IT150

Last night (Sunday, January 20, 2008), in my amazing fit of getting things done (which was probably from not walking the dog at the park, since it was too cold), I had the awful temerity and unmitigated gall and horrific audacity to attempt to ballpark the New York State income-tax.
This is so we know how much to deduct from Linda’s pension deposit, which also includes a deduction for federal income-tax.
Last year nowhere near enough was deducted for the federal (thank ya, fabulous bluster-boy tax chart), so we had to significantly increase the federal withholding, to offset six months of it being too low.
Withholding for the N.Y. income-tax had been way too high; so we had to make it peanuts.
The end result is that now our federal withholding is way too high, and our state withholding too low.
So a couple weeks ago I ballparked the federal income-tax, and we were able to significantly reduce our federal withholding. Now I had to ballpark our N.Y. state income-tax to get our N.Y. withholding high enough.
True to form, New York has revised its income-tax forms yet again.
Two years ago two pages (front and back of one page) became four (front and back of two), and the poor harried taxpayer had to start filling in all the mysterious codes the minions in tax-land had been doing.
It was a confusing mess, and probably had the tax-minions pulling their hair out.
So now we’re back to only one sheet (two pages, front and back), and a new form IT150 for the average taxpayer.
“Do you use IT150? Start here:”
“—1) Were you required to file form 1040 for 2007? -If yes, next box; if no, do not pass go, do not collect $200.”
“—2) Was your federal adjusted gross income over $900,000? -If no, next box; if yes, IT201 (naughty-naughty).”
“—3) Did you file form 1040EZ, or could you have, except your federal income was over $100,000? (Huh?) -If yes, next box; if no, IT201 (naughty-naughty).”
“—4) Are you claiming any of the credits marked by a triangle (see credit chart on pages 6 through 9)?” —Um, I majored in History, not Geometry.......
“—5) Were you a part-year resident of New York City or Yonkers? -If no, IT150; if yes, IT201 (naughty-naughty).”
On and on it went, including arrows that led to a green “do not file” box.
I successfully navigated the contorted chart, having perused all the triangulated credits, none of which seemed to apply, and deduced we could use IT150.
(Although if we install an Energy-Star rated furnace, we qualify for a triangulated credit — but not windows. [Our current furnace may already be Energy-Star rated.])
I’ve used IT201 in the past, but it looks like I should now switch to IT150. —I ain’t even sure IT201 is in our book; I didn’t see it.
(I did see a photo of circling shark-fins warning of predators on the Internet — wherein is N.Y. income-tax filed over the Internet not predatory?)
It looks like the minions in tax-land are wanting me to fill in the mysterious codes again — some are missing; what then? (Ice-flow for you, baby!)
But they’ve cut down from four pages to two; progress, I guess.
Codes mean nothing to a ballpark; all I’m trying to get is a tax-liability so I can figure a withholding. I can’t do the codes without 1099s. (Although I can do the ballpark, since I have my income spreadsheet.)
IT201 kind of duplicated 1040; but apparently IT150 doesn’t. 201 had you including your previous-year N.Y. state tax refund, and then subtracting it back out for the N.Y. income, but 150 doesn’t include that (apparently), so your gross income in both the 1040 and 150 will differ by the tax refund.
But the ballpark went quickly. Many of the income figures on 1040 transfer directly into 150. We increased the N.Y. withholding from $12 per month to $35.
I kind of doubt TubbieTax® could do a ballpark — in fact, I kind of doubt it could do the N.Y. state income-tax (although maybe they wrote an application; I can see them listing all the triangulated credits, and you answering all those questions [OVERLOAD ALERT!].)

“Linda” is my wife of 40 years.

“The bluster-boy” is my all-knowing, blowhard brother-in-Boston, who noisily badmouths everything I do or say. He loudly declared I could come up with my withholding from an IRS worksheet; and that I was utterly stupid and reprehensible to not use it. (I already tried, and it sent me astray. —That worksheet was what made my federal withholding way too low.)

RE: “I majored in History, not Geometry.....” —My college-degree was in History, making me utterly stupid and reprehensible to my siblings, many of whom degreed in engineering, which makes them superior.

RE: “But not windows......” —Last year we replaced many of the windows in our house.

“Ice-flow for you, baby!” is something my all-superior siblings say to me.

RE: “Since I have my income spreadsheet.....” —I have two Excel spreadsheets I made for income-tax: one is income, and the other is Schedule-A deductions.

A loud famblee argument has surfaced about “TurboTax®” (“TubbieTax®”). I don’t use it, so am utterly stupid and reprehensible; whereas all my siblings do — making me inferior to them, and “mentally challenged.” I tried TurboTax® two years ago, and it was quadrupling the time required to do my taxes, and asking me questions IRS doesn’t even care about.