How come Turbotax decided that we are not qualified for NYC Enhanced Real Property Tax Credit? Is is a bug?
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Minnie
New Member

How come Turbotax decided that we are not qualified for NYC Enhanced Real Property Tax Credit? Is is a bug?

my husband and I owned and lived in a coop unit in the new york city for the entire year of 2018 and paid over $3000 real estate tax reflected in our maintenance fees and our gross income are way less then $200,000.  We have put all that info into the Turbotax system. How come Turbotax decided that we are not qualified for NYC Enhanced Real Property Tax Credit when we answered the questions that we lived in the apartment in more than six months and there are no additional income. Then, with no more questions or explanations, just a abrupt conclusion saying that we are not qualified? Is is a bug?

3 Replies
maglib
Level 10

How come Turbotax decided that we are not qualified for NYC Enhanced Real Property Tax Credit? Is is a bug?

This is a public forum so I can't see your return.  You would need to have to review the rules on whom can claim the credit and go back through the interview if you still feel you are qualified.  If you still think there is an error, I would ask that you go to ONLINE, choose send form to an agent.  It removes all personal info and a token would be provided.  I I can not acces it but, can ask TT employees to review it for you if you provide the token number.

The credit based on what percentage of your household income is used for paying  for the home or rent.  It may be reduced to 0.

Directions: https://www.tax.ny.gov/pdf/current_forms/it/nyc208i.pdf

Form: https://www.tax.ny.gov/pdf/current_forms/it/nyc208_fill_in.pdf

Do I qualify for this credit? To qualify for this credit, you must meet all of these conditions for tax year 2018: • Your household gross income was less than $200,000. • You occupied the same New York City residence for six months or more. • You were a New York City resident for all of 2018. • You could not be claimed as a dependent on another taxpayer’s federal income tax return. • Your residence was not completely exempted from real property taxes. • Additionally, you must meet all the conditions listed under either Homeowners or Renters below: Homeowners – You or your spouse paid real property taxes. – Any rent you received for nonresidential use of your residence was 20% or less of the total rent you received. Renters – You or a member of your household paid rent for your residence.


 Compute real property tax A residence is a dwelling that you own or rent, and up to one acre of land around it. It must be located in New York City. If your residence is on more than one acre of land, only the amount of real property taxes or rent paid that applies to the residence and only one acre around it may be used to figure the credit. (If you do not know how much rent or real property tax you paid for the one acre surrounding your residence, contact your local assessor.) Each residence within a multiple dwelling unit may qualify. A condominium, a cooperative, or a rental unit within a single dwelling is also a residence.

Minnie
New Member

How come Turbotax decided that we are not qualified for NYC Enhanced Real Property Tax Credit? Is is a bug?

where can i find  "go to ONLINE, choose send form to an agent"? When I log in, I click "HELP" then "Contact US" which leads to me post question or call you? which I waited for 2 hours last night. no one picked up the phone...
maglib
Level 10

How come Turbotax decided that we are not qualified for NYC Enhanced Real Property Tax Credit? Is is a bug?

To be able to take the credit your property taxes paid had to exceed 4-6% of total NYS household income which adds back pensions and social security income.   if NYS household income is under 100k 4%,  from 100-150k household income it would have to exceed 5%, for $150-200k it would have to exceed 6% of household income.    See the link I provided to the form above.  Or if you paid already for the TT program you should be able to look at the NYC-208 form.   
To share the return: Expand Tax Tools on the left side of the screen, click Tools, click Share my file with Agent in the dialog box, click the OK button . The next box will display a token number that you must write down.

Please note that if you need to speak with a tax specialist, you will have to add Plus benefits if you are using the Free Edition of TurboTax.

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