Does anyone know if payments on the new NYS MTA tax by a self-employed individual are an add-back modification on the IT201/203? I know UBT and NYS S-Corp Franchise taxes are treated this way.
TIA
TIA
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MTA Tax Addback
It sure is. Absolutely, positively.
Do you think Governor Paterson would let you deduct a NYS tax (deducted on Federal) to arrive at a NYS Tax?Uncle Sam, CPA, EA. ARA, NTPI Fellow -
Ultra Tax is not adding it back to shareholder income. There is an area on the SCorp return for it but UT takes it nowhere. It handles the Franchise Fee properly and I have put in the code for the MTA payroll taxes paid>>>but it goes nowhere...???
I'm calling UT.Last edited by BOB W; 02-10-2010, 02:25 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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I did the research and the MTA tax is an add back. UT did not do it automatically and had to be manually entered, I didn't because it should be automatic. I complained to UT and they are lookin at it. I just completed a huge return and now I have to redo it....UGGG.
Thanks for the question...............Last edited by BOB W; 02-10-2010, 03:17 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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Lacerte's not doing it either. Does anyone have a site/source I can print out for my office?Comment
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Found it. DRAT!!!!
TSB-M 09(1)MCTMT
June 1, 2009
"...Modifications for the MCTMT on New York State tax returns and reports
When preparing New York State tax returns, any deduction permitted for federal income tax purposes for the MCTMT must be added back, and any refund of the MCTMT must be subtracted, for purposes of computing New York State taxes imposed by Articles 9-A, 13-A, 22, 32, and 33 of the Tax Law (the corporation franchise tax, the petroleum business tax, the personal income tax, the bank franchise tax, the insurance franchise tax, and the tax on unrelated business income); and sections 11-602, 11-641,11-712, and 11-1718 of the Administrative Code of the City of New York (the general corporation tax, the bank tax, and the personal income tax).
A partnership must provide each partner with the partner’s share of any addition or subtraction modification relating to the MCTMT."Comment
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