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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- Allocation of Annuity income for a part year resident of NY
Allocation of Annuity income for a part year resident of NY
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lbones
Level 5
01-30-2022
06:11 PM
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I am preparing taxes for a married couple. The taxpayer is a full year resident of NY. His income is Social Security as well as annuity income from GE. His wife is a part year resident of NY, having moved to Florida (full time) in the beginning of March. She also receives Social Security and a pension from GE. Her 1099R shows the reduced state distribution in box 16 from what is shown in box 1.
When I go into the NYS return, it shows the full pension amount shown in box 1 instead of what is shown in box 16. My thought was that the full amount should not transfer over to NYS, only the smaller state distribution shown in box 16. Am I incorrect?
I can't allocate (or I don't see how I can allocate) since only one is a part year resident.
I could and should (I believe) file NYS as Married Separate but the program still transfers the spouses full income over to the taxpayer. What is the proper way to handle this scenario?
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