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Level 2
April 1, 2021
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IT-201 nonqualified deferred compensation question

  • April 1, 2021
  • 1 reply
  • 17 views

Hi!

 

Does anyone know if I should supersede/amend my IT-201 if I accidentally mark D2 incorrectly? D2 asks if I was required to report any nonqualified deferred compensation as required by IRC 457a and I marked it as yes by accident. This does not affect my taxable income amount though .. any advice?

 

 Thanks in advance!

Best answer by DanielV01

If neither your taxable income nor your tax is affected, don't amend.  However, if the state contacts you with a letter questioning what happened, maintain documentation to show that you marked the corresponding boxes in error and you don't have the deferred compensation as referenced above.

1 reply

DanielV01
DanielV01Answer
Level 15
April 6, 2021

If neither your taxable income nor your tax is affected, don't amend.  However, if the state contacts you with a letter questioning what happened, maintain documentation to show that you marked the corresponding boxes in error and you don't have the deferred compensation as referenced above.

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adelu23Author
Level 2
April 6, 2021

Thank you so much @DanielV01 !!!