NYC/NYS Resident

[chuentlam]

Hi,

I need assistance with completing the portion on the NYS return where I have to allocate parts of my income. I moved out of NYC halfway through the year. Luckily, it seems simple enough as we officially moved on 6/30/2021. But I don't know how much to calculate for certain fields, for example:

"Allocate City Income"

Wages & Tips: this was auto-calculated for us

Taxable Interest Income: what do I put for NYC portion?

Dividend Income: what do I put for NYC portion?

"Allocate NY Income"

Capital Gain/Loss: what do I put for NYC portion?

"Allocate NYS Adjustments"

There are blank lines that say I have to equal -$3,788. What do I fill out here?

"Part-Year City Itemized Deductions"

Taxes You Paid

Interest You Paid

Gifts to Charity

-again, no idea what I'm supposed to do here

"Reduction for Federal Limitation"

-same thing

Please help! Thank you. My token # is 981418.

[LenaH]

Please see the answers to your questions below:

• Interest and Dividend Income: taxable to NYC when received. For example - if you received interest evenly throughout the year, it would be allocated 50% NYC.
• Capital Gain/Loss: taxable to NYC when the asset(s) was sold. For example - if you sold in June, it would be NYC income. If sold in August, it would not be NYC income.
• NYS Adjustments: Must equal - $3,788. Please enter the information below:
  • 414(H) - 6,073
  • IRC 125 - 139
  • 529 CONTRIBUTION - -10,000
• Taxes You Paid: deductible as NYC portion when paid.
• Interest You Paid: deductible as NYC portion when paid.
• Gifts to Charity: deductible as NYC portion when donated.
• Reduction for Federal Limitation: Your itemized deductions were limited by $2,808. The biggest chunk of your deductions is taxes (state/local and real estate tax) and mortgage interest. These items are usually paid consistently, twice per year, or via mortgage throughout the year. You can enter half of $2,808 on this line, which is $1,404.