I am trying to do my taxes this year - recently moved to NYC about halfway through the year and started a new job. I am on the portion that states "Because your residence changed during 2024, you must allocate your federal adjustments to the income of $2500 based on the time you spent as a resident of NYC and/or Yonkers" I have never lived in Yonkers so I know that section is 0. However, I am unsure how to get to the description and get the information to appropriately fill out the NYC portion. If someone could help me that would be great. My token number is 1273870 - Thank you!
You are looking to determine the amount of income you earned while you were a New York City resident. Here is a screenshot that is in program, it is very helpful. You can follow the guidance and post if you need more help.
Gotcha okay, so for example lets say I moved to NYC May 1st - 121st day of the year
121 - 366 (total days in the year it was a leap year) = 245 days living in NYC
245/366 = .67%
.67 x $2500 = 1675
That is the number I would place in the NYC portion of the table. What is the description though? and where did the 2500 number come from?
Thank you for all the help!
Yes, you would enter the 1675. TurboTax would have pulled the $2500 from your federal return- there should be a description. (Based on the amount, it could be student loan interest deduction). @ericchrostowski