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Question: What do I need to know about the 2016 New York Net Worth Statement?
Answer: There were many changes. The following are some common questions and answers.
Q: How do I start a new file in the 2016 format?
A: All new files will be in 2016 format.
Q: How do I switch an existing file to the 2016 fomat?
A: Click Forms & Reports > Net Worth Statement > View/Print Net Worth > Use 2016 Net Worth Statement. Note that you will not be able to go back. So we suggest that first you print the Net Worth Statement and save a backup version of the file.
Q: What is different about entering data in the new format?
A: There are subtabs at the top of the Income & Expenses screen: Wages, Wage-Like Income, etc. Enter income on each one. The last subtab, "Income Wksht" is a worksheet for the new Net Worth statement's Income page.
Q: When I switch an existing file, what will not be carried over?
A: The main things that will not be imported will be the individual "other" lines you created. They will be combined in one "other" line. We have done our best to carry things to appropriate places in the new form.
Q: What is different about the new format for assets and liabilities?
A; There are new categories for investment and personal assets, and a different layout. For now, the key differences are that the Net Worth Statement will not show real estate or vehicles on a property-by-property basis. It just shows totals. We are working on the property-by-property feature for real estate.
Q: What is different about the new format for income and expenses?
A: There are some new categories and a different organization. We do not have the ability to add "other" lines. Instead, put that information in a note or footnote. Also, and this is very significant for some of our subscribers, the Net Worth Statement and Budget Report entries should now be in synch.
Q: What happened to the footnotes I entered with the income lines?
A: As you can see, Paragraph (a) on the Gross Income page just asks for gross taxable income. There is no list itemizing the elements of gross income. You can get that itemization one of two ways:
1. View/Edit Taxes Report. This will show how gross income is calculated.
2. Budget Report. The Budget Report will come to the same number, if you omit Maintenance and Child Support of the current relationship. (This is a selection on the Budget Report options link.) You can also omit the expense and tax sections, so the Budget Report would itemize just the income. If there is non-taxable income, the total will match perhaps the bottom number on the Income page, not the top number.
What about the footnotes you enter? If we were to carry and combine all the footnotes on the Net Worth Statement Income Page line (a), it could be a mess.
Instead, we have provided a "note" link, so you can annotate whatever you would like about that number.
The footnotes DO appear on the Budget Report however. So your attachment will show those notes.
Q: How will download for web data entry work?
A: A file created on the Web will download in the old format. To switch to the new format, Click Forms & Reports > Net Worth Statement > View/Print Net Worth > Use 2016 Net Worth Statement. A file created in the Client Software will have whatever format the client version has. (For new clients, that will be the new Net Worth statement.)