question 3,
Did you own real property with a current market value of more than $85,000
 and Question 5,
Did you reside in public housing or other completely exempted property
 are both automatically answered
No
. Don't enter
X
 in this field if any 1 of the 3 conditions disqualifies the taxpayer from claiming the credit. UltraTax CS verifies that the taxpayer isn't a dependent of another based upon data entered in the federal 1040 screen. Note that a property tax credit may not be claimed on a deceased taxpayer's return, therefore, UltraTax CS also checks the
Taxpayer: Date of death
 field in the federal 1040 screen.
Nursing home resident qualified for credit
Enter
X
 to mark a
Yes
 response to the
Did you live in a nursing home...
 question on Form IT-214. Leave this field blank to mark a
No
 response. See the instructions for Form IT-214 for additional information requirements.
Schedule of household members
Names and Social Security numbers of household members in this statement window transfer from the
Dependents
 statement window in the federal 1040 screen. If the taxpayer and spouse dates of birth are entered in the federal 1040 screen, the taxpayer's name (and spouse's name if joint return) is (are) added automatically. UltraTax CS requires additional statement window information as follows:
  • Filing IT-214
    : If more than 1 household member is filing Form IT-214, enter
    X
     in the Filing IT-214 column of the statement window for each member filing Form IT-214. If marked, the Social Security number is entered on Form IT-214, line 7 for filers who are also age 65 or older.
  • Age 65 or Over
    : An
    X
    , determined by the Date of Birth column entry, appears in this column for any household member age 65 or older at year-end. UltraTax CS uses this information in conjunction with the Filing IT-214 column to complete line 7.

Household Income

UltraTax CS uses the information in this section to complete Form IT-214, Step 3 - Determine household gross income.
Federal adjusted gross income (Force)
UltraTax CS automatically transfers the amount from federal Form 1040 to Form IT-214, Step 3, Federal adjusted gross income. Enter an amount in this field only if you want to force (override) the transferred amount.
New York additions (Force)
UltraTax CS automatically transfers total New York additions to income to Form IT-214, Step 3. Enter an amount in this field only if you want to force (override) the transferred amount.
Nontaxable social security (Force)
UltraTax CS automatically transfers the difference between the amount on federal Form 1040, line 20a and the amount on Form 1040, line 20b reduced by Medicare premiums, to Form IT-214, Step 3, Social Security payments not included in federal AGI. Enter an amount in this field only if you want to force (override) the transferred amount.
Supplemental security income / Cash public assistance
Enter applicable amounts in these fields. There are no equivalent amounts transferred from the federal or New York return.
Pensions and annuities (Force)
UltraTax CS automatically transfers the difference between the amount on federal Form 1040, line 16a and the amount on Form 1040, line 16b to Form IT-214, Step 3. Enter an amount in this field only if you want to force (override) the transferred amount.
Other income
Additional nontaxable household income not entered elsewhere in UltraTax CS should be entered in this field. This would include income such as workers compensation, and support money, such as foster care support payments. Also include the gross amount of loss of time insurance such as an accident or health insurance policy and disability benefits received under a no-fault automobile policy.
Nontaxable tax exempt interest (Force)
UltraTax CS calculates the amount of tax exempt interest that isn't taxable to New York based on entries in the federal B&D screen or NYAdj screen. Amounts of tax exempt interest not taxable to New York are included in other income in determining household income. An entry here overrides these calculated values.
Additional nontaxable income
UltraTax CS calculates additional nontaxable income from entries such as strike benefits entered in the federal W2 screen and wages subject to the foreign income exclusion. Adjustments and additional items may be entered in the attached statement window.

Renters

UltraTax CS uses the information in this section to complete Form IT-214, Step 4.
Total rent paid
Enter total rent paid in this field. UltraTax CS uses the information to calculate the qualified rent and adjusted average monthly rent on Form IT-214, Page 2, Step 4.
Charges included in rent
UltraTax CS uses the information in this field to adjust the rent amount entered. The options are listed in the fieldview. The codes represent the percentage reduction in rent.
Months rented
If the taxpayer rented part of the year, enter the number of months rent was paid. If this field is blank, UltraTax CS defaults to 12 months when rent is present.

Homeowners

UltraTax CS uses the information in this section to complete Form IT-214, Step 4.
Property taxes (Force)
UltraTax CS automatically transfers the amount of real estate property taxes from federal Form 1040, Schedule A, line 6 to Form IT-214, Step 4. Enter an amount in this field only if you want to force (override) the transferred amount.
Special assessments / Section 467 exemption
UltraTax CS uses the information entered in these fields to complete Form IT-214, Page 2, Step 4. If an amount is entered in the Section 467 exemption field, a lower percentage is used to calculate the property tax credit in Step 5.

Other Information

UltraTax CS uses the information in this section to complete Form IT-214 general information and Step 6 - direct deposit information.
Taxpayer's portion of credit, if dividing credit between household members
If the credit is allocated among household members, enter the amount of credit allocable to the taxpayer in this field. Any amount entered in this field overrides the calculated amount. See the instructions for Form IT-214 for additional information requirements.
Amended
Enter
X
 if amending Form IT-214.
Print Form IT-214 (Force)
Enter
X
 to force the printing of Form IT-214. UltraTax CS automatically prints Form IT-214 only if the property tax credit is greater than
0
 (zero) and the following conditions are met:
  • Taxpayer was a New York resident all year.
  • Taxpayer occupied the same residence (and the residence qualified) for at least six months.
  • Taxpayer cannot be claimed as a dependent on another taxpayer's return.
  • Taxpayer isn't deceased.
  • Income is within threshold limit.
  • Rent doesn't exceed threshold.
Direct deposit or paper check
If the taxpayer is filing Form IT-214 independently (without the New York State return) and wants to have the Form IT-214 credit deposited directly into their bank account, enter
X
. A paper check will be issued if no bank information is entered on the return. Leave this field blank if Form IT-214 is filed with a New York State return; use the federal Bank screen to enter direct deposit information and, if the New York State return generates a refund, the direct deposit information entered in the federal Bank screen is used for New York State.

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