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Suffolk New York Form Instructions 1040-EZ: What You Should Know

Taxpayers whose total federal and NYS income is below the federal poverty level will be eligible for help from the NYS Homeownership Tax Credit program. For complete information on the Low-Moderate Income program, please visit . To qualify for the credit, the homeowner must earn less than 25,000 after tax in each of the tax years prior to the year the credit is claimed. The homeowner must also file all three prior income tax returns with NYS, including the first return filed after the credit has been claimed. Taxpayers making less than 25,000 in their first year of ownership must also qualify for the NYS Homeownership Credit. These requirements apply to property purchased on or after January 1st, 2015. Taxpayers purchasing property or gaining ownership of existing property who are married will qualify in the following year, for the tax year in which they make the acquisition, the married couple must file a joint return. Taxpayers must include their marital status and number of children on Form 1040A, and the spouse on Form 1040EZ or 1040AQ. The married couple of any age who are not filing for single tax purposes do not qualify for the homeownership tax credit. Instructions to file the Form 1040 for single income tax returns to the year of sale • A seller's gross income must be less than or equal to the amount specified in the following list. • The list of qualifying levels on Form 1040, must be included. • The seller must include a statement indicating the number of qualifying people in the household. • The purchaser must be married to at least one of the individuals stated in the list. The tax year must be prior to the month (March, June, September, and December). A tax year may not exceed 10 taxable months. A qualified person is defined as an individual who is an eligible recipient of the federal housing assistance for housing under Section 8 of the Act or eligible family of an individual who is an eligible recipient of such support. New Year's Day is treated as a day of calendar year and no earlier than 4:00 p.m. on such date. A New Year's Day for sales of property other than real estate for federal income tax purposes is the 2nd Monday following the January 1 of each year.

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