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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
The IRC 414(h) and IRC 125 amounts should be shown in box 14 on your W-2. When you enter them in TurboTax, it should automatically recognize the abbreviations and handle them correctly on the state return. To make sure, when you get to the W-2 summary screen ("Here's your W-2 info"), click the edit button for your W-2 to go back and check the box 14 entries. In the Box14 section, to the right of the amounts, there is a third column called "Tax Category." Make sure that the correct descriptions have been selected in that column. If not, select the correct description from the pull-down list. For IRC 414(h) it should say "NY IRC 414(h) Subject to NY tax." For IRC 125 it should say "NY IRC 125/SEC 18 Subject to NY tax."
When you do your state return, you will come to a screen that says "Your New York Income Adjustments." This will show the 414(h) and Section 125 amounts that are being added to your income on the NY return. The Section 125 amount will be labeled "Other Additions."
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
....software would only have to add back the IRC 125 amounts to box 1 or 16?
I seem to recall that 414(h) contributions don't reduce box 1 in the first place...or am I thinking of something else?
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
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My IRC125 and 414(H) payments are taxable in NYS but do not transfer from Federal to State return. Every year I get additional assessment and $27-$67 interest.
The IRC 414(h) and IRC 125 amounts should be shown in box 14 on your W-2. When you enter them in TurboTax, it should automatically recognize the abbreviations and handle them correctly on the state return. To make sure, when you get to the W-2 summary screen ("Here's your W-2 info"), click the edit button for your W-2 to go back and check the box 14 entries. In the Box14 section, to the right of the amounts, there is a third column called "Tax Category." Make sure that the correct descriptions have been selected in that column. If not, select the correct description from the pull-down list. For IRC 414(h) it should say "NY IRC 414(h) Subject to NY tax." For IRC 125 it should say "NY IRC 125/SEC 18 Subject to NY tax."
When you do your state return, you will come to a screen that says "Your New York Income Adjustments." This will show the 414(h) and Section 125 amounts that are being added to your income on the NY return. The Section 125 amount will be labeled "Other Additions."