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State tax filing
You seem to be working in Forms mode instead of going through the interview, which does guide you. Switch over to step by step to get these entries correct.
1. NY W2
- In the New York state interview, look for a screen titled "New York Income Allocation."
- It will ask, "Were all of your wages and/or self-employment income earned in New York State?" You must select No.
- See a list of your W-2s. Click Edit next to your NJ W-2.
- Choose "Allocate by Number of Days"
- Enter 33 days you actually worked in NY. TurboTax will calculate the percentage of your federal wages that NY is allowed to tax.
2. K-1
- Entered in the federal section with NY listed in the state box.
- In NY, look for the "Changes to Federal Income" or "Business Allocation" section. TurboTax should pull the NY-sourced amount from the Federal entry. If it asks you to manually allocate, you only enter the amount listed in Column C of your wife’s NY K-1 (the NY-sourced portion)
3. 529 NY Plan
New York provides a deduction of up to $10,000 (for Married Filing Jointly) for contributions to a NY State 529 plan.
- Look for "Adjustments to Income" or "New York Subtractions"
- Locate College Tuition Savings Deduction.
Note: Only contributions to the official New York 529 plan (Direct or Advisor) qualify for the NY state deduction. Contributions to other states' plans do not count for this specific NY tax break.
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a month ago