I followed the Step by Step - NY Inflation refund check in Turbotax as given. In the last steps, it is mentioned that for federal confirmation, open your 1040- Look at Line 8z (Other income)-You should see your half (or all) of the refund included there. If Schedule 1 line 8z includes it AND IT-201 line 25 subtracts it, everything is correct.
When I opened for my schedule 1 the NY Inflation refund amount is in line 1 Taxable refunds, credits, or offsets of state and income tax instead of line 8z. I restarted all the steps a few times but turbotax always add it to line 1 in schedule 1. Is it correct to leave it there? If not how to change it.
Thanks in advance for your help.
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Yes, it is fine where it is on Line 1 of Schedule 1. You don't need to do anything. The federal tax is the same on line 1 and line 8. As long as it was subtracted on your NY return, you are done..
Yes, it is fine where it is on Line 1 of Schedule 1. You don't need to do anything. The federal tax is the same on line 1 and line 8. As long as it was subtracted on your NY return, you are done..
Thanks for the reply
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