NY Family Tax Relief Credit Link

[Justataxguy]

For those doing NY returns, I am sure we will get those who received one of these checks last fall and will be clueless when we ask if they got one as there is a box to check yes or no on the NY IT201. It was pretty much given to families with children who didn't qualify for NY EITC. Here is the link to see if they received it - https://www8.tax.ny.gov/FTLU/ftluStart

[Lion]

Thank you very much for sharing that link.

[krav]

NY Property Tax Freeze Credit

What are you doing about those? So far, I have only had 25% of my clients be able to provide me with an amount.

[New York Enrolled Agent]

What are you doing about those? So far, I have only had 25% of my clients be able to provide me with an amount.

As far as I know the Family Tax Credit was delivered in 2014 to applicable taxpayers. I'm of the opinion this is in the nature of a general welfare benefit and thus I don't think it impacts the 2014 NYS returns. Not all may agree on this point.

The Property Tax Freeze is different and directly related to the payment of property taxes. The mailing of these checks was partly 2014 with the remainder in 2015. Some applicable taxpayers have not yet received their checks.

[Justataxguy]

As far as I know the Family Tax Credit was delivered in 2014 to applicable taxpayers. I'm of the opinion this is in the nature of a general welfare benefit and thus I don't think it impacts the 2014 NYS returns. Not all may agree on this point.

It didn't affect the one I have had so far when I checked "Yes".

The Property Tax Freeze is different and directly related to the payment of property taxes. The mailing of these checks was partly 2014 with the remainder in 2015. Some applicable taxpayers have not yet received their checks.

It looks like only Yonkers residents have to report this one (D2 on the IT201).

[ttbtaxes]

"When you file your 2014 New York State income tax return, you must indicate on the return whether you received the $350 check for the family tax relief credit. The amount of the credit does not need to be reported in your taxable income and will not be included in any 1099-G you receive."

http://www.tax.ny.gov/pit/credits/family_tax_relief_credit.htm

[mrtax]

I wonder why it is even asked!

The family relief credit has no affect on the return and yet the software requires an answer. I called NYS tax dept on this. They had no answer! I understand that the property tax freeze credit should reduce the property tax deduction for itemizers. Interestingly, in Pro-series software there is a required field to enter this credit although it does not flow anywhere or reduce the Sch A entry for taxes paid.

[DonPriebe]

Don't blame the software ...

The family relief credit has no affect on the return and yet the software requires an answer. ...

It's not the software that requires an answer, it's the state. http://www.tax.ny.gov/pit/credits/fa...ief_credit.htm And of course they already KNOW the answer - they have an app to give you the correct answer if YOU don't know it.