Allocate New York State adjustments

[ridhima547]

Hi, I am in a similar boat. Can you assist please. My token number is 1283561

Thank you so much!!

[ridhima547]

please help, still waiting. thank you so much

[LenaH]

Thank you for your patience. 

For the Allocate New York State Adjustments screen, you have to enter the following based upon your IT-203:

• Description : INTEREST INCOME ON US GOVT BONDS           -251 (Federal Amount)

The NYC resident column amount will be the allocation of the interest earned while you were a NYC resident. For example, if earned entirely while a NYC resident, you would enter -251 in the NYC column. If earned evenly throughout the year, you would enter -104 in the NYC column. 

Example:

@ridhima547 

[jrizzari]

Could you help with mine please?  I have a negative number and no idea where it came from after trying to add different amounts together.  I really wish it would tell you where it came from.

token number 1286126

[LenaH]

For the Allocate New York State Adjustments screen, you have to enter the following based upon your IT-203:

• Description : INTEREST INCOME ON STATE/LOCAL BONDS           2,932 (Federal Amount)
• Description: INTEREST INCOME ON US GOVT BONDS                    -393 (Federal Amount)
• Description: FORM IT-225, LINE 18                                                  -10,000 (Federal Amount)

This should equal -7,461.

The NYC resident column amount will be the allocation of the items while you were a NYC resident. For example, if the interest was earned entirely while a NYC resident, you would enter 2,932 in the NYC column. If earned evenly throughout the year, you would allocate based on the time period lived in NYC and the amount earned while a resident. 

@jrizzari 

[kpanch59]

Hello,

I am also experiencing something similar and would really appreciate some help. The message I got while working on my NY state return is as follows:

Because your residency changed during 2024, you must allocate your federal adjustments to income of $2558 based on the time you spent as a resident of New York City or Yonkers (i have not been a Yonkers resident)

Your federal adjustments below must equal $2558.

Could you please explain to me where this number ($2,558) came from and what to put in all the blank boxes? 

My token number is: 1286375. I really appreciate your assistance in advance - thank you! 

[jrizzari]

Thank you!!

[LenaH]

For the Allocate New York State Adjustments screen, you have to enter the following based upon your IT-203:

• Description : STUDENT LOAN INT           2,500 (Federal Adj)
• Description: SE TAX DEDUCTION                   58 (Federal Adj)

This should equal 2,558.

The information you put in the NYC resident column depends on what percentage of these items were incurred while you lived in NYC. For example, if you accrued student loan interest expense evenly throughout the year, and you moved into NYC on 5/22/24, you'd allocate approximately 1,527 to the NYC column. This amount came from 223 days/365 x 2,500 student loan interest. Regarding the SE Tax Deduction for your business, I see this was 100% allocated to NY, so the full amount would be in the NYC column. 

@kpanch59 

[ggelnelle]

Hello! I'm in a similar situation where I lived in NYC for the first six months of 2024, then lived in Upstate NY for the remainder of the year. I've reached the "Allocate Federal Adjustments to Income" section of my state taxes where it's asking me to fill in the table and says "Your total federal adjustments below must equal $1,232." Where did they get $1,232 from and how should I allocate this? My token number is 1289368. Any help would be greatly appreciated!

[LenaH]

Your total federal adjustments to income should be allocated as:

1. EDUCATOR EXPENSE                     $250
2. STUDENT LOAN INT                    $1,077

In the NYC resident portion column, you have to enter the amount each adjustment is based upon your NYC residency. For example, if your student loan interest was paid evenly throughout the year, allocate 50% to NYC since you lived there for 6 months. 

You will do the same thing for your New York State Adjustments on the following screen. 

1. 414H                                                                                  $927
2. IRC125                                                                               $250
3. HEALTH & WELFARE BENEFIT FUND SURCHARGE   $4,379

Then, you would allocate the NYC resident portion as you did on the previous screen. 

@ggelnelle 

[jayrama2]

Same question here! Could you please share info for my -2,924 allocation? 

Token: 1299687

[KeshaH]

This is related to interest on US government bonds which is not taxable to New York.

- If you received this interest evenly throughout the year, you can enter 2/12 of the amount or $487.

- If you have supplemental information that shows the dates you received this interest, you can add up all the interest received in January and February of 2024 and enter that amount.

@jayrama2 

[az1890]

Hi!  Can you help me please? Token is 1300538

[LenaH]

The -$9,809 in adjustments come from Interest on US Government Bonds. I see you already allocated 2,452 to your NYC portion. Assuming you only lived in NYC and then moved to Colorado, it would be the same amount. 

Therefore, on your Allocate NYS Adjustment Screens, please enter the following:

@az1890 

[caylablake]

Hi I have the same issue as listed above!

My token number is 1309441

Thank you!