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Level 3
posted Apr 10, 2025 2:54:41 PM

Which form do I need (or how do I allocate NY wages) if I'm not a NY resident, but got Restricted Stock Units vested from NY?

Hello,

I've been living & working in NJ since 2021. However, when I lived in NY in 2020 I got a Restricted Stock Units award, which was to vest for 4 years (25% each year, beginning from 2021). 2024 was the last year of vesting of that award. Because of that RSU vesting, I received two W2 forms, one for NJ and one for NY.

However, I think my employer incorrectly specified the amount in my NY W2. As I understand, the amount in NY W2 should be the market price of the vested 75 shares of Bank of America on the day they were vested (Feb 2nd, 2024, the price of 75 shares was $2516). But, my employer, Bank of America specified my whole compensation in my NY W2 (and in NJ W2 too).

 

In TurboTax, I need to allocate $2516 to NY. Can I use "Allocate by percentage" and specify 1.54% (calculated by dividing $2516 by the amount of my Wages (Box 1 of W2))? Or I need to use some different allocation?

 

Also, how do I check/make sure this amount of $2516 was not double taxed in NY & NJ?

0 1 575
1 Best answer
Expert Alumni
Apr 10, 2025 3:27:02 PM

Yes, you can use the allocate by percentage-  New York has a <strange> rule that the State wages should be the same as the Box 1 wages on the W2, even if the income was not earned in New York.  

1 Replies
Expert Alumni
Apr 10, 2025 3:27:02 PM

Yes, you can use the allocate by percentage-  New York has a <strange> rule that the State wages should be the same as the Box 1 wages on the W2, even if the income was not earned in New York.