Resident NJ, Non-resident NY. Work in both states.What is placed on line 4 of IT-203 Taxable refunds, credits or offsets of state and local income taxes?

Forum|Forum|1 year ago
May 11, 2024
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Is it refunds recieved from previous year for each state?

TurboTax Deluxe Online

LenaH

Line 4 would be your taxable refunds, credits, or offsets as per your 1040 under the federal column on the left. The NY column on the right would be your New York refund. Your New Jersey refund is not entered in this column. See the IT-203 instructions for more detail.

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KbtoniAuthor

Thank you!

Let me see if I understand exactly how to input the correct data. On the L side (Federal Amount) of the IT 203, Where do I find my taxable refunds, credits or offsets on the 1040 form?

And, on the R side column, (NY State) Do I input the amount of NY state refund check received from the previous year?

I appreciate the help!

LenaH

If you got a tax benefit from deducting your state taxes in the previous year by itemizing your deductions, then this would be taxable on 1040, Schedule 1, Line 1. None of your refund is taxable if, in the year you paid the tax, you either (a) didn't itemize deductions, or (b) elected to deduct state and local general sales taxes instead of state and local income taxes.

In the NY column, enter that part of the federal amount that was derived from or connected with New York State sources as a nonresident. Also enter this amount on line 24, New York State amount column.

@Kbtoni

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