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I itemized deductions for federal including $70,000 of investment interest expense. But on NYS NR, the program is only taking standard deduction. Where is form IT-196?

Similar situation in 2022 but TT did it correctly.
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3 Replies
LeticiaF1
Employee Tax Expert

I itemized deductions for federal including $70,000 of investment interest expense. But on NYS NR, the program is only taking standard deduction. Where is form IT-196?

The way TurboTax works is that it transfers data from your federal return to your state return. If the info in your federal return is incomplete or incorrect, your state return won't be complete or correct either.

 

Before you begin troubleshooting your state return, go back through your federal return (starting at the Personal Info tab) and make sure everything's correct.

 

Once you're done, select the State Taxes tab and review the state section. Pay close attention to the info, especially if you made changes to your federal return. There might be new sections that need to be completed.

 

Sometimes changes made to your federal return won't transfer if you override info in your state return. If this happens, delete your state return and start over.


 

I itemized deductions for federal including $70,000 of investment interest expense. But on NYS NR, the program is only taking standard deduction. Where is form IT-196?

I understand what you said.  I am doing it properly but TT is not bringing over my federal itemized deductions to the NYS IT-196.  There are some supporting worksheets but not the actual form giving a bottom line amount to carry to the IT-203.

LenaH
Employee Tax Expert

I itemized deductions for federal including $70,000 of investment interest expense. But on NYS NR, the program is only taking standard deduction. Where is form IT-196?

If you are still getting an error, it would be helpful to have a TurboTax ".tax2023" file that is experiencing this issue.

 

You can send us a “diagnostic” file that has your “numbers” but not your personal information. If you would like to do this, here are the instructions: Go to the black panel on the left side of your program and select Tax Tools. 

  1. Then select Tools below Tax Tools. 
  2. A window will pop up which says Tools Center.  
  3. On this screen, select Share my file with Agent. 
  4. You will see a message explaining what the diagnostic copy is. Click okay through this screen and then you will get a Token number. 
  5. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

The instructions for TurboTax Download:

  1. On your menu bar at the very top, click "Online"
  2. Select "Send Tax File to Agent"
  3. Click "Send"
  4. The pop-up will have a token number
  5. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information. 

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

 

@Lawrence V 

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