Question

NYC/NYS Resident

Forum|Forum|4 years ago
April 3, 2022
1 reply
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Hi,

I need assistance with completing the portion on the NYS return where I have to allocate parts of my income. I moved out of NYC halfway through the year. Luckily, it seems simple enough as we officially moved on 6/30/2021. But I don't know how much to calculate for certain fields, for example:

"Allocate City Income"

Wages & Tips: this was auto-calculated for us

Taxable Interest Income: what do I put for NYC portion?

Dividend Income: what do I put for NYC portion?

"Allocate NY Income"

Capital Gain/Loss: what do I put for NYC portion?

"Allocate NYS Adjustments"

There are blank lines that say I have to equal -$3,788. What do I fill out here?

"Part-Year City Itemized Deductions"

Taxes You Paid

Interest You Paid

Gifts to Charity

-again, no idea what I'm supposed to do here

"Reduction for Federal Limitation"

-same thing

Please help! Thank you. My token # is 981418.

TurboTax Deluxe Online

LenaH

Please see the answers to your questions below:

Interest and Dividend Income: taxable to NYC when received. For example - if you received interest evenly throughout the year, it would be allocated 50% NYC.
Capital Gain/Loss: taxable to NYC when the asset(s) was sold. For example - if you sold in June, it would be NYC income. If sold in August, it would not be NYC income.
NYS Adjustments: Must equal - $3,788. Please enter the information below:
- 414(H) - 6,073
- IRC 125 - 139
- 529 CONTRIBUTION - -10,000
Taxes You Paid: deductible as NYC portion when paid.
Interest You Paid: deductible as NYC portion when paid.
Gifts to Charity: deductible as NYC portion when donated.
Reduction for Federal Limitation: Your itemized deductions were limited by $2,808. The biggest chunk of your deductions is taxes (state/local and real estate tax) and mortgage interest. These items are usually paid consistently, twice per year, or via mortgage throughout the year. You can enter half of $2,808 on this line, which is $1,404.