Instructions For Form It-220 - Minimum Income Tax - New York State Department Of Taxation And Finance - 2004
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4New York State Department of Taxation and Finance
IT-220-I
Instructions for Form IT-220
Minimum Income Tax
Who must file
These requirements for reporting federal changes in tax preference
items apply to residents, nonresidents, and part-year residents of
If you are an individual or fiduciary of an estate or trust with total
New York State if the change affects the computation of New York
New York tax preference items greater than the allowable specific
State taxable income and must be reported as follows:
deduction of $5,000 ($2,500 if you are married and filing
separately), you must complete Form IT-220, Minimum Income Tax ,
Residents must report these changes on Form IT-201-X, Amended
and attach it to your New York State income tax return. For New
Resident Income Tax Return , and on an amended Form IT-220.
York purposes the federal preference items subject to New York
Write Amended at the top of Form IT-220 and attach it to
minimum income tax are: (1) depreciation (pre-1987) (ACRS
Form IT-201-X with a check or money order for the full amount of
depreciation on recovery property placed in service in New York in
any additional tax due plus interest.
1985 and 1986, ACRS depreciation on all Internal Revenue Code
Nonresidents and part-year residents must report these changes
(IRC) section 280F recovery property placed in service prior to
on Form IT-203-X, Amended Nonresident and Part-Year Resident
1/1/87); (2) intangible drilling costs; and (3) qualified small business
Income Tax Return , and on an amended Form IT-220. Write
stock (excluded under section 1202). Also include the amount of
Amended at the top of Form IT-220 and attach it to Form IT-203-X
New York addition for restoration of net operating loss deduction.
with a check or money order for the full amount of any additional
Because of different state and federal requirements, you may have
tax due plus interest.
to file Form IT-220 even if you are not required to file federal
Form 6251, Alternative Minimum Tax - Individuals , or federal
Estates or trusts must report these changes on an amended
Form 1041, U.S. Income Tax Return for Estates and Trusts . You
Form IT-205, Fiduciary Income Tax Return, and on an amended
may have to file Form IT-220 even if you derived no tax benefit from
Form IT-220 by writing Amended at the top of each form and
the items of tax preference.
including a check or money order for the full amount of any
additional tax due plus interest.
The tax preference items to be reported on Form IT-220 are
explained in Line instructions that begin below.
Attach a copy of the federal report of examination changes and a
signed statement indicating that you concede the federal audit
If you marked an X in filing status ③ (Married filing separate return)
changes. If you do not concede the federal audit changes, attach a
on Form IT-201, Resident Income Tax Return, or Form IT-203,
signed statement explaining why you do not agree. Do not attach
Nonresident and Part-Year Resident Income Tax Return, you and
the amended return to any other return. Send the amended return
your spouse must each figure your minimum income tax on a
and the full amount of any tax due plus interest to: State
separate Form IT-220.
Processing Center, PO Box 61000, Albany NY 12261-0001.
New York City taxpayers
New York City residents must report a federal change in tax
If you are a city of New York resident (or part-year resident) and
preference items on the amended New York State form filed for
you are subject to the New York State minimum income tax, you
minimum income tax purposes. Follow the above instructions for
must figure the New York City minimum income tax due on
federal changes or the filing of an amended federal return.
Form IT-220. A New York City nonresident is not subject to the city
Line instructions
of New York minimum income tax.
Print or type the required information at the top of Form IT-220. If
If you changed your New York City and New York State resident
an estate or trust has an employer identification number, enter it in
status at the same time, report both your state and city minimum
the space provided. Mark an X in the box indicating the New York
income tax for the resident period on one Form IT-220. If the
State income tax return you are filing.
periods of city and state residence are different, attach a schedule
showing how you figured the city minimum income tax. The
Tax preference items
New York City minimum taxable income to be reported for the
Lines 1 through 5 — Enter your federal tax preference items from
resident period is determined as if your tax year for state income
federal Form 6251 or federal Form 1041, Schedule I, Part I, on
tax purposes were limited to the period of your New York City
lines 1 through 5. If you filed either of these federal forms, attach a
residence. For information on accruals, see Form IT-360.1-I,
copy. If you are not required to file either federal form, report the tax
Instructions for Form IT-360.1, Change of City Resident Status.
preference items on lines 1 through 5 that you would have reported
if you had filed the federal form. Tax preference items also include
How to report a change in federal tax preference
those attributable to you as the beneficiary of an estate or trust, as
items
a partner of a partnership, or as a shareholder in an electing
If the Internal Revenue Service (IRS) changes the tax preference
New York S corporation.
items you reported on your federal form for the alternative minimum
If you marked an X in filing status ③ on Form IT-201 or IT-203, you
tax, you must report this change to the New York State Tax
and your spouse must each report your share of tax preference
Department within 90 days from the date the IRS makes its final
items on a separate Form IT-220.
determination.
Residents — If you are filing Form IT-201, enter in Column B the
If you file an amended federal return changing the tax preference
amount of each federal tax preference item; do not use Column A.
items reported to the IRS, you must also file an amended state
return with the New York State Tax Department within 90 days from
the date you amend your federal return.
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