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Yonkers Nonresident Partner Allocation - tax ny

Yonkers Nonresident Partner Allocation - tax ny 2025

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The document is Form Y-204, required by the New York State Department of Taxation and Finance for partnerships doing business in Yonkers with nonresident partners. It outlines the allocation of income for nonresident partners, detailing how to report net earnings from self-employment and providing a formula for calculating business allocation percentages based on property, payroll, and gross income. The form must be attached to Form IT-204, Partnership Return, and includes specific instructions for completion.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Why do NY taxes ask about Yonkers?

About. Residents of Yonkers are subject to the Yonkers Resident Withholding Tax. This tax must be included in paychecks for all employees who live in Yonkers. This tax applies to any services performed or employment in New York City or elsewhere in New York State.

Does Yonkers have a city income tax?

New York City and Yonkers both add local taxes on income on top of state income tax. Note that all of your income is not taxed at the same rate.

What is the Yonkers tax form Y 203?

You must file Form Y-203, Yonkers Nonresident Earnings Tax Return, if you file or are required to file a New York State return, and you are a nonresident of Yonkers who earns wages or carries on a trade or business there, or are a member of a partnership that carries on a trade or business there.

What is the income tax surcharge in Yonkers?

The City of Yonkers income tax surcharge is imposed on every City of Yonkers resident individual, estate or trust for each taxable year. The income tax surcharge is 15% of net state tax.

What is the Yonkers exit tax?

There is a Real Estate Transfer Tax on the sale of all real property in the City of Yonkers. This tax is 1.5% of the selling price, and the seller is required to pay the tax. Sales of Co-op units are not required to pay the City of Yonkers transfer tax. No tax is required if a sale is $25,000 or less.

What is Yonkers City nonresident tax?

A tax is hereby imposed at a rate of 1/2 of 1% on the wages earned, and net earnings from self employment, within the City of Yonkers of every nonresident, individual, estate and trust.

How much are nonresident taxes?

NRAs are taxed at graduated rates, similar to U.S. persons. FDAP income is passive income such as interest, dividends, rents or royalties. FDAP income that is non-effectively connected income is taxed at a flat 30% rate on the gross income unless a tax treaty specifies a lower rate.

Do non-residents pay New York City taxes?

If you are a nonresident, you are not liable for New York City personal income tax but may be subject to Yonkers nonresident earning tax if your income is sourced to the city of Yonkers.

Yonkers Nonresident Partner Allocation - tax ny 2025

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