Ask Experts Questions for FREE Help !
Ask
    JRyan89's Avatar
    JRyan89 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 13, 2011, 03:35 PM
    Only Made $421.71 from Real Estate income but NY State Taxes say I Pay $211.62?
    I was filling out my New York state tax return, and I think I made a mistake on line 45 of form IT-203.

    I am a non-resident trying to pay taxes for 2010, but when I enter the numbers something is weird. My NY state amount is 421.71 / Federal amount is 32032.11 = .0132

    After taking the standard deduction (left over is 16032.11) times .0132, it says that I owe 211.62. Is this correct? I have to pay about 50% in state taxes in NY?

    Please Help. Thanks.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 27, 2011, 10:39 AM
    Your federal income was $32,032. That is the figure on which the tax software is probably is determining your NY state tax liability.

    If you only earned $422 in NY state, you need to show that fact on the NY state income column of the Form IT-203 so the tax sofwtare "knows" to assess the tax on only the $422.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #3

    Oct 27, 2011, 10:47 AM
    Where did the figure $16032 come from? Line 44 on your IT-203 should show what your NY State tax would be if all your income was taxable. If your federal AGI is $32K there's no way your NY state tax bill would be $16.3K. If you can tell us what you have for lines 31, 37 and 38 on IT-203 we can probably get this straightened out.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Do I need to pay any real estate property taxes to the IRS on foreign property? [ 1 Answers ]

I'm a US Citizen with real estate property in another country. I currently reside on the US. The properties are currently rented. Do I need to pay any real estate property taxes to the IRS? I know I should include this income in my tax return. But is there any tax for owning the property that I...

Paying ga. State income taxes on income earned in another state [ 1 Answers ]

I earned money working in Texas, which does not have a state income tax, however I discovered when I filed my taxes I was being assesed taxes on income I did not earn in Georgia, I don't know the law, but I feel this is unfair.

Is rental income from real estate subject to sales tax in state of Florida [ 1 Answers ]

Is rental income from real estate subject to sales tax in state of Florida? I have a house that I rented out, I have been told the rental income is subject to sales tax. I had rental property in California, I never paid sales tax the rental income. Can someone please confirm this for me. Thanks

Is rental income from real estate subject to sales tax in state of Florida [ 1 Answers ]

Is rental income from real estate subject to sales tax in state of Florida? I have a house that I rented out, I have been told the rental income is subject to sales tax. I had rental property in California, I never paid sales tax the rental income. Can someone please confirm this for me....

View more questions Search