Instructions For Form It-220 - Minimum Income Tax - New York State Department Of Taxation And Finance - 2004 Page 2
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4IT-220-I Page 2 of 4 (2004)
Nonresidents — If you are filing Form IT-203, enter in Column A
Nonresidents and part-year residents — Enter in Columns A and
the amount of each federal tax preference item. Enter in Column B
B any amounts related to the tax preference items reported on
the amounts derived from or connected with New York State
lines 1 through 7.
sources.
Resident and nonresident estates or trusts and part-year
Part-year residents — If you are filing Form IT-203 and moved
resident trusts — Enter in Columns A and B any amounts related
out of New York State, enter in Column A the amount of each
to the tax preference items reported on lines 1 through 7.
federal tax preference item. Enter in Column B those federal tax
Line 9 — Enter that part of the federal tax preference items
preference items, including any tax preference items attributable to
reported on line 3 that relates to property placed in service in tax
a future year which accrued up to the time you changed your
years beginning after December 31, 1981, but before January 1,
residence, that were attributable to the New York resident period
1985. In addition, enter that portion of line 3 that represents
plus those tax preference items derived from or connected with
property placed in service outside New York State in tax years
New York sources for the nonresident period.
beginning after December 31, 1984, but prior to January 1, 1994,
If you are filing Form IT-203 and moved into New York State, enter
for which you chose to continue using the pre-1981 (IRC)
in Column A the amount of each federal tax preference item. Enter
section 167 depreciation. For more information, see Form IT-399,
in Column B those federal tax preference items derived from or
New York State Depreciation Schedule . Do not include property
connected with New York sources for the nonresident period plus
subject to the provisions of IRC section 280F (such as luxury
the tax preference items attributable to the New York resident
automobiles).
period.
Line 10 — Enter that part of the federal tax preference items that
Resident estates or trusts — If you are filing Form IT-205, enter in
was your distributive or pro rata share of tax preference items from
Column A the amount of each federal tax preference item of the
an S corporation for which the election to be a New York S
estate or trust before any apportionment between the estate or
corporation was not in effect for the tax year.
trust and its beneficiaries. Enter in Column B the share of each
Line 11 — If any of the tax preference items are affected by the
federal tax preference item allocable to the estate or trust.
itemized deduction adjustment that appears on your Form IT-201 or
Nonresident estates or trusts and part-year resident trusts —
IT-203, attach a schedule showing the computation of the
Enter in Column A the amount of each federal tax preference item
adjustment and enter the adjustment amount on this line.
of the estate or trust before any apportionment between the estate
Figuring the minimum income tax
or trust and its beneficiaries. Enter in Column B the share of each
federal tax preference item apportioned to the nonresident estate
Line 16 — Specific deduction
or trust that is derived from or connected with New York State
Residents — Enter the specific deduction of $5,000 ($2,500 for
sources. The part-year resident trust enters in Column B those
each spouse if married and filing separate returns, filing status ③).
federal tax preference items, including any tax preference items
attributable to a future year which accrued up to the time the trust
Nonresidents and part-year residents — Enter the amount that
changed its residence, that were attributable to the New York
bears the same ratio to $5,000 ($2,500 for married individuals filing
resident period plus those tax preference items derived from or
a separate return) as the total New York tax preference items (line 15,
connected with New York sources for the nonresident period. The
Column B) bears to total tax preference items (line 15, Column A),
rules for allocation to New York State are explained in the
computed as if a resident for the tax year. The specific deduction
instructions for Form IT-205.
cannot exceed $5,000 ($2,500 for married individuals filing a
separate return).
New York City taxpayers — The city tax preference items of
New York City resident and part-year resident individuals, estates
Resident estates or trusts — Enter the amount that bears the
or trusts, and part-year resident trusts are the same as the state
same ratio to $5,000 (not to exceed $5,000) as the total New York
tax preference items of New York State resident and part-year
tax preference items apportioned to the estate or trust (line 15,
resident individuals, estates or trusts, and part-year resident trusts.
Column B) bears to the total New York tax preference items of the
estate or trust without any apportionment between the estate or
Line 7
New York addition for restoration of net operating loss
trust and the beneficiaries (line 15, Column A).
deduction — The amount of the net operating loss carryover that
reduces federal taxable income and was used to reduce tax
Nonresident estates or trusts and part-year resident trusts —
preference items in a prior year (see the instructions for line 20)
Enter the amount that bears the same ratio to $5,000 (not to
must be added on line 7. The amount of net operating loss used in
exceed $5,000) as the total New York tax preference items from
a prior year to reduce the total tax preference items must be
New York sources that are apportioned to the estate or trust (line 15,
treated as a tax preference item and added to the total federal tax
Column B) bears to the total New York tax preference items of the
preference items in the next succeeding year or years, in order of
estate or trust without any apportionment between the estate or
time, in which that net operating loss carryover reduces federal
trust and the beneficiaries (line 15, Column A).
taxable income (Tax Law section 622(a)(3)).
Line 18 — New York State personal income tax after credits
New York subtractions from federal amounts
Residents — Enter the amount of tax reported on Form IT-201,
line 38, plus the amount from Form IT-230, Part II, line 2, reduced
The New York tax preference items must be adjusted where the tax
(but not to less than zero) by the amount of the following credits
treatment giving rise to the items will not result in the reduction of
(see Forms IT-201 and IT-201-ATT):
the taxpayer’s personal income tax for any tax year.
— Household credit (from Form IT-201, line 39);
Residents — Enter in Column B any amounts related to the tax
— NY State nonrefundable credits (from Form IT-201-ATT, Part IV,
preference items reported above; do not use Column A.
line 64);
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