My federal tax was itemized. I'm filing for IT-203 Nonresident for New York State, but I would like to compare the deductions using itemized versus standard. Where and how can I change the deductions? Right now it is default at standard deductions. Thanks.
The program will automatically choose the one that results in the largest tax savings. I was not able to find a way to choose to take the standard deduction other than overriding and that did not recalculate appropriately. I do not work for TT... just trying to help.
NYS 2018 Standard deductions:Thank you maglib! I have calculated itemized deduction on my own and the number is much high. So wondering why TT doesn't even allow me to pick itemized for state tax return. I had the itemized deduction for NYS last year.
did you adjust for elimination of SALT from the federal itemized deductions? Did you look at IT-196?
What is SALT. I cannot choose standard deduction on NYS IT-201 even though I have no IRS schedule A and take the IRS standard deduction on that form. I also removed the NYS IT-196 and still cannot choose Standard Deduction on IT-201
S.A.L.T. stands for State and Local Tax.
On the Federal return, State and Local Tax paid is added to other deductions listed on Schedule A (if you itemize) HOWEVER on the federal return, this amount for this category deduction is limited to $10,000.
So if you paid 4,000 state income tax (on wages) 12,000 property taxes, you may only claim 10,000 total for taxes paid on Schedule A.
Regardless what you choose on your Federal return, Itemized Deductions or Standard Deduction, you can choose either for the New York state return.
What you entered on the federal screens should flow to the state, but you may need to make adjustments.
In the example above, you would add 6,000 taxes paid on the IT-196 to account for the SALT limit.