Suffolk New York Form Instructions 1040 (Schedule D) 2023-2025

Suffolk New York Form Instructions 1040 (Schedule D): What You Should Know

If you did not file a federal Form 1040, enter your NYS capital gain on Form 843. If you did file a federal Form 1040, enter your NYS capital gain on Schedule D. (3) If you received a nonresident tax credit on Form 843, enter that nonresident credit, and enter your NYS capital gain on Form IT-205 Nonresident, Part-Year If you did not file a federal Form 1040, enter gross income on Schedule D. If you filed a federal Form 1040, enter  Gross income on Schedule D is calculated as your unadjusted gross income,  (a) without disregarding contributions you made to qualified plans ;  (b) after subtracting any portion of the credit for any New York State or local sales or use tax paid due to any credits, reductions, or exemptions; and (c) after the application of state and local tax credits. You can find the NYS capital gains rate from the Tax Court's table at .  (b) Enter gross income on (i) or (ii) above, subject to the following rules: New York State rate = 8.875% = 8% of your NYS taxable income State rate = 8.5% = 4.5% of your NYS taxable income New York State rate =6% = 2.5% of your NYS taxable income Include the New York State rate to the extent it is higher than the 8.5% rate. (d) Calculate the New York State capital loss on Schedule D as follows: (1) If the amount in box 2 is less than 25,000, enter 2,000 or less. (2) If the amount in box 2 is 2,000 or more, enter the dollar amount in box 9 minus the amount in box 3. (e) The calculation does not apply to the sale or exchange of NYS property between a resident and nonresident for which a NYS gross income limitation (gross income limitation) has been applied by virtue of a special rule (see paragraph (e)(7) of this section).

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