loading…
loading…
loading…
(c) The provisions of this section may be illustrated for each filing status by the following formulas (as used in these formulas NYAGI means New York adjusted gross income and NYID means New York itemized deduction):
(1) for tax years beginning in 1989 and thereafter:
(i) where New York adjusted gross income does not exceed $475,000;
(a) married filing jointly or surviving spouse NYID × 25% × lesser of $50,000 or (NYAGI-$200,000) / $50,000
(b) head of household NYID × 25% × lesser of $50,000 or (NYAGI-$150,000) / $50,000
(c) unmarried individual or married filing separately NYID × 25% × lesser of $50,000 or (NYAGI-$100,000) / $50,000 A taxpayer filing as a head of household for the calendar year 1992 has New York adjusted gross income of $230,000 and total New York itemized deduction, before this limitation, of $40,000. The portion of the New York itemized deduction disallowed is computed as follows: $40,000 × 25% × lesser of $50,000 or ($230,000-$150,000) / $50,000 = $40,000 × 25% × lesser of $50,000 or $(80,000) / $50,000 = $40,000 × 25% × $50,000 / $50,000 = $10,000 × 1 = $10,000 itemized deductions disallowed.
(ii) where New York adjusted gross income exceeds $475,000, the following formula is used for all filing statuses; NYID × 25% + (NYID × 25% × (lesser of $50,000 or (NYAGI - $475,000))) / $50,000 A husband and wife filing a joint 1992 New York State resident personal income tax return have New York adjusted gross income of $530,000 and total New York itemized deduction, before this limitation, of $100,000. The portion of their New York itemized deduction disallowed is computed as follows: $100,000 × 25% + ($100,000 × 25% × (lesser of $50,000 or ($530,000 - $475,000))) / $50,000 = $25,000 + ($100,000 × 25% × (lesser of $50,000 or $55,000)) / $50,000 = $25,000 + ($100,000 × 25% × ($50,000)) / $50,000 = $25,000 + ($100,000 × 25% × 1) = $25,000 + $25,000 = $50,000 itemized deductions disallowed.
(i) where New York adjusted gross income does not exceed $475,000;
(a) married filing jointly or surviving spouse NYID × 25% × lesser of $50,000 or (NYAGI-$200,000) / $50,000
(b) head of household NYID × 25% × lesser of $50,000 or (NYAGI-$150,000) / $50,000
(c) unmarried individual or married filing separately NYID × 25% × lesser of $50,000 or (NYAGI-$100,000) / $50,000 A taxpayer filing as a head of household for the calendar year 1992 has New York adjusted gross income of $230,000 and total New York itemized deduction, before this limitation, of $40,000. The portion of the New York itemized deduction disallowed is computed as follows: $40,000 × 25% × lesser of $50,000 or ($230,000-$150,000) / $50,000 = $40,000 × 25% × lesser of $50,000 or $(80,000) / $50,000 = $40,000 × 25% × $50,000 / $50,000 = $10,000 × 1 = $10,000 itemized deductions disallowed.
(a) married filing jointly or surviving spouse NYID × 25% × lesser of $50,000 or (NYAGI-$200,000) / $50,000
(b) head of household NYID × 25% × lesser of $50,000 or (NYAGI-$150,000) / $50,000
(c) unmarried individual or married filing separately NYID × 25% × lesser of $50,000 or (NYAGI-$100,000) / $50,000 A taxpayer filing as a head of household for the calendar year 1992 has New York adjusted gross income of $230,000 and total New York itemized deduction, before this limitation, of $40,000. The portion of the New York itemized deduction disallowed is computed as follows: $40,000 × 25% × lesser of $50,000 or ($230,000-$150,000) / $50,000 = $40,000 × 25% × lesser of $50,000 or $(80,000) / $50,000 = $40,000 × 25% × $50,000 / $50,000 = $10,000 × 1 = $10,000 itemized deductions disallowed.
(ii) where New York adjusted gross income exceeds $475,000, the following formula is used for all filing statuses; NYID × 25% + (NYID × 25% × (lesser of $50,000 or (NYAGI - $475,000))) / $50,000 A husband and wife filing a joint 1992 New York State resident personal income tax return have New York adjusted gross income of $530,000 and total New York itemized deduction, before this limitation, of $100,000. The portion of their New York itemized deduction disallowed is computed as follows: $100,000 × 25% + ($100,000 × 25% × (lesser of $50,000 or ($530,000 - $475,000))) / $50,000 = $25,000 + ($100,000 × 25% × (lesser of $50,000 or $55,000)) / $50,000 = $25,000 + ($100,000 × 25% × ($50,000)) / $50,000 = $25,000 + ($100,000 × 25% × 1) = $25,000 + $25,000 = $50,000 itemized deductions disallowed.