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Level 2

Question

Annuities

Forum|Forum|2 years ago
March 31, 2024
1 reply
3 views

Live in NJ and work in NY.

In Turbo Tax, NY is using the Federal Adjusted Gross Income which includes NJ annuities distributions as taxable income.

How do I remove the annuities from NY, which is taxable in Federal and NJ only, NOT NY.

Please advise.

Thanks.

Alumni - Intuit

As a NY nonresident, you only pay tax on New York source income, which includes earnings from work performed in New York State, and income from real property located in the state.

Open your NY return and continue to the screen New York Income allocation, and enter 0 for the amount of annuities that is considered NY source portion.

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DALLCHAuthor

Level 2

Thank you for your reply. Very helpful.