Allocate New York Income
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valemoto7
Level 2

Allocate New York Income

I lived in NY the first three months of 2020. After that I moved out of NY for good, I recieved a covid-related distribution at the end of the year when I was not living in NY anymore. The system is asking me to allocate. In this case if I received the covid distribution while not living in NY anymore do I still need to allocate 25% to NY or should I put 0 because I didn't received it wile living there?

3 Replies
MaryK1101
Expert Alumni

Allocate New York Income

If it is retirement income, you would not have to allocate to New York, UNLESS it was nonqualified.  

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valemoto7
Level 2

Allocate New York Income

Yes it is from my 401-K. What do you mean by non qualified? That it didn’t qualify to be a covid distribution? 

ThomasM125
Employee Tax Expert

Allocate New York Income

A qualified pension plan meets ERISA guidelines while a nonqualified plan does not. The primary feature of a qualified pension plan would be one where your contributions are tax deductible and your distributions are taxable. Most pension plans are qualified.

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