☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Mar 31, 2022 9:34:24 PM

New York 529, turbotax blanks "federal"and "new york source portion"

for new york 529 contributions, there are two blanks "federal"and "new york source portion", I contributed 10000, how to fill? thanks

0 3 368
3 Replies
Employee Tax Expert
Apr 2, 2022 5:45:15 AM

As you are completing your New York State return, you will get to a page titled Changes to Federal Income. Under Education Adjustments, click Start next to New York college savings account activity. On the next page, you can enter the 529 contributions paid. I have attached a screenshot below for additional guidance. 

 

Level 2
Apr 2, 2022 7:36:34 AM

Thanks for your reply!

Maybe I did not describe my issue clearly.

I lived in New York City from Jan-Jun 2021, and worked for a company A in New York. W2 salary from company A is 40,000. and I have a capital gain10,000.

Then I moved to Wisconsin and live from Jul-Dec 2021, and worked for a company B in Wisconsin. W2 salary from company B is 60,000.

 I contributed New York 529 in April 2021 (10,000 dollars)

How shall I fill the two blanks below?

Thanks

Employee Tax Expert
Apr 2, 2022 8:01:13 AM

You are correct. The fields should read $10,000 for federal and $10,000 for the New York sourced portion. As per the IT-225 instructions, the amount allocated to New York is any such contribution(s) made while a resident of New York State. Since you contributed the amount in April of 2021, while you were a resident of New York, the amount is New York sourced. 

 

@zhoudun73