3642005
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Make sure you are looking at the New York City income- for the city, there is a section for total income AND NYC income.
The New York City taxable income of a part year individual is calculated as if all income were earned in New York City. The Federal Adjusted Gross Income (AGI) will be adjusted using the New York City adjustments to arrive at AGI from all sources. The AGI from all sources is used to determine the taxable income. After the taxable income is calculated, it is prorated using a percentage of the AGI from New York City sources divided by the AGI from all sources. This prorated tax is the New York City tax.
Correct.
the problem is that Turbotax calculates tax for a whole year and then you dont have an option to adjust that tax to 43%(in my case) . Even turbotax customer service specialist couldn’t get to that part.
we have put a correct allocation,correct NYC tax,correct residency date,correct 180 days of being a resident…
the total tax is calculated for the whole year(which is correct) and after that you just wrap up your taxes for Ny state without any % allocation manual or automatic adjustment
I did a mock return as a part year NYC resident and the calculations were correct. In my assumption, I was a full year NYS resident, but 6 month resident of NYC. On my IT-201, no amount was populated on Line 47 since that is for full year residents of NYC. Rather, the amount of my allocated income flowed to Form IT-360.1 and my calculated part year resident tax was shown on Line 50 of the IT-201. Can you clarify what line on your return you are seeing the full $60,000, rather than the allocated amount for NYC?
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