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May 18, 2021
Question

IT-203 new york state returns discrepancy in total capital gains in federal and state amount

  • May 18, 2021
  • 1 reply
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I recently filed my returns for Federal and State taxes for CT and NY (part year resident). They were accepted but I realized that there was discrepancy in total capital gain between Federal and New York State amount in New York State returns. In particular, my New York part-year resident income tax return (IT-203) shows that my New York Capital gain amount (Line 7) is much higher than Federal amount (16k vs 8k). My total capital gain from investments was only 8k. So I am not sure why the New York amount is stated higher. Because of this I must be overpaying New York Taxes. How can I fix this? As far as I know, I uploaded all documents (W2, 1099-Int, Div, and 8949 from Robinhood) correctly. Did anyone run into similar issue? Any input is highly appreciated.

    1 reply

    May 18, 2021

    Forgot to mention that because of this discrepancy, my NY state income is higher than Federal income (in the NY State return IT-203). In reality, NY state income be less because part of my total income was from CT. How can I amend this?