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I'm a NY resident with non-NY exempt interest dividends which I've entered. They don't show up as an "addition" on my NY tax form. Anyone have the same issue?

Forum|Forum|3 years ago
February 28, 2023
4 replies
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I've entered $XX of NY exempt-interest div income and $YY of "Multiple States" income. But the $YY is not showing up on line 20 of NY IT-201

TurboTax Premier Online

Best answer by SteamTrain

Someone else had this issue.

....what worked for them was to take the tax-exempt $$ for their own state, and put those on a separate form....designating all as being from their home state....and then the original form would all be designated as "Multiple states"

______

So if the combined $$ were in box 12 of a 1099-DIV, the NY (or CO) person would subtract the NY (or CO) $$ from that original combined 1099-DIV...and put those $$ in box 12 of a new separate 1099-DIV....marking it all as NY (or CO)..... and the original 1099-DIV would be marked as "Multiple States"

__________

That worked for them.....not supposed to have to do that...but we just work it out as best we can.

Maybe a fix will be in place for this week's software update (Wed or Thurs nights)....or maybe they don't know about it yet.

M

mbuchana

I have the same problem with the Colorado version. Non-Colorado tax-exempt interest doesn't seem to be added to the Colorado 2022 return. This worked as expected for the 2021 return.

SteamTrainAnswer

Employee

Someone else had this issue.

....what worked for them was to take the tax-exempt $$ for their own state, and put those on a separate form....designating all as being from their home state....and then the original form would all be designated as "Multiple states"

______

So if the combined $$ were in box 12 of a 1099-DIV, the NY (or CO) person would subtract the NY (or CO) $$ from that original combined 1099-DIV...and put those $$ in box 12 of a new separate 1099-DIV....marking it all as NY (or CO)..... and the original 1099-DIV would be marked as "Multiple States"

__________

That worked for them.....not supposed to have to do that...but we just work it out as best we can.

Maybe a fix will be in place for this week's software update (Wed or Thurs nights)....or maybe they don't know about it yet.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

S

stusmith12Author

Thanks for your help. I wouldn’t have thought of that on my own.

K

Kellerdb

We had the same problem with our 2022 Colorado return. It did not add the taxes back to the state return. Unfortunately we submitted it before noticing.

Now trying to amend but cannot find the interview question or section to make it show up on the amended return.

SteamTrain

Employee

I suspect that you would do it this way.

1) Start the CO amended tax return process.

2) Then go to the Federal section...In the Wages&Income area, for either the 1099-INT or 1099-DIV (or both) that show tax exempt $$ on them....and break out the CO Bond $$ from "Multiple States" $$ into separate 1099-INT and 1099-DIV forms the way I indicated above.

You aren't really needing to amend the Federal section, since the total $$ reported there are exactly the same (If you do it right)

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

N

nhunter132

have same issue and I've been audited by NYS where is income entered for line 20 on return?

AmyC

Employee

In the desktop version, it can be entered in forms mode with no override necessary. For the online version, you would need to use the solution by Steam Train above which states:

Someone else had this issue.

....what worked for them was to take the tax-exempt $$ for their own state, and put those on a separate form....designating all as being from their home state....and then the original form would all be designated as "Multiple states"

______

So if the combined $$ were in box 12 of a 1099-DIV, the NY (or CO) person would subtract the NY (or CO) $$ from that original combined 1099-DIV...and put those $$ in box 12 of a new separate 1099-DIV....marking it all as NY (or CO)..... and the original 1099-DIV would be marked as "Multiple States"

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