First NYC tax return

[Karen Lee]

Seemed too simple. It was a very simple fed return and all seemed to flow to IT-150 and IT-2. There was nothing in the instructions to that led me to believe that it is incomplete.

Thanks

Karen

[TAXBILLY]

To my knowledge there is no such thing as a NYC return. There are lines on the state return that compute the city tax if the client is a city resident.

taxbilly

[michaelmars]

THERE IS a separate NYC return for entities, including Sch C's. Send me the details! there are also separate credits available for NYC residents that will flow to the NY "IT" returns

[Lion EA]

And, if client moved in or out of NYC.... Take Mike up on his offer to review. Nothing like a New Yorker to look over your shoulder on your first NY return!

[Karen Lee]

Thank you. michaelmars, I will take you up on your offer. Will PM later today with details.

Lion, TP did move into NYC mid-year however no income until in NYC. Prepared a PY return with no difference. It was really simple. Med school grad with residency in NYC in beginning July 08.

Really appreciate your help.

Karen

[TaxCPANY]

Not only might a Form NYC-360.1 (NYC change of residence) be required, but, also an NYC-202 if this is a self-employed individual grossing over 75K (or, if less, in recording an NYC-specific NOL to use in future to your client's benefit).

So, yes; it indeed seems to have been "too simple." NYC is very aggressive in enforcing its own taxes *apart* from NYS; so more "due diligence" likely needs to be exerted.

VTY, TaxCPANY(C too)

[joelgilb]

Lion,

Just noticed that you graduated to ATX Master.

CONGRATS!

[Lion EA]

Thanx, Joel. I spend too much time on here and not enough time getting my clients (and me!) off extensions. But, I learn alot here and talk to nice, supportive preparers.