on form NYS IT 203 non-qualified comp is shown and reported on line 16 in federal column and accounted for computing tax for NYS. Question is should this be also shown in NYS column line 16? If so then NYS is taxing non-qualified comp along with federal and getting taxed twice. Is that correct?
After little bit of research, I found out its not taxable in NYS because it is considered federal income and derived from state sources and it will not be subject to NYS income tax, therefore should not be included in calculation of NYS tax percentage.
Please advise if I am doing correct by not including in NYS column line 16 on IT 203
Thank you for your help and advice.
