The accrued market discount for a treasury bill that I sold is being converted to taxable interest in my federal return. How do I prevent this from being treated as taxable interest in my NY state return?
In your New York tax return, on the page that says "Changes to Federal Income," under "Investment adjustments" click the Start button for "Exempt income from US government or exempt by NY law." That will take you to a page that says "Investment Income from U.S. Government Agencies." On that page, enter the accrued market discount amount in the box for U.S. Government Interest."
The amount that you enter will be listed on Form IT-225 as a New York subtraction with code S-121. The total New York subtractions from Form IT-225 will entered on Form IT-201 line 31 and will be subtracted from your New York income.
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