NY Form 720 2024-2025

NY Form 720: What You Should Know

The filing status on Form 720 is C-1, Domestic Corporation. Form 720 is a required income tax filer information for taxpayers with gross income above 500,000 for Single (S), 1 million for Joint (J), or 2 million for Married Couple (M). A filing status on Form 720 is not necessary for individuals who do not file a Form 720 and whose gross income does not exceed 500,000. A filing status on Form 720 is not necessary for individuals for whom the Internal Revenue Service has given a notice for filing a return. See “What is Form 720?” above. Income in excess of 50,000 or interest in excess of zero are not included in gross income. If you are not required to file a Form 720, you are required to complete and turn in Form 720‑C2 with the Form 8453 (Individual Income Tax Return) in order to use Form 720. The only exception to filing Form 720 is if you are filing under a special IRS exception to file Form 730-X (Electronic Filing of Income Tax Returns) because you are an individual that does not require a Form 720 for your tax filing. Also see: Form 720 — General Requirements Form 720 — General Requirements — Frequently Asked Questions Cigarette and Tobacco Tax Forms — Current Year How to Determine Whether to File Form 720 — State of Hawaii July 13, 2025 — Form 720 and its instructions are issued for all types of cigarette and tobacco returns. See “What Is Form 720?” above. If you are required to file a Cigarette and Tobacco return if your Gross Income (Gross Income Before Poverty Line Adjustments) is 49,000 or less, you may also claim a child and qualifying relative filing status with a gross income of less than 50,000.

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