Question

NYS IT Form 360.1 - Allocating Income

Forum|Forum|4 years ago
April 2, 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.

E

ErnieS0

You can either prorate your interest and dividends if they were paid more or less evenly though the year or you can go back to your statements and search for actual payment dates.

NYS adjustments are subtractions on your federal return for items such as teacher expenses, IRA and retirement contributions and student loan interest.

You can preview you Form 1040 and look at Schedule 1 to see what adjustments you have.

Click Tax Tools in the left column
Click Tools below that
In the center column, select View Tax Summary
In the left column click Preview my 1040
You will see Federal 1040
When you are done, click Back in the left column

Part-year city itemized deductions are parts of those amounts you paid while a NYC resident.

Taxes paid are from your W-2 withholding in Boxes 17 and 19 and any other tax your may have paid, such as property tax.

Interest is probably your mortgage interest.

Charity is charitable contributions while a NY resident.

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C

chuentlamAuthor

What do you mean by prorating the interests and dividends? I looked at some of the dividend payments from my statements, and they say "multiple".

What about capital gains and losses? Same thing...prorate? What's that mean?

I get there might be adjustments in the federal return, but where am I supposed to determine that and have it equal up to the amount?

I think I get the city itemized stuff. What about federal limitation...?

C

chuentlamAuthor

None of my pre-filled out federal amounts in the part-year city itemized deductions actually match lines 17/19 of my W-2's, nor my mortgage interests...only thing that matches is my charity contribution.