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How do I calculate the taxable income?

Your gross income minus all available deductions is your taxable income. Compare that amount to your tax bracket to estimate the amount youll owe before applying any available tax credits.

Does Turbotax file IT-201?

The IT-201 is a New York State income tax return form. If you are filing state taxes for New York this year, then yes you will need this form and you want to make sure that you fill it out entirely. Turbo Tax would have a copy of your 2015 IT-201 only if you filed state taxes for the state of New York last year.

What is a Form 1040 and who can use IT?

Form 1040 is used by U.S. taxpayers to file an annual income tax return.

What is the difference between a 1040 and a tax return?

The IRS 1040 form is one of the official documents that U.S. taxpayers use to file their annual income tax return. The 1040 form is divided into sections where you report your income and deductions to determine the amount of tax you owe or the refund you can expect to receive.

What is form IT-201 used for?

Form IT-201 is the standard New York income tax return for state residents. Nonresidents and part-time residents must use must use Form IT-203 instead. Form IT-201 requires you to list multiple forms of income, such as wages, interest, or alimony .

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On what line of the IT-201 is the taxable income?

Net taxable income is the income reported on line 37 of your 2015 IT-201 Tax Form.

What is the difference between IT-201 and IT-203?

Form IT-201 can be used only by resident New York taxpayers who want to file their New York income tax returns. If you are a part-year resident or a nonresident, you may use Form IT-203 instead to file your income tax return.

On what line of the IT-201 is the taxable income?

Net taxable income is the income reported on line 37 of your 2015 IT-201 Tax Form.

Who uses a 1040?

All taxpayers can use Form 1040; however, to use Form 1040A you must satisfy a number of requirements, such as having taxable income of $100,000 or less and claiming the standard deduction rather than itemizing.

What does decoupling from the IRC mean?

New York State recently introduced a new form, Form IT-558, New York State Adjustments due to Decoupling from the IRC, which taxpayers will be required to use to make adjustments to their federal adjusted gross income for New York reporting purposes. For some taxpayers, these adjustments could be numerous.

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