Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Form NYC-1127 and IRA distribution
Form NYC-1127 and IRA distribution
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
stephb728
Level 1
04-19-2021
08:36 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a NYC employee with Section 1127 withholdings. He also took a large IRA distribution. Does the IRA distribution count as income in that calculation? Can't find anything in the form's directions regarding this. If it can be excluded how do we adjust for it? Thanks!
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
qbteachmt
Level 15
04-19-2021
12:31 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"Does the IRA distribution count as income in that calculation?"
The instructions include starting here:
"LINE 1 - NEW YORK STATE TAXABLE INCOME
If you file NYS Form IT-201, enter the amount on line 37. If you file NYS Form IT-203, enter the amount on line 36. If the amount withheld pursuant to Section 1127 was included in itemized deductions when calculating your New York State Personal Income Tax liability, you must add back that amount to the amount from line 37 of NYS IT-201 or line 36 of NYS IT-203, as applicable, on this line."
*******************************
"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
