I am involved in StartUp NY, a tax incentive program for small businesses which, among other benefits, allows the employees to avoid paying state taxes. The tax.ny.gov website says I need to add the IT-225 form to be eligible for this benefit.
The software adds this form automatically as needed. TurboTax uses an interview format so that you don't need to update the forms. This form isn't filed separately; only with your state tax form. The state starts with a subtotal from your federal return and then allows for additions and subtractions for the state tax. This is a form for reporting additions and subtractions that aren't otherwise listed on the main NY state return.
The software asks about all tax situations specifically, but it is also flexible to allow for other situations. When answering your state tax questions, the software will ask "if you have any other adjustments to federal" and you can enter any you're qualified to take. Learn more in the instructions for the form here: https://www.tax.ny.gov/pdf/current_forms/it/it225i.pdf
I still don't understand how to get the program to allow me to enter IT-225 Additions and Subtractions.
Please help!
Hi BKLNYC,
I have the same problem - let me know if you found the solution.
I have a K-1 from an LLC and I could not find where to enter the adjustments for NY.
Please help!
I could do this by going to the 'Forms' view (top left), opening form IT 201 (NY State return), then clicking on line 31. This brings up form IT 225, which can be filled by double clicking on appropriate fields.
The link included in this explanation took me to a site that said "sorry we can't find the page you are looking for".