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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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- NYS $300 charitable addback is being calculated wrong as of 1/29/2021
NYS $300 charitable addback is being calculated wrong as of 1/29/2021
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Jamierac
Level 4
01-29-2021
07:54 AM
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NYS is not honoring the $300 charitable adjustment to income. Line 19 should match the federal AGI. When the $300 charitable deduction is used it actually adds it to line 19 incorrectly then again adds it via form IT558 on line 19a. Therefore its actually adding $600 rather then just subracting out the $300 as it should on line 19a. It seems this is a known issue yet I do not see any information on when this fix is scheduled to be released.
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