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Category: New York

New York Additions to Income

The following information is pulled from the Instructions for Form IT-201.

Interest Income on State and Local Bonds and Obligations

Enter interest income from state and local bonds and obligations from states other than New York State or its local governments that was credited to you during 2015 that was not included in your federal AGI. This includes interest income on:

  • state and local bonds,
  • interest and dividend income from tax-exempt bond mutual funds, and
  • tax-exempt money market funds that invest in obligations of states other than New York.

If you purchased a bond between interest dates, include the amount of interest you received during the year, less the seller’s accrued interest (the amount accrued from the interest date preceding your purchase to the date you purchased the bond).

If you sold a bond between interest dates, include the amount of interest you received during the year plus the accrued interest amount (the amount accrued from the interest date preceding the date you sold the bond to the date you sold the bond). You should have received this information when you purchased or sold the bond.

 

Public employees 414(h) retirement contributions

If you a public employee of NYS or its local governments enter the amount of 414(h) retirement contributions, if any, shown on your wage and tax statement(s), federal Form W-2, if you are:

• a member of the NYS and Local Retirement Systems, which include the NYS Employees’ Retirement System and the NYS Police and Fire Retirement System; or

• a member of the NYS Teachers’ Retirement System; or

• an employee of the State or City University of New York who belongs to the Optional Retirement Program; or

• a member of the NYC Employees’ Retirement System, the NYC Teachers’ Retirement System, the NYC Board of Education Retirement System, the NYC Police Pension Fund or the NYC Fire Department Pension Fund; or

• a member of the Manhattan and Bronx Surface Transit Operating Authority (MABSTOA) Pension Plan.

Do not enter contributions to a section 401(k) deferred arrangement, section 403(b) annuity or section 457 deferred compensation plan.

 

New York’s 529 College Savings Program Distributions

If you made a withdrawal during 2015 from an account established under New York’s 529 college savings program, and the withdrawal was a nonqualified withdrawal, you should enter that information on our Additions to Income menu. A withdrawal is nonqualified if:

1) the withdrawal is actually disbursed in cash or in-kind from the college savings program and the funds are not used for the higher education of the designated beneficiary (even if the amount withdrawn is reinvested in New York’s 529 college savings program within the Internal Revenue Code 60-day rollover period); or

2) on or after January 1, 2003, the funds are transferred from New York’s 529 college savings program to another state’s program (whether for the same beneficiary or for the benefit of another family member). However, nonqualified withdrawals do not include any withdrawals made in 2015 as a result of the death or disability of the designated beneficiary, regardless of how the funds are used.

Note: Transfers between accounts of family members not disbursed in cash or in-kind within New York’s program are not considered distributions and are therefore not required to be added back as nonqualified withdrawals. Include the applicable amounts from all existing accounts you own on lines 1 through 7 of the worksheet. Do not include amounts applicable to accounts that were closed in a prior tax year.

If you are filing a joint return, include the applicable amounts from all existing accounts owned by you and your spouse. Also include, on lines 1 and 2, your share of any amounts withdrawn or contributed by a partnership of which you are a partner. A partnership includes a limited liability company (LLC) that has elected to be treated as a partnership for federal income tax purposes.

Click HERE for the worksheet.